MIE 305 Exam 3 Latest Update with Verified Solutions

MIE 305 Exam 3 Latest Update with Verified Solutions Bundle of Rights sticks metaphor owner = entire bundle of sticks renter = only a few sticks possession, use, control, exclusion, transfer Property Rights the legal rights that a person has over a piece of real property Real Property The legal interests in land and things attached to or growing on land ex: part of the earth’s surface, buildings, fences, and trees used to describe the legal rights that a person can have in real estate Personal Property The rights, powers, and privileges a person has in things that are not real property tangible (objects) or intangible (accounts receivable, goodwill, patents, trademarks) chattels real personal property that can not be moved such as leases, mortgages and contracts to purchase chattels personal movable personal property ex: furniture, boats, cars, etc. chattel personal in action (chose in action) something to which one has a right to possession, but concerning which one may be required to bring some legal action ultimately to enjoy possession Possession The right to occupy the property (or the right to claim title over the property) =/= ownership ex: a tenant has a right of possession, they can occupy the apartment, but do not have ownership Enjoyment (use) the right to use the property to some degree and manner (& what or whom may be there at any given time) control the ability to restrict how other may use the property (or to decide how the property is to be used) ex: cant run a business out of an apartment Encumbrance the right to place certain burdens upon the property that do not affect essential possession or alienability rights, but still reduce the value and/or enjoyment one may have in it through voluntary action (servitudes, easements, mortgages, collateral on debt, etc.) or through operation of law (tax liens, judgment liens, covenants, conditions & restrictions in modern planned communities, etc.) ex: owner of land may authorize the local public utility companies to install power and telephone lines through the land. The utility companies are granted what is called an easement, which is a property right. As a result, the owner has less than the full bundle of rights Easement the right to use property for a specific purpose ex: Farmer Brown sells half of his farm to his neighbor, the land Brown retained is called the dominant land, and the land transferred subject to an easement is called the servient estate. License (privilege) a mere personal privilege given by the owner to another to do designated acts on the land of the owner a right to use another's land is given orally exclusion the right to exclude other people from possessing & using the property transfer (disposition) right to move ownership Possessory Interest the intent and right of a party to occupy or exercise control over a particular plot of land types of possessory interests Fee simple absolute Life estate Leasehold Fee Simple Absolute most complete ownership interest possible includes the entire bundle of rights