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 law...
LEGL 2700 test 3 Epstein UGA Questions and
Answers UPDATED 2024-2025
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
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
LEGL 2700 test 3 Epstein UGA
, LEGL 2700 test 3 Epstein UGA
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
LEGL 2700 test 3 Epstein UGA
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