MIE 305 EXAM 3 QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS 100% CORRECT
Real Property - ANSWER The legal interests in land and things attached to, or
growing on land.
Personal Property - ANSWER Referred to generally as chattel, the rights,
powers, and privileges a person has in things that are not real property, may be
transferred by sale, gift, or will.
Chattels Real - ANSWER An interest in land, such as a leasehold.
Chattels Personal - ANSWER Moveable personal property.
Chattel Personal in Action - ANSWER Something to which one has a right to
possession, but concerning which one which may be required to bring some legal
action to ultimately enjoy its possession, ie. check or note.
Bundle of Rights - ANSWER Dominion and control over something with the
right to exclude others.
Possession - ANSWER The right to claim title over the property, meaning one
exerts dominion and ultimate power over it.
Control - ANSWER The right to decide how the property is to be used, or
employed.
,Quiet Enjoyment - ANSWER A means by which the rights holder can decide
how to use the property, or what or whom may be there at any given time, but
differs from control in the sense that it creates a right to enjoy the property which
others, through the law of nuisance, are capable of violating that is separate from
merely whether on controls the property in question.
Exclusion - ANSWER Gives the rights holder the legal ability to determine who
or what is not allowed on the property.
Alienation/Disposition - ANSWER The right to dispose of any or all of the rights
one holds in property through sale, gift, or lease.
Encumbrance - ANSWER The right to place certain burdens upon the property
that do not affect essential possession or alienation rights but nevertheless reduce
the value or enjoyment one may have in it through voluntary action or through
operation of law, ie. mortgage.
Fee Simple Estates - ANSWER Interests classified as either absolute of qualified
present interests.
Fee Simple Absolute - ANSWER This is the most complete interest a person
may have in land and includes the entire bundle of rights. Such an estate is not
qualified by any other interest, and it passes upon death of the owners to the heir,
free from any conditions and existing in perpetuity.
,Qualified/Conditional Fee Simple - ANSWER A fee simple interest that may be
defeated in the future by the occurrence or nonoccurrence of a stated event or
condition.
Life Estate - ANSWER One's rights in the property end upon the death of the
grantee or the duration of the life of some other designated person, may be
conditional upon an event, do not have the rights of encumbrance or alienation,
unless limitations are included interests may be sold or mortgaged.
Estate in Remainder - ANSWER If the estate is to be given to someone else
upon termination of the life estate.
Reversion - ANSWER If the estate is to go back to the original owner, or revert
to the heirs upon termination of the life estate.
Waste - ANSWER Damage to the real property, so its value is impaired.
Easement - ANSWER A right that one person has to some profit, benefit, or use
in or over the land of another is created by a deed or acquired by prescription or
by implication.
Easement by Prescription - ANSWER If a party uses an easement for a long
period of time the owner of the land may not deny the existence of the easement.
Easement by Necessity - ANSWER The owner of the servient land grants an
easement to the other owner by implication.
, License - ANSWER A mere personal privilege given by the owner to another to
do designated acts on the land of the owner.
Tenancy in Common (TIC) - ANSWER This is the most usual method of two or
more persons owning property at the same time none of the formalities or unities
required for other specialized forms of coownership are essential for this method,
ownership rights don't have to be equal, each owner can enjoy the full property,
separate and undivided.
Fully Alienable - ANSWER Interests may be transferred during life or upon
death to whomever they desire.
Joint Tenancy - ANSWER Two or more persons that own property, in such
manner that they have one and the same interest, accruing by one and the same
conveyance, commencing at one and the same time and held by one and the
same undivided possession, enjoy rights to the entire property, no unequal share
or conveyance by will, conveyance must be aggred upon by all tenants.
Right of Survivorship - ANSWER If one owner dies the interests revert to the
remaining owners, ususally not applied by courts unless there is a contract clearly
stating such, all owners must have equal ownership shares
Unities of Joint Tenancies - ANSWER Time, title, interest, possession.
Time - ANSWER Each cotenants interest vested or was acquired at the same
time as the others.
