LEGL 2700 Test 2 Hackleman
questions and answers 2025
property - answer legal right to exclude others from resources that
are originally possessed or are acquired without force, theft, or
fraud
-absolute, not infinite
-boundaries can be ambiguous
-foundation of the free market
how does property help society achieve prosperity? - answer
promotes incentives,
establishes conditions for capital formation,
makes resources easily divisible
real property - answer land and interests in land
personal property - answer all moveable resources
-separated further into tangible and intangible
air rights - answer the owner of real property also possesses the
air above the land to the extent that the owner can occupy or use it
in connection with the land
subsurface rights - answer a landowner may also own the liquids,
gases, and minerals beneath the land
Fixtures on land - answer Object of personal property that is so
essential/annexed to the land that it becomes part of the land
,Rule of Capture - answer Landowner can pump as much water as
they desire, regardless of the effect on others
Coastal Oil and Gas V. Garza Energy Trust - answer Rule of capture
to natural gas
- Coastal fraked next to leased land to avoid royalties, rule of
capture held
fee simple - answer represents the maximum estate allowed under
law
fee simple absolute - answer involves no limitations or conditions
attached (to maximum estate allowed under law)
fee simple defeasible - answer may have a condition attached to its
transfer (concerning maximum estate allowed under law)
life estate - answer grants ownership in land for the lifetime of a
specified person
Reversion - answer Property goes to previous owner who has the
future interest
Remainder - answer Property goes to a future owner who is
specified and has future interest
leasehold estate - answer property rights granted to tenants by a
landlord
concurrent ownership - answer more than one person can own the
same property
, tenancy in common - answer property interest is undivided, but
tenants can own different shares of the resource
joint tenancy - answer property interest is undivided; tenants must
have equal ownership shares; can have right of survivorship (one
dies, the other becomes sole owner)
easements - answer right to cross over land
Natural easements - answer cross land to get to public road
negative easement - answer an adjoining landowner cannot do
anything that would cause your land to cave in or collapse
easement by perscription - answer arises when one person has
used another's land for a period of years (typically 20), and once
this period of time has passed, a title-holder of the land can no
longer prevent the person from continuing to use the land by
crossing it
Utility easement - answer Utility company has the right to access
utility
bailments - answer goods placed into another's possession to be
returned in the future
bailor - answer owner of object
bailee - answer possessor of object
questions and answers 2025
property - answer legal right to exclude others from resources that
are originally possessed or are acquired without force, theft, or
fraud
-absolute, not infinite
-boundaries can be ambiguous
-foundation of the free market
how does property help society achieve prosperity? - answer
promotes incentives,
establishes conditions for capital formation,
makes resources easily divisible
real property - answer land and interests in land
personal property - answer all moveable resources
-separated further into tangible and intangible
air rights - answer the owner of real property also possesses the
air above the land to the extent that the owner can occupy or use it
in connection with the land
subsurface rights - answer a landowner may also own the liquids,
gases, and minerals beneath the land
Fixtures on land - answer Object of personal property that is so
essential/annexed to the land that it becomes part of the land
,Rule of Capture - answer Landowner can pump as much water as
they desire, regardless of the effect on others
Coastal Oil and Gas V. Garza Energy Trust - answer Rule of capture
to natural gas
- Coastal fraked next to leased land to avoid royalties, rule of
capture held
fee simple - answer represents the maximum estate allowed under
law
fee simple absolute - answer involves no limitations or conditions
attached (to maximum estate allowed under law)
fee simple defeasible - answer may have a condition attached to its
transfer (concerning maximum estate allowed under law)
life estate - answer grants ownership in land for the lifetime of a
specified person
Reversion - answer Property goes to previous owner who has the
future interest
Remainder - answer Property goes to a future owner who is
specified and has future interest
leasehold estate - answer property rights granted to tenants by a
landlord
concurrent ownership - answer more than one person can own the
same property
, tenancy in common - answer property interest is undivided, but
tenants can own different shares of the resource
joint tenancy - answer property interest is undivided; tenants must
have equal ownership shares; can have right of survivorship (one
dies, the other becomes sole owner)
easements - answer right to cross over land
Natural easements - answer cross land to get to public road
negative easement - answer an adjoining landowner cannot do
anything that would cause your land to cave in or collapse
easement by perscription - answer arises when one person has
used another's land for a period of years (typically 20), and once
this period of time has passed, a title-holder of the land can no
longer prevent the person from continuing to use the land by
crossing it
Utility easement - answer Utility company has the right to access
utility
bailments - answer goods placed into another's possession to be
returned in the future
bailor - answer owner of object
bailee - answer possessor of object
