LEGL 2700 TEST 3 EPSTEIN UGA EXAM
QUESTIONS AND ANSWERS 100% PASS
2026/2027
Role of Scarcity (property) - ANS need for resources overtakes supply of those resources
State controlled/communism - ANS govt controls resources and directs how they're divided
between citizens; control means of production
Property-based/capitals - ANS enact laws that enable citizens to acquire, possess, use, and
transfer resources; free market
States generally have a mix - ANS not purely one or the other
Real Property - ANS land, interests in land, buildings (surface, air, surface, subsurface,
fixtures)
Personal Property - ANS moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
acquiring property (steps) - ANS 1. exchange
2. possession
3. confusion
2026/2027 ALLRIGHTS RESERVED
1
,4. accession
5. gift
1. exchange - ANS Most Common - buying things, providing services in return for a thing -
contracts
2. possession - ANS a. unowned
b. lost
c. mislaid
d. neglected
a. unowned - ANS includes abandoned; rule of first possession; something brand new that
hasn't been discovered
b. lost - ANS own it except OG owner can come back for it
c. mislaid - ANS owner of premises and OG owner can come back for it; intent to relinquish
ownership of it = abandoned/un-owned
d. neglected - ANS 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 - ANS Fungible (replaceable) goods mixed together
4. accession - ANS 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
2026/2027 ALLRIGHTS RESERVED
2
, 5. gift - ANS a. Remember what we learned about the promise of a gift, but intent AND
transfer means you can't take it back
Escheatment - ANS turn over abandoned property to the state
Private property aids in capital formation; pre-req for a thriving economy - ANS Put up house
on market to get a loan to start a business
Types of real property Ownership - ANS fee simple, life estate, leasehold estate, concurrent
ownership
fee simple - ANS the biggest and best, right to acquire/possess/use/transfer; "to Michelle
forever"; can transfer to successor
life estate - ANS 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 - ANS a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - ANS -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 - ANS right to use land of another in a certain way
Easement by Prescription - ANS similar to adverse possession, but you're not owning it,
you're getting right to use it; out in open, using it over time
2026/2027 ALLRIGHTS RESERVED
3
QUESTIONS AND ANSWERS 100% PASS
2026/2027
Role of Scarcity (property) - ANS need for resources overtakes supply of those resources
State controlled/communism - ANS govt controls resources and directs how they're divided
between citizens; control means of production
Property-based/capitals - ANS enact laws that enable citizens to acquire, possess, use, and
transfer resources; free market
States generally have a mix - ANS not purely one or the other
Real Property - ANS land, interests in land, buildings (surface, air, surface, subsurface,
fixtures)
Personal Property - ANS moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
acquiring property (steps) - ANS 1. exchange
2. possession
3. confusion
2026/2027 ALLRIGHTS RESERVED
1
,4. accession
5. gift
1. exchange - ANS Most Common - buying things, providing services in return for a thing -
contracts
2. possession - ANS a. unowned
b. lost
c. mislaid
d. neglected
a. unowned - ANS includes abandoned; rule of first possession; something brand new that
hasn't been discovered
b. lost - ANS own it except OG owner can come back for it
c. mislaid - ANS owner of premises and OG owner can come back for it; intent to relinquish
ownership of it = abandoned/un-owned
d. neglected - ANS 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 - ANS Fungible (replaceable) goods mixed together
4. accession - ANS 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
2026/2027 ALLRIGHTS RESERVED
2
, 5. gift - ANS a. Remember what we learned about the promise of a gift, but intent AND
transfer means you can't take it back
Escheatment - ANS turn over abandoned property to the state
Private property aids in capital formation; pre-req for a thriving economy - ANS Put up house
on market to get a loan to start a business
Types of real property Ownership - ANS fee simple, life estate, leasehold estate, concurrent
ownership
fee simple - ANS the biggest and best, right to acquire/possess/use/transfer; "to Michelle
forever"; can transfer to successor
life estate - ANS 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 - ANS a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - ANS -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 - ANS right to use land of another in a certain way
Easement by Prescription - ANS similar to adverse possession, but you're not owning it,
you're getting right to use it; out in open, using it over time
2026/2027 ALLRIGHTS RESERVED
3
