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LEGL2700- Roessing Test 2 Questions and Answers (100% Pass
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LEGL2700- Roessing Test 2 Questions and Answers (100% Pass
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1|Page | © copyright 2024/2025 | Grade A+LEGL2700- Roessing Test 2
Questions and Answers (100% Pass)
property
✓ the legal right to exclude others from resources that are originally
possessed or are acquired without force, theft, or fraud
private property
✓ a system of law under which the state recognizes and enforces an
individual's rights to acquire, possess, use, and transfer scarce resources
capital formation
✓ quality of resources that produces new or different resources
mortgage
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ lenders are willing to loan money at affordable rates primarily because
property law guarantees
✓ 1) that a borrower's house is on an identifiable piece of land
recognized by the state
✓ 2) that the state recognizes a borrower's claim to the house
✓ 3) that the state permits lenders to enforce the mortgage agreement
through the courts and sell a borrower's house to satisfy the loan if the
borrower fails to repay it
divisibility
✓ how property permits resources to be broken into parts and used in
many ways while the owner still retains a property interest in each part
real property law
✓ applies ownership to land and interests in land such as mining rights or
leases; very formal rules
personal property
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ applies to movable resources, those things that people do not annex
to the land; divides personal property into rules applying to tangible
and intangible resources
tangible property
✓ applies to things one can touch, that is, to physical things; computers,
cars, carrots
Uniform Commercial Code
✓ controls the sale of tangible things ("goods")
intangible property
✓ applies to nonphysical things, particularly various types of valuable
information; intellectual property (patents, copyrights, trademarks, and
trade secrets), securities
intellectual property
✓ ownership of your ideas
chattels
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ originally very valuable personal property; cattle
alienation
✓ the right to not exclude others from property
air rights
✓ the owner of real property also possesses the air above the land to the
extent that the owner can occupy or use it in connection with the land
subsurface rights
✓ a landowner may also own the liquids, gases, and minerals beneath
the land
fixture
✓ an object of personal property that has become an object of real
property
✓ 1) by physical annexation (attachment) to the land or its buildings
✓ 2) because its use has become closely associated with the use to
which the land is put
estate
Master01 | October, 2024/2025 | Latest update
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