MGMT 271 EXAM STUDY GUIDE WITH
COMPLETE SOLUTION
Property (P) - ANS legal relationships between persons with respect to thing
Tangible Property - ANS physically real (p)
intangible (p) - ANS not physically real (p)
public (p) - ANS owned by GOV
private (p) - ANS not owned by GOV
In re Marriage of Washburn, 677 P.2d 152 (Wash. 1986) - ANS is a degree Property? Degree
is certificate of gained knowledge. Result: Fairly and equitably redisperse expected quality of life
Real (p) - ANS land or anything fixed to it. immovable. Transferrable by 1 sale 2 gift 3
testamentary transfer (upon death with will) 4 Intestate transfer (upon death no will)
Title - ANS right of ownership in (p)
mortgage - ANS (financing) creditor holds security interest
deed of trust - ANS (financing) transferred to trustee holding title as security for debt
Real Estate Sales Contact - ANS (financing) land contract. Seller of real estate accepts
monthly payments
Mortgage foreclosure - ANS (Involuntary transfer) Deed of trust foreclosure
Accesion - ANS (Involuntary transfer) additional value to (RP) by labor or natural occurence
eminent domain - ANS (Involuntary transfer) taking private private (P) for public use
tax lien foreclosure - ANS (Involuntary transfer) property owner does not pay taxes on (P) sold
at public auction
adverse possession - ANS (Involuntary transfer) involuntary transfer of (T) to land from owner
to someone who occupied land according to law
, Fee simple - ANS (possessory interest) Highest form of ownership
non-freehold estate - ANS (possessory interest) right to use (RP) but no ownership
Fee Simple determinable - ANS (possessory interest) granted rights may change due to future
events
Lift Estate - ANS (possessory interest) Interest in property lasts for life then reverts to original
ownership or pass to another
Easement - ANS (possessory interest) non-possessory right to use and/or enter onto realty of
another w/o possessing it
Joint tenancy - ANS (Concurrent possessory interests) ownership is transferred upon death or
relief
tenancy in common - ANS (Concurrent possessory interests) ownership transferred to next of
kin with other party
community property - ANS (Concurrent possessory interests) one party has undivided portion
of property
condominiums - ANS (Concurrent possessory interests) residents have sole ownership of the
living space but joint ownership of the land and common areas. monthly maintenance fee
Cooperations - ANS (Concurrent possessory interests) owned by party
timeshare - ANS (Concurrent possessory interests) owned by multiple parties separated by
time
Rights in Airspace - ANS navigable airspace
depths - ANS right to everything under land
riparian system - ANS water not owned by anyone
Prior Appropriation Doctrine - ANS controlled by statute - water rights acquired by compliance
with statutory requirements
nuisance - ANS a person, thing, or circumstance causing inconvenience or annoyance
trespass - ANS the wrongful damage to, or interference with, the property of another
COMPLETE SOLUTION
Property (P) - ANS legal relationships between persons with respect to thing
Tangible Property - ANS physically real (p)
intangible (p) - ANS not physically real (p)
public (p) - ANS owned by GOV
private (p) - ANS not owned by GOV
In re Marriage of Washburn, 677 P.2d 152 (Wash. 1986) - ANS is a degree Property? Degree
is certificate of gained knowledge. Result: Fairly and equitably redisperse expected quality of life
Real (p) - ANS land or anything fixed to it. immovable. Transferrable by 1 sale 2 gift 3
testamentary transfer (upon death with will) 4 Intestate transfer (upon death no will)
Title - ANS right of ownership in (p)
mortgage - ANS (financing) creditor holds security interest
deed of trust - ANS (financing) transferred to trustee holding title as security for debt
Real Estate Sales Contact - ANS (financing) land contract. Seller of real estate accepts
monthly payments
Mortgage foreclosure - ANS (Involuntary transfer) Deed of trust foreclosure
Accesion - ANS (Involuntary transfer) additional value to (RP) by labor or natural occurence
eminent domain - ANS (Involuntary transfer) taking private private (P) for public use
tax lien foreclosure - ANS (Involuntary transfer) property owner does not pay taxes on (P) sold
at public auction
adverse possession - ANS (Involuntary transfer) involuntary transfer of (T) to land from owner
to someone who occupied land according to law
, Fee simple - ANS (possessory interest) Highest form of ownership
non-freehold estate - ANS (possessory interest) right to use (RP) but no ownership
Fee Simple determinable - ANS (possessory interest) granted rights may change due to future
events
Lift Estate - ANS (possessory interest) Interest in property lasts for life then reverts to original
ownership or pass to another
Easement - ANS (possessory interest) non-possessory right to use and/or enter onto realty of
another w/o possessing it
Joint tenancy - ANS (Concurrent possessory interests) ownership is transferred upon death or
relief
tenancy in common - ANS (Concurrent possessory interests) ownership transferred to next of
kin with other party
community property - ANS (Concurrent possessory interests) one party has undivided portion
of property
condominiums - ANS (Concurrent possessory interests) residents have sole ownership of the
living space but joint ownership of the land and common areas. monthly maintenance fee
Cooperations - ANS (Concurrent possessory interests) owned by party
timeshare - ANS (Concurrent possessory interests) owned by multiple parties separated by
time
Rights in Airspace - ANS navigable airspace
depths - ANS right to everything under land
riparian system - ANS water not owned by anyone
Prior Appropriation Doctrine - ANS controlled by statute - water rights acquired by compliance
with statutory requirements
nuisance - ANS a person, thing, or circumstance causing inconvenience or annoyance
trespass - ANS the wrongful damage to, or interference with, the property of another
