LAW 335 EXAM 2 STUDY GUIDE 2022/2023 RATED 100%

BUSINESS LAW 335 EXAM 2 STUDY GUIDE 2022/2023 RATED 100% PROPERTY UNIT REVIEW F17 LAW 335 Easement -Easement v. license v. profit Easement- long term right to use someone else property for specific use or limit use of property -consent- land owner allows, and both parties agree Prescription- over 10 years of using without telling them no Necessity- example, zacks old house License- short term revocable right to use someone else’s land for a specific period of time -tickets to a sports game Profit- The right for an individual to enter on to someone else’s property and remove something from it -pumpkin patch, or allowing someone to fish -Types of Easements Distinguish easement by consent v. by prescription v. necessity How many years does it take to create an easement by prescription? 10 years Easement Appurtenant (runs with the land) v. easement in gross Appurtenant- runs with land and is transferred automatically Gross- Not transferred when property transaction occurs -Conservation Easement Types/purposes of conservation easements The practice of trying to restrict or promote the developmental rights of land developers How do traditional affirmative easements differ from conservation easements? conservation easements protect land and restrictions Who can be the grantee/holder of the easement right? Qualified federal charitable deduction or credit Development Rights Valuation . . . “highest and best use” – Know how to calculate Contributes to “Smart Growth” -development right is able to be sold/transferred to allow greater development in a region designated for intense development Tragedy of the Commons- over-utilization, pollution, destruction of limited resources Nuisance Global Reporting Initiative (Valdez principals) of financial reporting (See Handbook) CERCLA & Sustainable Development Who is a PRP (Potentially Responsibly Party)? Owner and operator of land where hazardous waste was generated or is now stored transported arranged for transportation