LEGAL 2700 EXAM 3 JESSICA TRIPP
CERTIFICATION EVALUATION 2026 QUESTIONS
WITH PRACTICE SOLUTION GRADED A+
◉ State controlled/communism. Answer: govt controls resources
and directs how they're divided between citizens; control means of
production
◉ Property-based/capitals. Answer: enact laws that enable citizens
to acquire, possess, use, and transfer resources; free market
◉ States generally have a mix. Answer: not purely one or the other
◉ Real Property. Answer: land, interests in land, buildings (surface,
air, surface, subsurface, fixtures)
◉ Personal Property. Answer: moveable resources (tangible and
intangible)
intangible examples: Securities, stocks, ownership interests in
businesses
◉ acquiring property (steps). Answer: 1. exchange
2. possession
,3. confusion
4. accession
5. gift
◉ 1. exchange. Answer: Most Common - buying things, providing
services in return for a thing - contracts
◉ 2. possession. Answer: a. unowned
b. lost
c. mislaid
d. neglected
◉ a. unowned. Answer: includes abandoned; rule of first possession;
something brand new that hasn't been discovered
◉ b. lost. Answer: own it except OG owner can come back for it
◉ c. mislaid. Answer: owner of premises and OG owner can come
back for it; intent to relinquish ownership of it = abandoned/un-
owned
,◉ d. neglected. Answer: 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. Answer: Fungible (replaceable) goods mixed
together
◉ 4. accession. Answer: 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. Answer: a. Remember what we learned about the promise
of a gift, but intent AND transfer means you can't take it back
◉ Escheatment. Answer: turn over abandoned property to the state
◉ Private property aids in capital formation; pre-req for a thriving
economy. Answer: Put up house on market to get a loan to start a
business
◉ Types of real property Ownership. Answer: fee simple, life estate,
leasehold estate, concurrent ownership
, ◉ fee simple. Answer: the biggest and best, right to
acquire/possess/use/transfer; "to Michelle forever"; can transfer to
successor
◉ life estate. Answer: 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. Answer: a lease; "to Michelle, as a tenant for 12
months"; can't sell it
◉ Concurrent Ownership. Answer: -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. Answer: right to use land of another in a certain way
◉ Easement by Prescription. Answer: similar to adverse possession,
but you're not owning it, you're getting right to use it; out in open,
using it over time
CERTIFICATION EVALUATION 2026 QUESTIONS
WITH PRACTICE SOLUTION GRADED A+
◉ State controlled/communism. Answer: govt controls resources
and directs how they're divided between citizens; control means of
production
◉ Property-based/capitals. Answer: enact laws that enable citizens
to acquire, possess, use, and transfer resources; free market
◉ States generally have a mix. Answer: not purely one or the other
◉ Real Property. Answer: land, interests in land, buildings (surface,
air, surface, subsurface, fixtures)
◉ Personal Property. Answer: moveable resources (tangible and
intangible)
intangible examples: Securities, stocks, ownership interests in
businesses
◉ acquiring property (steps). Answer: 1. exchange
2. possession
,3. confusion
4. accession
5. gift
◉ 1. exchange. Answer: Most Common - buying things, providing
services in return for a thing - contracts
◉ 2. possession. Answer: a. unowned
b. lost
c. mislaid
d. neglected
◉ a. unowned. Answer: includes abandoned; rule of first possession;
something brand new that hasn't been discovered
◉ b. lost. Answer: own it except OG owner can come back for it
◉ c. mislaid. Answer: owner of premises and OG owner can come
back for it; intent to relinquish ownership of it = abandoned/un-
owned
,◉ d. neglected. Answer: 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. Answer: Fungible (replaceable) goods mixed
together
◉ 4. accession. Answer: 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. Answer: a. Remember what we learned about the promise
of a gift, but intent AND transfer means you can't take it back
◉ Escheatment. Answer: turn over abandoned property to the state
◉ Private property aids in capital formation; pre-req for a thriving
economy. Answer: Put up house on market to get a loan to start a
business
◉ Types of real property Ownership. Answer: fee simple, life estate,
leasehold estate, concurrent ownership
, ◉ fee simple. Answer: the biggest and best, right to
acquire/possess/use/transfer; "to Michelle forever"; can transfer to
successor
◉ life estate. Answer: 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. Answer: a lease; "to Michelle, as a tenant for 12
months"; can't sell it
◉ Concurrent Ownership. Answer: -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. Answer: right to use land of another in a certain way
◉ Easement by Prescription. Answer: similar to adverse possession,
but you're not owning it, you're getting right to use it; out in open,
using it over time
