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LEGL 2700 Roessing Test 2 Exam Questions with Verified Answers
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LEGL 2700 Roessing Test 2 Exam Questions withVerified Answers
property - -the legal right to exclude others from resources that are
originally possessed or are acquired without force, theft, or fraud
-private property - -protects private persons and allows them to exclude
others from interfering with resources that are acquired without force, theft,
or fraud
-public property - -state's right under various circumstances to exclude
people from state monuments, buildings, equipment, land, and other public
resources
-common property - -right we all have to common resources like the air,
rivers, or oceans; private ownership by two or more people of a specific
resource such as a piece of land
-mortgage - -put up your house to secure a loan
-real property - --law applies ownership to land and interests in land such as
mining rights or leases
-bundle of rights
-personal property - -applies to movable resources, those things that people
do not annex to the land
-tangible personal property - -personal property that one can touch
-intangible personal property - -personal property to non physical things
-Coastal Oil & Gas Corp. v. Garza Energy Trust Et Al. - --Salinas claimed that
Coastal was drilling on the neighboring land instead of Salinas' land to avoid
paying Salinas
-According to Salinas, this constituted a trespass
-The court refused to hold Coastal liable for a technical trespass under
Salinas' land
-The nature of subsurface rights required a showing of some injury
-The court argued that any losses from gas captured from neighboring land
could be addressed by increased drilling on one's own land
-The "Drone Slayer" - --David was flying his drone to his friend's house
when it got shot down once it crossed Willie's house
-Willie claimed David was trespassing and looking at his daughters
-David said Willie destroyed his personal and intellectual property
,-Willie won
-fixture - -an object that formerly was personal property but has become
real property
-estate - -the bundle of rights and powers of land ownership
-fee simple - -the maximum estate allowed under law, the owner having the
fullest legal rights and powers to possess, use, and transfer the land
-life estate - -grants ownership in land for the lifetime of a specified person
-leasehold estate - --the property right granted to tenants by a landlord
-own property for a specific time
-joint tenancy - -a form of concurrent ownership, where the joint tenants
must have equal ownership share; can have the right of survivorship
-partition - -force the separation of concurrent ownerships
-tenancy in common - -A form of concurrent ownership where two or more
persons hold separate titles in the same estate. May have equal or unequal
shares. Right of partition.
-easement - -right to cross over land
-Duke Energy Carolinas v. Gray - --part of Gray's house was built on Duke
Energy's power line easement
-Duke wanted Gray to move his house, but Gray argued that Duke did not
act quickly enough to reclaim its right to the easement
-reversed the decision of the Court of Appeals
-easement is entitled to the same legal respect as other forms of real
property
-one may acquire another's real property by claiming the property and
occupying it for a long period of time so long as the original owner does not
take action to evict
-time period required to acquire ownership in real property through adverse
possession is typically longer than the time period to be free of liability in a
trespass case
-bailment - -the transfer of possession but not the title of personal property
by one party to another, under agreement
-bailor - -The owner of property in a bailment.
, -bailee - -A person who receives personal property from another as a
bailment.
-ownership - -legal right that makes resources exclusive
-contract - -rules under which people exchange resources in a property
system
-rule of first possession - -the first person to reduce previously unowned
things to possession becomes their owner
-adverse possession - -gives you ownership of land under state statute
when the possession is:
-open and notorious: put the true owner of the land on notice
-actual and exclusive: possessor must physically occupy the land; building a
fence
-continuous: possession must not be interrupted
-wrongful: possessor must not have the owner's permission to be on the land
-for a prescribed period of time: 10 to 20 years
-ownership through confusion - -fungible goods that are mixed together
-doctrine of accession - -when something added on to your property, the
final product belongs to you; Ex. airplane engine to an airplane
-gift - -way of acquiring ownership
-title - -ownership
-deed - -document of title that transfers ownership of land
-security interests - -making loans by securing types of property interest in
something usually possessed by the buyer
-deeds of trust - -a borrower signs a note, which shows the borrower's debt
to the lender, and then signs it, which grants the lender a security interest in
the building and land put up to secure the loan
-land sales contract - -the owner of land sells it by contract subject to the
condition that the seller retains title to the land until the buyer pays the
purchase price
-mortgagees - -creditors
-mortgagors - -debtors
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