MIE 305 FINAL EXAM STUDY GUIDE
EXAM WITH CORRECT QUESTIONS
AND ANSWERS 2025
Bundle of Right that is the right to claim title over the property, one exerts dominion and
ultimate power over it - CORRECT-ANSWERSPossession
Bundle of Right that is the right to decide how the property is to be used, or employed -
CORRECT-ANSWERSControl
Bundle of Right that is the means by which the rights-holder can decide how to use the
property. Others can violate this through the law of nuisance. - CORRECT-
ANSWERSEnjoyment
Bundle of Right that gives the rights holder the legal ability to determine who or what is not
allowed on the property - CORRECT-ANSWERSExclusion
,Bundle of Right that is the right to dispose of any or all of the rights one holds in property
through sale, gift, or lease - CORRECT-ANSWERSAlienation/Disposition
Bundle of Right that is the right to encumber the property (servitudes, easements, mortgages,
collateral, etc.) - CORRECT-ANSWERSEncumbrance
The legal interests in land and things attached to or growing on land - CORRECT-
ANSWERSReal Property
Personal property (car, boat, etc.) - CORRECT-ANSWERSChattel Property
Most usual method of 2+ people owning property at the same time, no formalities required.
Do not require equal ownership % - CORRECT-ANSWERSTenancy in Common
Similar to TIC, but interest of a deceased owner automatically passes to the surviving joint
owner(s) - CORRECT-ANSWERSJoint Tenancy
Enables landowners to provide for those they desire while reducing both income and estate
taxes by will or deed - CORRECT-ANSWERSLife Estate
, A permanent and absolute ownership of land with freedom to dispose of it at will - CORRECT-
ANSWERSFreehold
The holding of property by lease - CORRECT-ANSWERSLeasehold
First unity of joint tenancy, each co-tenant's interested vested or was acquired at the same
time as the others' - CORRECT-ANSWERSTime
Second unity of joint tenancy, each co-tenant acquired his or her interest in the same deed or
will as the others' - CORRECT-ANSWERSTitle
Third unity of joint tenancy, each must have identical interests as to their share and quality of
title - CORRECT-ANSWERSInterest
Fourth unity of joint tenancy, all co-tenants have rights to possess the entire undivided
property - CORRECT-ANSWERSPossession
A type of lease that lasts for a specific time state in the lease - CORRECT-ANSWERSTenancy
for a Stated Period
EXAM WITH CORRECT QUESTIONS
AND ANSWERS 2025
Bundle of Right that is the right to claim title over the property, one exerts dominion and
ultimate power over it - CORRECT-ANSWERSPossession
Bundle of Right that is the right to decide how the property is to be used, or employed -
CORRECT-ANSWERSControl
Bundle of Right that is the means by which the rights-holder can decide how to use the
property. Others can violate this through the law of nuisance. - CORRECT-
ANSWERSEnjoyment
Bundle of Right that gives the rights holder the legal ability to determine who or what is not
allowed on the property - CORRECT-ANSWERSExclusion
,Bundle of Right that is the right to dispose of any or all of the rights one holds in property
through sale, gift, or lease - CORRECT-ANSWERSAlienation/Disposition
Bundle of Right that is the right to encumber the property (servitudes, easements, mortgages,
collateral, etc.) - CORRECT-ANSWERSEncumbrance
The legal interests in land and things attached to or growing on land - CORRECT-
ANSWERSReal Property
Personal property (car, boat, etc.) - CORRECT-ANSWERSChattel Property
Most usual method of 2+ people owning property at the same time, no formalities required.
Do not require equal ownership % - CORRECT-ANSWERSTenancy in Common
Similar to TIC, but interest of a deceased owner automatically passes to the surviving joint
owner(s) - CORRECT-ANSWERSJoint Tenancy
Enables landowners to provide for those they desire while reducing both income and estate
taxes by will or deed - CORRECT-ANSWERSLife Estate
, A permanent and absolute ownership of land with freedom to dispose of it at will - CORRECT-
ANSWERSFreehold
The holding of property by lease - CORRECT-ANSWERSLeasehold
First unity of joint tenancy, each co-tenant's interested vested or was acquired at the same
time as the others' - CORRECT-ANSWERSTime
Second unity of joint tenancy, each co-tenant acquired his or her interest in the same deed or
will as the others' - CORRECT-ANSWERSTitle
Third unity of joint tenancy, each must have identical interests as to their share and quality of
title - CORRECT-ANSWERSInterest
Fourth unity of joint tenancy, all co-tenants have rights to possess the entire undivided
property - CORRECT-ANSWERSPossession
A type of lease that lasts for a specific time state in the lease - CORRECT-ANSWERSTenancy
for a Stated Period
