©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
LEGL 2700 test 3 Epstein UGA Exam Questions
And Answers
Role of Scarcity (property) - answers✔✔need for resources overtakes supply of those
resources
State controlled/communism - answers✔✔govt controls resources and directs how they're
divided between citizens; control means of production
Property-based/capitals - answers✔✔enact laws that enable citizens to acquire, possess, use,
and transfer resources; free market
States generally have a mix - answers✔✔not purely one or the other
Real Property - answers✔✔land, interests in land, buildings (surface, air, surface, subsurface,
fixtures)
Personal Property - answers✔✔moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
acquiring property (steps) - answers✔✔1. exchange
2. possession
3. confusion
4. accession
5. gift
1. exchange - answers✔✔Most Common - buying things, providing services in return for a
thing - contracts
, ©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
2. possession - answers✔✔a. unowned
b. lost
c. mislaid
d. neglected
a. unowned - answers✔✔includes abandoned; rule of first possession; something brand new
that hasn't been discovered
b. lost - answers✔✔own it except OG owner can come back for it
c. mislaid - answers✔✔owner of premises and OG owner can come back for it; intent to
relinquish ownership of it = abandoned/un-owned
d. neglected - answers✔✔adverse possession: acquiring a property interest by use of
somebody else's property over an extended period of time; wanting to maximize land;
without consent of owner
3. confusion - answers✔✔Fungible (replaceable) goods mixed together
4. accession - answers✔✔a. Adding something new to/repairing something you acquired
i. If stolen, then original owner gets modified property
ii. If accidentally acquired, then acquirer gets it but must compensate original owner
5. gift - answers✔✔a. Remember what we learned about the promise of a gift, but intent
AND transfer means you can't take it back
Escheatment - answers✔✔turn over abandoned property to the state
, ©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
Private property aids in capital formation; pre-req for a thriving economy - answers✔✔Put up
house on market to get a loan to start a business
Types of real property Ownership - answers✔✔fee simple, life estate, leasehold estate,
concurrent ownership
fee simple - answers✔✔the biggest and best, right to acquire/possess/use/transfer; "to
Michelle forever"; can transfer to successor
life estate - answers✔✔PRESENT INTEREST: Michelle cannot then give the property to
someone else (not same as fee simple); "To Michelle for life..."; does NOT go to successor
FUTURE INTEREST: remainder interest; "...then to Jim"; it can also revert back to OG
owner
Leasehold Estate - answers✔✔a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - answers✔✔-Tenancy in common: normally followed by percentages
of each person's share; "to Jason and Julie"
-Joint Tenancy: "To Jason and Julie as joint tenants with right of survivorship"; one person
dies, other gets the entire thing
easement - answers✔✔right to use land of another in a certain way
Easement by Prescription - answers✔✔similar to adverse possession, but you're not owning
it, you're getting right to use it; out in open, using it over time
natural easement - answers✔✔one of necessity (ex. Only one way to get to road, have to
cross someone's land)
bailment - answers✔✔arises when you entrust someone with your property to be returned in
the future; temporary ownership of personal property; can extend for indefinite period of time
07/11/2024 1:38
LEGL 2700 test 3 Epstein UGA Exam Questions
And Answers
Role of Scarcity (property) - answers✔✔need for resources overtakes supply of those
resources
State controlled/communism - answers✔✔govt controls resources and directs how they're
divided between citizens; control means of production
Property-based/capitals - answers✔✔enact laws that enable citizens to acquire, possess, use,
and transfer resources; free market
States generally have a mix - answers✔✔not purely one or the other
Real Property - answers✔✔land, interests in land, buildings (surface, air, surface, subsurface,
fixtures)
Personal Property - answers✔✔moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
acquiring property (steps) - answers✔✔1. exchange
2. possession
3. confusion
4. accession
5. gift
1. exchange - answers✔✔Most Common - buying things, providing services in return for a
thing - contracts
, ©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
2. possession - answers✔✔a. unowned
b. lost
c. mislaid
d. neglected
a. unowned - answers✔✔includes abandoned; rule of first possession; something brand new
that hasn't been discovered
b. lost - answers✔✔own it except OG owner can come back for it
c. mislaid - answers✔✔owner of premises and OG owner can come back for it; intent to
relinquish ownership of it = abandoned/un-owned
d. neglected - answers✔✔adverse possession: acquiring a property interest by use of
somebody else's property over an extended period of time; wanting to maximize land;
without consent of owner
3. confusion - answers✔✔Fungible (replaceable) goods mixed together
4. accession - answers✔✔a. Adding something new to/repairing something you acquired
i. If stolen, then original owner gets modified property
ii. If accidentally acquired, then acquirer gets it but must compensate original owner
5. gift - answers✔✔a. Remember what we learned about the promise of a gift, but intent
AND transfer means you can't take it back
Escheatment - answers✔✔turn over abandoned property to the state
, ©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
Private property aids in capital formation; pre-req for a thriving economy - answers✔✔Put up
house on market to get a loan to start a business
Types of real property Ownership - answers✔✔fee simple, life estate, leasehold estate,
concurrent ownership
fee simple - answers✔✔the biggest and best, right to acquire/possess/use/transfer; "to
Michelle forever"; can transfer to successor
life estate - answers✔✔PRESENT INTEREST: Michelle cannot then give the property to
someone else (not same as fee simple); "To Michelle for life..."; does NOT go to successor
FUTURE INTEREST: remainder interest; "...then to Jim"; it can also revert back to OG
owner
Leasehold Estate - answers✔✔a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - answers✔✔-Tenancy in common: normally followed by percentages
of each person's share; "to Jason and Julie"
-Joint Tenancy: "To Jason and Julie as joint tenants with right of survivorship"; one person
dies, other gets the entire thing
easement - answers✔✔right to use land of another in a certain way
Easement by Prescription - answers✔✔similar to adverse possession, but you're not owning
it, you're getting right to use it; out in open, using it over time
natural easement - answers✔✔one of necessity (ex. Only one way to get to road, have to
cross someone's land)
bailment - answers✔✔arises when you entrust someone with your property to be returned in
the future; temporary ownership of personal property; can extend for indefinite period of time
