LEGL 2700 Test 2 Hackleman 2025/2026
Exam Questions with 100% Correct
Answers | Latest Update
property - 🧠 ANSWER ✔✔legal right to exclude others from resources that
are originally possessed or are acquired without force, theft, or fraud
-absolute, not infinite
-boundaries can be ambiguous
-foundation of the free market
how does property help society achieve prosperity? - 🧠 ANSWER
✔✔promotes incentives,
establishes conditions for capital formation,
,makes resources easily divisible
real property - 🧠 ANSWER ✔✔land and interests in land
personal property - 🧠 ANSWER ✔✔all moveable resources
-separated further into tangible and intangible
air rights - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔a landowner may also own the liquids,
gases, and minerals beneath the land
Fixtures on land - 🧠 ANSWER ✔✔Object of personal property that is so
essential/annexed to the land that it becomes part of the land
Rule of Capture - 🧠 ANSWER ✔✔Landowner can pump as much water as
they desire, regardless of the effect on others
Coastal Oil and Gas V. Garza Energy Trust - 🧠 ANSWER ✔✔Rule of
capture to natural gas
- Coastal fraked next to leased land to avoid royalties, rule of capture held
, fee simple - 🧠 ANSWER ✔✔represents the maximum estate allowed under
law
fee simple absolute - 🧠 ANSWER ✔✔involves no limitations or conditions
attached (to maximum estate allowed under law)
fee simple defeasible - 🧠 ANSWER ✔✔may have a condition attached to its
transfer (concerning maximum estate allowed under law)
life estate - 🧠 ANSWER ✔✔grants ownership in land for the lifetime of a
specified person
Reversion - 🧠 ANSWER ✔✔Property goes to previous owner who has the
future interest
Remainder - 🧠 ANSWER ✔✔Property goes to a future owner who is
specified and has future interest
leasehold estate - 🧠 ANSWER ✔✔property rights granted to tenants by a
landlord
concurrent ownership - 🧠 ANSWER ✔✔more than one person can own the
same property
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
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Exam Questions with 100% Correct
Answers | Latest Update
property - 🧠 ANSWER ✔✔legal right to exclude others from resources that
are originally possessed or are acquired without force, theft, or fraud
-absolute, not infinite
-boundaries can be ambiguous
-foundation of the free market
how does property help society achieve prosperity? - 🧠 ANSWER
✔✔promotes incentives,
establishes conditions for capital formation,
,makes resources easily divisible
real property - 🧠 ANSWER ✔✔land and interests in land
personal property - 🧠 ANSWER ✔✔all moveable resources
-separated further into tangible and intangible
air rights - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔a landowner may also own the liquids,
gases, and minerals beneath the land
Fixtures on land - 🧠 ANSWER ✔✔Object of personal property that is so
essential/annexed to the land that it becomes part of the land
Rule of Capture - 🧠 ANSWER ✔✔Landowner can pump as much water as
they desire, regardless of the effect on others
Coastal Oil and Gas V. Garza Energy Trust - 🧠 ANSWER ✔✔Rule of
capture to natural gas
- Coastal fraked next to leased land to avoid royalties, rule of capture held
, fee simple - 🧠 ANSWER ✔✔represents the maximum estate allowed under
law
fee simple absolute - 🧠 ANSWER ✔✔involves no limitations or conditions
attached (to maximum estate allowed under law)
fee simple defeasible - 🧠 ANSWER ✔✔may have a condition attached to its
transfer (concerning maximum estate allowed under law)
life estate - 🧠 ANSWER ✔✔grants ownership in land for the lifetime of a
specified person
Reversion - 🧠 ANSWER ✔✔Property goes to previous owner who has the
future interest
Remainder - 🧠 ANSWER ✔✔Property goes to a future owner who is
specified and has future interest
leasehold estate - 🧠 ANSWER ✔✔property rights granted to tenants by a
landlord
concurrent ownership - 🧠 ANSWER ✔✔more than one person can own the
same property
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