WITH COMPLETE SOLUTIONS 100% CORRECT
Real Property - ANSWER The legal interests in land and things attached to, or
growing on land.
Personal Property - ANSWER Referred to generally as chattel, the rights,
powers, and privileges a person has in things that are not real property, may be
transferred by sale, gift, or will.
Chattels Real - ANSWER An interest in land, such as a leasehold.
Chattels Personal - ANSWER Moveable personal property.
Chattel Personal in Action - ANSWER Something to which one has a right to
possession, but concerning which one which may be required to bring some legal
action to ultimately enjoy its possession, ie. check or note.
Bundle of Rights - ANSWER Dominion and control over something with the
right to exclude others.
Possession - ANSWER The right to claim title over the property, meaning one
exerts dominion and ultimate power over it.
Control - ANSWER The right to decide how the property is to be used, or
employed.
,Quiet Enjoyment - ANSWER A means by which the rights holder can decide
how to use the property, or what or whom may be there at any given time, but
differs from control in the sense that it creates a right to enjoy the property which
others, through the law of nuisance, are capable of violating that is separate from
merely whether on controls the property in question.
Exclusion - ANSWER Gives the rights holder the legal ability to determine who
or what is not allowed on the property.
Alienation/Disposition - ANSWER The right to dispose of any or all of the rights
one holds in property through sale, gift, or lease.
Encumbrance - ANSWER The right to place certain burdens upon the property
that do not affect essential possession or alienation rights but nevertheless reduce
the value or enjoyment one may have in it through voluntary action or through
operation of law, ie. mortgage.
Fee Simple Estates - ANSWER Interests classified as either absolute of qualified
present interests.
Fee Simple Absolute - ANSWER This is the most complete interest a person
may have in land and includes the entire bundle of rights. Such an estate is not
qualified by any other interest, and it passes upon death of the owners to the heir,
free from any conditions and existing in perpetuity.
,Qualified/Conditional Fee Simple - ANSWER A fee simple interest that may be
defeated in the future by the occurrence or nonoccurrence of a stated event or
condition.
Life Estate - ANSWER One's rights in the property end upon the death of the
grantee or the duration of the life of some other designated person, may be
conditional upon an event, do not have the rights of encumbrance or alienation,
unless limitations are included interests may be sold or mortgaged.
Estate in Remainder - ANSWER If the estate is to be given to someone else
upon termination of the life estate.
Reversion - ANSWER If the estate is to go back to the original owner, or revert
to the heirs upon termination of the life estate.
Waste - ANSWER Damage to the real property, so its value is impaired.
Easement - ANSWER A right that one person has to some profit, benefit, or use
in or over the land of another is created by a deed or acquired by prescription or
by implication.
Easement by Prescription - ANSWER If a party uses an easement for a long
period of time the owner of the land may not deny the existence of the easement.
Easement by Necessity - ANSWER The owner of the servient land grants an
easement to the other owner by implication.
, License - ANSWER A mere personal privilege given by the owner to another to
do designated acts on the land of the owner.
Tenancy in Common (TIC) - ANSWER This is the most usual method of two or
more persons owning property at the same time none of the formalities or unities
required for other specialized forms of coownership are essential for this method,
ownership rights don't have to be equal, each owner can enjoy the full property,
separate and undivided.
Fully Alienable - ANSWER Interests may be transferred during life or upon
death to whomever they desire.
Joint Tenancy - ANSWER Two or more persons that own property, in such
manner that they have one and the same interest, accruing by one and the same
conveyance, commencing at one and the same time and held by one and the
same undivided possession, enjoy rights to the entire property, no unequal share
or conveyance by will, conveyance must be aggred upon by all tenants.
Right of Survivorship - ANSWER If one owner dies the interests revert to the
remaining owners, ususally not applied by courts unless there is a contract clearly
stating such, all owners must have equal ownership shares
Unities of Joint Tenancies - ANSWER Time, title, interest, possession.
Time - ANSWER Each cotenants interest vested or was acquired at the same
time as the others.
