LEGL 2700 test 3 Epstein UGA Exam
with Guaranteed Accurate Answers
Role of Scarcity (property) - correct answer ✔✔need for resources overtakes supply of those resources
State controlled/communism - correct answer ✔✔govt controls resources and directs how they're
divided between citizens; control means of production
Property-based/capitals - correct answer ✔✔enact laws that enable citizens to acquire, possess, use,
and transfer resources; free market
States generally have a mix - correct answer ✔✔not purely one or the other
Real Property - correct answer ✔✔land, interests in land, buildings (surface, air, surface, subsurface,
fixtures)
Personal Property - correct answer ✔✔moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
acquiring property (steps) - correct answer ✔✔1. exchange
2. possession
3. confusion
4. accession
5. gift
1. exchange - correct answer ✔✔Most Common - buying things, providing services in return for a thing -
contracts
2. possession - correct answer ✔✔a. unowned
,b. lost
c. mislaid
d. neglected
a. unowned - correct answer ✔✔includes abandoned; rule of first possession; something brand new that
hasn't been discovered
b. lost - correct answer ✔✔own it except OG owner can come back for it
c. mislaid - correct answer ✔✔owner of premises and OG owner can come back for it; intent to
relinquish ownership of it = abandoned/un-owned
d. neglected - correct 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 - correct answer ✔✔Fungible (replaceable) goods mixed together
4. accession - correct 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 - correct answer ✔✔a. Remember what we learned about the promise of a gift, but intent AND
transfer means you can't take it back
Escheatment - correct answer ✔✔turn over abandoned property to the state
Private property aids in capital formation; pre-req for a thriving economy - correct answer ✔✔Put up
house on market to get a loan to start a business
Types of real property Ownership - correct answer ✔✔fee simple, life estate, leasehold estate,
concurrent ownership
, fee simple - correct answer ✔✔the biggest and best, right to acquire/possess/use/transfer; "to Michelle
forever"; can transfer to successor
life estate - correct 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 - correct answer ✔✔a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - correct 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 - correct answer ✔✔right to use land of another in a certain way
Easement by Prescription - correct 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
natural easement - correct answer ✔✔one of necessity (ex. Only one way to get to road, have to cross
someone's land)
bailment - correct answer ✔✔arises when you entrust someone with your property to be returned in
the future; temporary ownership of personal property; can extend for indefinite period of time
Types of Bailments - correct answer ✔✔-Mutual benefit: reasonable standard of care that bailee must
show (ex. exchanging money)
-Benefit of bailor: slight duty of care; less than reasonable standard (ex. Bailor putting car in bailee's
garage)
-Benefit of bailee: very high duty of care; higher than reasonable standard (ex. borrowing Bailor's car)
with Guaranteed Accurate Answers
Role of Scarcity (property) - correct answer ✔✔need for resources overtakes supply of those resources
State controlled/communism - correct answer ✔✔govt controls resources and directs how they're
divided between citizens; control means of production
Property-based/capitals - correct answer ✔✔enact laws that enable citizens to acquire, possess, use,
and transfer resources; free market
States generally have a mix - correct answer ✔✔not purely one or the other
Real Property - correct answer ✔✔land, interests in land, buildings (surface, air, surface, subsurface,
fixtures)
Personal Property - correct answer ✔✔moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
acquiring property (steps) - correct answer ✔✔1. exchange
2. possession
3. confusion
4. accession
5. gift
1. exchange - correct answer ✔✔Most Common - buying things, providing services in return for a thing -
contracts
2. possession - correct answer ✔✔a. unowned
,b. lost
c. mislaid
d. neglected
a. unowned - correct answer ✔✔includes abandoned; rule of first possession; something brand new that
hasn't been discovered
b. lost - correct answer ✔✔own it except OG owner can come back for it
c. mislaid - correct answer ✔✔owner of premises and OG owner can come back for it; intent to
relinquish ownership of it = abandoned/un-owned
d. neglected - correct 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 - correct answer ✔✔Fungible (replaceable) goods mixed together
4. accession - correct 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 - correct answer ✔✔a. Remember what we learned about the promise of a gift, but intent AND
transfer means you can't take it back
Escheatment - correct answer ✔✔turn over abandoned property to the state
Private property aids in capital formation; pre-req for a thriving economy - correct answer ✔✔Put up
house on market to get a loan to start a business
Types of real property Ownership - correct answer ✔✔fee simple, life estate, leasehold estate,
concurrent ownership
, fee simple - correct answer ✔✔the biggest and best, right to acquire/possess/use/transfer; "to Michelle
forever"; can transfer to successor
life estate - correct 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 - correct answer ✔✔a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - correct 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 - correct answer ✔✔right to use land of another in a certain way
Easement by Prescription - correct 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
natural easement - correct answer ✔✔one of necessity (ex. Only one way to get to road, have to cross
someone's land)
bailment - correct answer ✔✔arises when you entrust someone with your property to be returned in
the future; temporary ownership of personal property; can extend for indefinite period of time
Types of Bailments - correct answer ✔✔-Mutual benefit: reasonable standard of care that bailee must
show (ex. exchanging money)
-Benefit of bailor: slight duty of care; less than reasonable standard (ex. Bailor putting car in bailee's
garage)
-Benefit of bailee: very high duty of care; higher than reasonable standard (ex. borrowing Bailor's car)
