MIE 305 FINAL EXAM STUDY GUIDE
QUESTIONS AND ANSWERS WITH
VERIFIED SOLUTIONS
Possession - ANSWER Bundle of Right that is the right to claim title over the
property, one exerts dominion and ultimate power over it
Control - ANSWER Bundle of Right that is the right to decide how the property
is to be used, or employed
Enjoyment - ANSWER Bundle of Right that is the means by which the rights-
holder can decide how to use the property. Others can violate this through the
law of nuisance.
Exclusion - ANSWER Bundle of Right that gives the rights holder the legal
ability to determine who or what is not allowed on the property
Alienation/Disposition - ANSWER Bundle of Right that is the right to dispose of
any or all of the rights one holds in property through sale, gift, or lease
Encumbrance - ANSWER Bundle of Right that is the right to encumber the
property (servitudes, easements, mortgages, collateral, etc.)
Real Property - ANSWER The legal interests in land and things attached to or
growing on land
, Chattel Property - ANSWER Personal property (car, boat, etc.)
Tenancy in Common - ANSWER Most usual method of 2+ people owning
property at the same time, no formalities required. Do not require equal
ownership %
Joint Tenancy - ANSWER Similar to TIC, but interest of a deceased owner
automatically passes to the surviving joint owner(s)
Life Estate - ANSWER Enables landowners to provide for those they desire
while reducing both income and estate taxes by will or deed
Freehold - ANSWER A permanent and absolute ownership of land with
freedom to dispose of it at will
Leasehold - ANSWER The holding of property by lease
Time - ANSWER First unity of joint tenancy, each co-tenant's interested vested
or was acquired at the same time as the others'
Title - ANSWER Second unity of joint tenancy, each co-tenant acquired his or
her interest in the same deed or will as the others'
Interest - ANSWER Third unity of joint tenancy, each must have identical
interests as to their share and quality of title
QUESTIONS AND ANSWERS WITH
VERIFIED SOLUTIONS
Possession - ANSWER Bundle of Right that is the right to claim title over the
property, one exerts dominion and ultimate power over it
Control - ANSWER Bundle of Right that is the right to decide how the property
is to be used, or employed
Enjoyment - ANSWER Bundle of Right that is the means by which the rights-
holder can decide how to use the property. Others can violate this through the
law of nuisance.
Exclusion - ANSWER Bundle of Right that gives the rights holder the legal
ability to determine who or what is not allowed on the property
Alienation/Disposition - ANSWER Bundle of Right that is the right to dispose of
any or all of the rights one holds in property through sale, gift, or lease
Encumbrance - ANSWER Bundle of Right that is the right to encumber the
property (servitudes, easements, mortgages, collateral, etc.)
Real Property - ANSWER The legal interests in land and things attached to or
growing on land
, Chattel Property - ANSWER Personal property (car, boat, etc.)
Tenancy in Common - ANSWER Most usual method of 2+ people owning
property at the same time, no formalities required. Do not require equal
ownership %
Joint Tenancy - ANSWER Similar to TIC, but interest of a deceased owner
automatically passes to the surviving joint owner(s)
Life Estate - ANSWER Enables landowners to provide for those they desire
while reducing both income and estate taxes by will or deed
Freehold - ANSWER A permanent and absolute ownership of land with
freedom to dispose of it at will
Leasehold - ANSWER The holding of property by lease
Time - ANSWER First unity of joint tenancy, each co-tenant's interested vested
or was acquired at the same time as the others'
Title - ANSWER Second unity of joint tenancy, each co-tenant acquired his or
her interest in the same deed or will as the others'
Interest - ANSWER Third unity of joint tenancy, each must have identical
interests as to their share and quality of title
