LSTD 2106 Exam 4 Corrected Question
and answers verified to pass
private property - correct answer ✔owned by a single owner
Common Property - correct answer ✔property that is owned by 2 or more
individuals
public property - correct answer ✔property owned by the government
Open-access property - correct answer ✔property that is owned by no one
personal property - correct answer ✔any movable or tangible object that can
be owned or leased (includes everything except real property)
title - correct answer ✔legal term for ownership in property; confers on the
titleholder the exclusive use of personal property and rights to sell, lease, or
prohibit another from using the property
mislaid - correct answer ✔intentionally places the property in a certain place
and later forgets about it
lost - correct answer ✔unintentionally parts with the property through
carelessness or neglect
abandonded - correct answer ✔owners has thrown away or voluntarily
forsake the property
, treasure trove - correct answer ✔found property of it is verifiably antiquated
and it has been concealed for so long as to indicate that the owners are
probably dead or unknown
The finder of lost or abandoned property and treasure trove acquires the right
to possess the property against the entire world except against the _______ -
correct answer ✔Actual Owner: Individual who is recognized as having
primary or residual title to the property and is therefore the ultimate owner of
the property
The key to determining whether the property is lost versus mislaid is the
element of __________ - correct answer ✔involuntariness
Adverse Possession (personal) - correct answer ✔Every states has a
specific statute based on common law principles that applies to personal
property. Once the statutory period has elapsed, the possessor of the goods
is protected from any suit to recover the property, except by its true owner
Good Faith Purchasers - correct answer ✔the general rule that if a good was
stolen, the actual owner may recover the property even from a good faith
buyer
Bailments - correct answer ✔created when the bailor entrusts a bailee to
temporarily hold the property, usually for the parties mutual benefit
The structures on real property are known as the property's ________ -
correct answer ✔improvements
Use and enjoyments of the Land - correct answer ✔landowners have the
right to use and enjoy the use of their property without interference from
others
and answers verified to pass
private property - correct answer ✔owned by a single owner
Common Property - correct answer ✔property that is owned by 2 or more
individuals
public property - correct answer ✔property owned by the government
Open-access property - correct answer ✔property that is owned by no one
personal property - correct answer ✔any movable or tangible object that can
be owned or leased (includes everything except real property)
title - correct answer ✔legal term for ownership in property; confers on the
titleholder the exclusive use of personal property and rights to sell, lease, or
prohibit another from using the property
mislaid - correct answer ✔intentionally places the property in a certain place
and later forgets about it
lost - correct answer ✔unintentionally parts with the property through
carelessness or neglect
abandonded - correct answer ✔owners has thrown away or voluntarily
forsake the property
, treasure trove - correct answer ✔found property of it is verifiably antiquated
and it has been concealed for so long as to indicate that the owners are
probably dead or unknown
The finder of lost or abandoned property and treasure trove acquires the right
to possess the property against the entire world except against the _______ -
correct answer ✔Actual Owner: Individual who is recognized as having
primary or residual title to the property and is therefore the ultimate owner of
the property
The key to determining whether the property is lost versus mislaid is the
element of __________ - correct answer ✔involuntariness
Adverse Possession (personal) - correct answer ✔Every states has a
specific statute based on common law principles that applies to personal
property. Once the statutory period has elapsed, the possessor of the goods
is protected from any suit to recover the property, except by its true owner
Good Faith Purchasers - correct answer ✔the general rule that if a good was
stolen, the actual owner may recover the property even from a good faith
buyer
Bailments - correct answer ✔created when the bailor entrusts a bailee to
temporarily hold the property, usually for the parties mutual benefit
The structures on real property are known as the property's ________ -
correct answer ✔improvements
Use and enjoyments of the Land - correct answer ✔landowners have the
right to use and enjoy the use of their property without interference from
others
