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LEGL 2700 Roessing Test 2 Questions and Answers (100% Pass)
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LEGL 2700 Roessing Test 2 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+LEGL 2700 Roessing Test 2 Questions
and Answers (100% Pass)
Mortgage
✓ a transfer of an interest in property for the purpose of creating a
security for debt; a type of security interest in land, usually securing an
extension of credit
Real Property
✓ property in land and interests in land
Personal Property
✓ all property that does not involve land and interests in land
Tangible Property
✓ physical property
Fixture
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ a particular kind of interest in land; an object of personal property that
has become an object of real property 1) by physical annexation
(attachment) to the land or its buildings or 2) because its use has
become closely associated with the use to which the land is put
Estate
✓ the bundle of rights and powers of real property ownership
Fee Simple
✓ the maximum bundle of rights, or estate permitted by law
Life Estate
✓ a property that grants land ownership for the lifetime of specified
person
Leasehold Estate
✓ the property granted to tenants (lessees) by a landlord (lessor)
Joint Tenancy
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ a property ownership that is undivided (common) and equal between
two or more owners; permits survivorship
Tenancy in Common
✓ a property ownership that is undivided (common) but not necessarily
equal between two or more owners
Easement
✓ the right of one other than the owner of land to some use of that land
Bailment
✓ an owner's placement of an object into the intentional possession of
another person with the understanding that the other person must
return the object at some point or otherwise dispose of it
Bailor
✓ in a bailment, the person who transfer possession of tangible, personal
property to another person with eh understanding that the other
person must return the object at some point or otherwise dispose of it
Bailee
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ in a bailment, the person who takes possession of object owned by
another and must return it or otherwise dispose of it
Ownership
✓ refers to the exclusive legal right to possess, transfer, and use resources;
"property"
Contract
✓ a legally enforceable promise
Rule of First Possession
✓ rule that says one becomes an owner by reducing to possession
previously unowned objects or abandoned objects
Adverse Possession (pg 206-207)
Master01 | October, 2024/2025 | Latest update
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