LEGL 2700 Hackleman Exam 2
questions and answers 2025
property - answer the legal right to exclude others from scarce
resources that are originally possessed or are acquired without
force, theft, or fraud
exclusion - answer you can exclude those who would interfere with
what is yours
resources - answer anything that someone may need or want, as
well as the use of these things
property is _______ but not ________ - answer absolute; infinite
boundaries can be ________ - answer ambiguous
property is the foundation of the ____ market - answer free
property law does not function well when it is not adequately
________ - answer enforced
property deals with _______ - answer scarcity
property is central to society's ___________ __ __________ - answer
achievement of prosperity
property promotes __________ - answer incentives
,property establishes the conditions for _______ _________ - answer
capital formation
divisibility - answer relates to capital formation and refers to how
property permits resources to be broken into parts and used in
many ways while the owner still retains a property interest in each
part
mortgage - answer money borrowed to buy a house, an office
building, land, or other real estate
property law guarantees that... - answer -the borrower's house is
on an indentifiable piece of land recognized by the state
-the state recognizes a borrower's claim to the house
-the state permits lenders to enforce the mortgage agreement
through the courts and sell a borrower's house to satisfy the loan if
the borrower fails to repay it
what are the two divisions of property? - answer real property and
personal property
real property - answer land and interests in land
examples of real property - answer land, fixtures, apartment
leases, easements
rights included with real property - answer the right to use and
exclude
method of selling real property - answer deed for ownership
transfer
,personal property - answer all movable resources; the things that
people do not annex to the land
types of personal property - answer tangible and intangible
examples of tangible personal property - answer cars, food,
clothing
rights included with tangible personal property - answer the right
to use and exclude
method of selling tangible personal property - answer contract or
gift for intentional ownership transfer
examples of intangible personal property - answer intellectual
property, securities, copyrights, patents
rights included with intangible personal property - answer may
only include the right to exclude
method of selling intangible personal property - answer contract
for ownership transfer
each state can make its own decisions on how to deal with property
(T/F) - answer true
land ownership consists of more than the surface of the property
(T/F) - answer true
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
, you do not need to touch the surface of the land to infringe or
trespass on another's air rights (T/F) - answer true
issues with drones regarding air rights - answer they are
complicated because they can be an invasion of privacy, but drones
themselves cannot be charged with trespassing although their
operators can
subsurface rights - answer a landowner may also own the liquids,
gases, and minerals beneath the land
subsurface rights deal with ________ rights - answer riparian
rule of capture - answer the owner of an adjacent property is
permitted to drill and extract fluids and gases that flow from
underneath another's property; may be limited by additional rules
that preserve the rights of adjoining owners
prior appropriation doctrine - answer the water rights are
determined by priority of beneficial use; the first person to use
water or divert water for a beneficial use or purpose can acquire
individual rights to the water
fixtures on land - answer object of personal property that is so
essential/annexed to the land that it becomes part of the land
examples of fixtures on land - answer carpet, light fixtures,
appliances
Coastal Oil and Gasp Corp vs. Garza Energy Trust - answer issue-
Coastal Oil leased area 13; they purchased another piece of
questions and answers 2025
property - answer the legal right to exclude others from scarce
resources that are originally possessed or are acquired without
force, theft, or fraud
exclusion - answer you can exclude those who would interfere with
what is yours
resources - answer anything that someone may need or want, as
well as the use of these things
property is _______ but not ________ - answer absolute; infinite
boundaries can be ________ - answer ambiguous
property is the foundation of the ____ market - answer free
property law does not function well when it is not adequately
________ - answer enforced
property deals with _______ - answer scarcity
property is central to society's ___________ __ __________ - answer
achievement of prosperity
property promotes __________ - answer incentives
,property establishes the conditions for _______ _________ - answer
capital formation
divisibility - answer relates to capital formation and refers to how
property permits resources to be broken into parts and used in
many ways while the owner still retains a property interest in each
part
mortgage - answer money borrowed to buy a house, an office
building, land, or other real estate
property law guarantees that... - answer -the borrower's house is
on an indentifiable piece of land recognized by the state
-the state recognizes a borrower's claim to the house
-the state permits lenders to enforce the mortgage agreement
through the courts and sell a borrower's house to satisfy the loan if
the borrower fails to repay it
what are the two divisions of property? - answer real property and
personal property
real property - answer land and interests in land
examples of real property - answer land, fixtures, apartment
leases, easements
rights included with real property - answer the right to use and
exclude
method of selling real property - answer deed for ownership
transfer
,personal property - answer all movable resources; the things that
people do not annex to the land
types of personal property - answer tangible and intangible
examples of tangible personal property - answer cars, food,
clothing
rights included with tangible personal property - answer the right
to use and exclude
method of selling tangible personal property - answer contract or
gift for intentional ownership transfer
examples of intangible personal property - answer intellectual
property, securities, copyrights, patents
rights included with intangible personal property - answer may
only include the right to exclude
method of selling intangible personal property - answer contract
for ownership transfer
each state can make its own decisions on how to deal with property
(T/F) - answer true
land ownership consists of more than the surface of the property
(T/F) - answer true
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
, you do not need to touch the surface of the land to infringe or
trespass on another's air rights (T/F) - answer true
issues with drones regarding air rights - answer they are
complicated because they can be an invasion of privacy, but drones
themselves cannot be charged with trespassing although their
operators can
subsurface rights - answer a landowner may also own the liquids,
gases, and minerals beneath the land
subsurface rights deal with ________ rights - answer riparian
rule of capture - answer the owner of an adjacent property is
permitted to drill and extract fluids and gases that flow from
underneath another's property; may be limited by additional rules
that preserve the rights of adjoining owners
prior appropriation doctrine - answer the water rights are
determined by priority of beneficial use; the first person to use
water or divert water for a beneficial use or purpose can acquire
individual rights to the water
fixtures on land - answer object of personal property that is so
essential/annexed to the land that it becomes part of the land
examples of fixtures on land - answer carpet, light fixtures,
appliances
Coastal Oil and Gasp Corp vs. Garza Energy Trust - answer issue-
Coastal Oil leased area 13; they purchased another piece of
