LEGL 2700 Test 2 Hackleman UGA Exam
Questions with 100% Correct Answers
property - ✔✔right to exclude others from resources that are acquired
legally
Property and Prosperity - ✔✔Promotes incentives, establishes capital
formation, easily divisible
capital formation - ✔✔quality of resources that produces new or different
resources
divisions of property - ✔✔real and personal
Real Property - ✔✔ownership of land and mineral rights
Personal Property - ✔✔movable resources, tangible and intangible
air rights - ✔✔The right to use the open space above a property
Subsurface Rights - ✔✔the rights to the natural resources below the earth's
surface
,fixtures on land - ✔✔Object of personal property that is so
essential/annexed to the land that it becomes part of the land (cleared up in
contracts)
Coastal Oil & Gas v Garza Energy - ✔✔coastal leases share 13 and out a
fracking well and pay a royalty fee, moved to a lot next to share 13 and
began tapping the same natural gas, stops paying royalty fee and gets the
same gas. since there was no injury to land, no problem
Fee Simple Absolute - ✔✔no limitations or conditions attached to sell of
land
Fee Simple Defeasible - ✔✔may have a condition attached to its transfer
(land only can be used for a certain purpose)
life estate - ✔✔Ownership of land for the duration of a person's life
Leasehold Estate - ✔✔An estate that gives the holder (Tenant) a temporary
right to possession, without title.
Concurrent Ownership - ✔✔Ownership by two or more persons at the
same time
Joint Tenancy - ✔✔equal ownership shares. with right of survivorship, after
one owner dies, the other becomes sole owner of the resource
Tenancy in Common - ✔✔tenants can own different shares of the resource
, Easement - ✔✔a right to cross or otherwise use someone else's land for a
specified purpose.
Easement by Reservation - ✔✔negotiating and buying ability to cross land
Natural Easement - ✔✔easement by necessity to get from their land to the
nearest public road
Negative Easement - ✔✔an adjoining landowner cannot do anything that
would cause your land to cave in or collapse
Easement by Prescription - ✔✔when one person has used the land,
continuously and wrongfully, for a period of years, the titleholder of the land
can no longer prevent a person from using the land by crossing it
Utility Easement - ✔✔a land definition that grants certain utility companies
or other entities the right to use land for a specific purpose
Bailments - ✔✔goods placed into another's possession to be returned in
the future (much like a lease)
Rule of First Possession - ✔✔the first person to reduce previously
unowned things to possession becomes their owner
Adverse Possession - ✔✔when the land of another private person is
adversely and exclusively possessed in an open and notorious way
Questions with 100% Correct Answers
property - ✔✔right to exclude others from resources that are acquired
legally
Property and Prosperity - ✔✔Promotes incentives, establishes capital
formation, easily divisible
capital formation - ✔✔quality of resources that produces new or different
resources
divisions of property - ✔✔real and personal
Real Property - ✔✔ownership of land and mineral rights
Personal Property - ✔✔movable resources, tangible and intangible
air rights - ✔✔The right to use the open space above a property
Subsurface Rights - ✔✔the rights to the natural resources below the earth's
surface
,fixtures on land - ✔✔Object of personal property that is so
essential/annexed to the land that it becomes part of the land (cleared up in
contracts)
Coastal Oil & Gas v Garza Energy - ✔✔coastal leases share 13 and out a
fracking well and pay a royalty fee, moved to a lot next to share 13 and
began tapping the same natural gas, stops paying royalty fee and gets the
same gas. since there was no injury to land, no problem
Fee Simple Absolute - ✔✔no limitations or conditions attached to sell of
land
Fee Simple Defeasible - ✔✔may have a condition attached to its transfer
(land only can be used for a certain purpose)
life estate - ✔✔Ownership of land for the duration of a person's life
Leasehold Estate - ✔✔An estate that gives the holder (Tenant) a temporary
right to possession, without title.
Concurrent Ownership - ✔✔Ownership by two or more persons at the
same time
Joint Tenancy - ✔✔equal ownership shares. with right of survivorship, after
one owner dies, the other becomes sole owner of the resource
Tenancy in Common - ✔✔tenants can own different shares of the resource
, Easement - ✔✔a right to cross or otherwise use someone else's land for a
specified purpose.
Easement by Reservation - ✔✔negotiating and buying ability to cross land
Natural Easement - ✔✔easement by necessity to get from their land to the
nearest public road
Negative Easement - ✔✔an adjoining landowner cannot do anything that
would cause your land to cave in or collapse
Easement by Prescription - ✔✔when one person has used the land,
continuously and wrongfully, for a period of years, the titleholder of the land
can no longer prevent a person from using the land by crossing it
Utility Easement - ✔✔a land definition that grants certain utility companies
or other entities the right to use land for a specific purpose
Bailments - ✔✔goods placed into another's possession to be returned in
the future (much like a lease)
Rule of First Possession - ✔✔the first person to reduce previously
unowned things to possession becomes their owner
Adverse Possession - ✔✔when the land of another private person is
adversely and exclusively possessed in an open and notorious way
