LEGL 2700 ROESSING TEST 3 2026
TEST BANK TESTED QUESTIONS
CORRECT ANSWERS
◉ Property based capitalism. Answer: Property-based capitalism is an
economic system where individuals own property and businesses, and
use them to make profits.
Example: A person owns a store and decides what to sell, keeps the
profits, and is responsible for any losses.
◉ Real Property. Answer: Real property is land and anything
permanently attached to it.
Example: A house and the land it sits on are considered real property.
◉ Personal Property. Answer: Personal property is anything you own
that is not land or permanently attached to land.
Example: A car, phone, or laptop are all personal property
◉ Real Property (types of ownership). Answer: These are types of
ownership interests in real property (different ways you can own or have
rights to land).
Fee simple: Full ownership with complete control (you can sell, rent, or
pass it on). Example: You own a house outright.
,Life estate: Ownership lasts only for someone's lifetime. Example: You
can live in a house until you die, then it goes to someone else.
Leasehold estate: You have the right to use property for a set time, but
don't own it. Example: Renting an apartment.
Concurrent ownership: Two or more people own the property together.
Example: Roommates or spouses owning a house together.
In short: These are just different legal ways property can be owned or
used.
◉ different types of fee simple ownership. Answer: These are types of
fee simple ownership (the highest level of owning real property), but
with different conditions:
Fee simple absolute: Full ownership with no conditions or limits.
Example: You own your house and can do whatever you want with it
(sell it, rent it, pass it on).
Fee simple defeasible: Ownership that can be taken away if a condition
is broken. Example: You're given land "as long as it's used for a park"—
if it stops being a park, you lose it.
In short:
Fee simple absolute = complete ownership
, Fee simple defeasible = ownership with strings attached
◉ Tenancy in Common. Answer: Tenancy in common is a type of
concurrent ownership where two or more people own the same property,
but each has their own share.
Example: Two friends own a house together—one owns 60% and the
other owns 40%, and each can sell their share separately.
◉ Right of Survivorship. Answer: Right of survivorship means when
one owner dies, their share of the property automatically goes to the
other owner(s).
Example: A married couple owns a house—when one spouse dies, the
other automatically becomes the full owner.
◉ Joint Tenancy. Answer: Joint tenancy is a type of concurrent
ownership where two or more people own equal shares of a property and
have the right of survivorship.
Example: Two friends own a house together equally—if one dies, the
other automatically becomes the full owner.
◉ Easement. Answer: Easement is the legal right to use someone else's
property for a specific purpose.
TEST BANK TESTED QUESTIONS
CORRECT ANSWERS
◉ Property based capitalism. Answer: Property-based capitalism is an
economic system where individuals own property and businesses, and
use them to make profits.
Example: A person owns a store and decides what to sell, keeps the
profits, and is responsible for any losses.
◉ Real Property. Answer: Real property is land and anything
permanently attached to it.
Example: A house and the land it sits on are considered real property.
◉ Personal Property. Answer: Personal property is anything you own
that is not land or permanently attached to land.
Example: A car, phone, or laptop are all personal property
◉ Real Property (types of ownership). Answer: These are types of
ownership interests in real property (different ways you can own or have
rights to land).
Fee simple: Full ownership with complete control (you can sell, rent, or
pass it on). Example: You own a house outright.
,Life estate: Ownership lasts only for someone's lifetime. Example: You
can live in a house until you die, then it goes to someone else.
Leasehold estate: You have the right to use property for a set time, but
don't own it. Example: Renting an apartment.
Concurrent ownership: Two or more people own the property together.
Example: Roommates or spouses owning a house together.
In short: These are just different legal ways property can be owned or
used.
◉ different types of fee simple ownership. Answer: These are types of
fee simple ownership (the highest level of owning real property), but
with different conditions:
Fee simple absolute: Full ownership with no conditions or limits.
Example: You own your house and can do whatever you want with it
(sell it, rent it, pass it on).
Fee simple defeasible: Ownership that can be taken away if a condition
is broken. Example: You're given land "as long as it's used for a park"—
if it stops being a park, you lose it.
In short:
Fee simple absolute = complete ownership
, Fee simple defeasible = ownership with strings attached
◉ Tenancy in Common. Answer: Tenancy in common is a type of
concurrent ownership where two or more people own the same property,
but each has their own share.
Example: Two friends own a house together—one owns 60% and the
other owns 40%, and each can sell their share separately.
◉ Right of Survivorship. Answer: Right of survivorship means when
one owner dies, their share of the property automatically goes to the
other owner(s).
Example: A married couple owns a house—when one spouse dies, the
other automatically becomes the full owner.
◉ Joint Tenancy. Answer: Joint tenancy is a type of concurrent
ownership where two or more people own equal shares of a property and
have the right of survivorship.
Example: Two friends own a house together equally—if one dies, the
other automatically becomes the full owner.
◉ Easement. Answer: Easement is the legal right to use someone else's
property for a specific purpose.
