LEGL 2700 TEST 2 HACKLEMAN EXAM
QUESTIONS AND ANSWERS GRADED A+
2025/2026
Property - ANS 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? - ANS promotes incentives,
establishes conditions for capital formation,
makes resources easily divisible
real property - ANS land and interests in land
personal property - ANS all moveable resources
-separated further into tangible and intangible
air rights - ANS 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
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,subsurface rights - ANS a landowner may also own the liquids, gases, and minerals beneath
the land
Fixtures on land - ANS Object of personal property that is so essential/annexed to the land
that it becomes part of the land
Rule of Capture - ANS Landowner can pump as much water as they desire, regardless of the
effect on others
Coastal Oil and Gas V. Garza Energy Trust - ANS Rule of capture to natural gas
- Coastal fraked next to leased land to avoid royalties, rule of capture held
fee simple - ANS represents the maximum estate allowed under law
fee simple absolute - ANS involves no limitations or conditions attached (to maximum estate
allowed under law)
fee simple defeasible - ANS may have a condition attached to its transfer (concerning
maximum estate allowed under law)
life estate - ANS grants ownership in land for the lifetime of a specified person
Reversion - ANS Property goes to previous owner who has the future interest
Remainder - ANS Property goes to a future owner who is specified and has future interest
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, leasehold estate - ANS property rights granted to tenants by a landlord
concurrent ownership - ANS more than one person can own the same property
tenancy in common - ANS property interest is undivided, but tenants can own different
shares of the resource
joint tenancy - ANS property interest is undivided; tenants must have equal ownership
shares; can have right of survivorship (one dies, the other becomes sole owner)
easements - ANS right to cross over land
Natural easements - ANS cross land to get to public road
negative easement - ANS an adjoining landowner cannot do anything that would cause your
land to cave in or collapse
easement by perscription - ANS arises when one person has used another's land for a period
of years (typically 20), and once this period of time has passed, a title-holder of the land can no
longer prevent the person from continuing to use the land by crossing it
Utility easement - ANS Utility company has the right to access utility
bailments - ANS goods placed into another's possession to be returned in the future
bailor - ANS owner of object
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS GRADED A+
2025/2026
Property - ANS 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? - ANS promotes incentives,
establishes conditions for capital formation,
makes resources easily divisible
real property - ANS land and interests in land
personal property - ANS all moveable resources
-separated further into tangible and intangible
air rights - ANS 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
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,subsurface rights - ANS a landowner may also own the liquids, gases, and minerals beneath
the land
Fixtures on land - ANS Object of personal property that is so essential/annexed to the land
that it becomes part of the land
Rule of Capture - ANS Landowner can pump as much water as they desire, regardless of the
effect on others
Coastal Oil and Gas V. Garza Energy Trust - ANS Rule of capture to natural gas
- Coastal fraked next to leased land to avoid royalties, rule of capture held
fee simple - ANS represents the maximum estate allowed under law
fee simple absolute - ANS involves no limitations or conditions attached (to maximum estate
allowed under law)
fee simple defeasible - ANS may have a condition attached to its transfer (concerning
maximum estate allowed under law)
life estate - ANS grants ownership in land for the lifetime of a specified person
Reversion - ANS Property goes to previous owner who has the future interest
Remainder - ANS Property goes to a future owner who is specified and has future interest
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, leasehold estate - ANS property rights granted to tenants by a landlord
concurrent ownership - ANS more than one person can own the same property
tenancy in common - ANS property interest is undivided, but tenants can own different
shares of the resource
joint tenancy - ANS property interest is undivided; tenants must have equal ownership
shares; can have right of survivorship (one dies, the other becomes sole owner)
easements - ANS right to cross over land
Natural easements - ANS cross land to get to public road
negative easement - ANS an adjoining landowner cannot do anything that would cause your
land to cave in or collapse
easement by perscription - ANS arises when one person has used another's land for a period
of years (typically 20), and once this period of time has passed, a title-holder of the land can no
longer prevent the person from continuing to use the land by crossing it
Utility easement - ANS Utility company has the right to access utility
bailments - ANS goods placed into another's possession to be returned in the future
bailor - ANS owner of object
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
