legal busin exam ch 23

what are the four types of property rights

1. private 2. common 3. public 4. open access

what are the two categories of properties

1. rights to tangible property 2. rights to intellectual property

Which UCC article governs leases for personal property?

2A

Which of the following might enforce local use ordinances?

Building inspector

Which of the following is considered the highest level of real property ownership?

Fee simple

Which of the following occurs when a landowner gives permission to another to use property, but the use may be revoked at the owner's discretion?

License

A regulatory taking that deprives a landowner of all of the economic value of her property and grants her just compensation is called the: ______.

Takings Clause

Commercial real estate is usually transferred by: ______.

a sale

Continuous possession for adverse possession purposes means that the adverse possessor cannot __________ the property in question for a period of time.

abandon

Exclusive and actual possession is a requirement of

adverse possession

Proving that one possessed real property in a certain way for a certain period of time may give rise to title under the doctrine of: ______.

adverse possession.

Exclusive and actual possession is a requirement of: ______.

adverse possessions

In some jurisdictions, a shorter period of time than what is set forth in the statute may be allowed for adverse possession claims if the:

adverse possessor pays taxes on the land.

an _____________ is the party entrusted to temporarily hold personal property.

bailee

The settlement date for a sale of real estate is usually referred to as the ______ date.

closing

in _______________ proceedings, the government must prove that its action of taking private property is rationally related to a public purpose.

condemnation

Title to real property is usually conveyed through an

deed

A fee simple ____________ is a fee simple right with certain restrictions.

defeasible

A privilege to use the real estate owned by another is referred to as a(n):

easement

A regulation that completely deprives a landowner of all the economic value of his or her property will require just compensation under the power of

eminent domain

Zoning laws that discriminate violate the _________ Clause.

equal protection

Real property is also referred to as real __________

estate

A titleholder of personal property typically has ______________ use of personal property

exclusive

An easement created in writing and found on the property deed is known as a(n)

express grant.

An easement by ____________________or necessity is created because property is landlocked between other properties and the owner must cross through the property of another to gain access to her property.

implication

Patents are classified as _____ property.

intellectual

The key to determining whether the property is lost or mislaid is the element of:

involuntariness.

The most common form of leasehold estate is the

landlord - tenant agreement

The ________________ _____________________ agreement is where a landlord gives a tenant a qualified right to possess and use real estate for a specified time period.

landlord tenant

An agreement between a landlord and a tenant is referred to as a(n):

lease

Which of the following offers the least amount of rights because it allows only a qualified right to use real property in an exclusive manner for a limited period of time?

leasehold estate

In an equipment lease, the party with the exclusive right to possess and use the equipment during the lease term is the: ______.

lessee

Potential tax advantages and the right to exclusive use without the expense of purchase are typically advantages in a lease agreement for the: ______.

lessee.

in an equipment lease, the owner of the property is the:

lessor

an _______________ is permission to use property, but such permission can be revoked by the owner at any time.

license

Which level of government is generally responsible for zoning ordinances?

local

An __________ is the interference with the use and enjoyment of one's property.

nuisance

Noises and foul odors are common types of

nuisances

Paying taxes on property and paying maintenance fees are examples of ____________ possession.

open and notorious

In the context of adverse possession, building a fence on property or other enclosure around property are examples of: ______.

open and visible possession

The open and notorious requirement of adverse possession requires the party asserting adverse possession to intend to assert a claim of ______________ of the property.

ownership

what are the two form of tangible property

personal and real

Wetland preservation ordinances that restrict a landowner's right to develop, fill or dredge land are legitimate exercises of a state's: ______.

police power

The privilege to use an easement acquired through adverse possession is known as:

prescription.

If an individual is affected by a zoning regulation, he or she may be entitled to due ______________ protection

process

Building public highways and public hospitals are examples of ______ use.

public

Land and structures, plant life, and the vegetation attached to it are classified as ______ property.

real

Water rights, airspace rights, subsurface rights, and the rights of use and enjoyment are typically thought of as rights associated with the ownership of:

real property

State statutes and common law principles are the primary sources of law governing: _____.

real property ownership.

When property reverts back to the original owner because certain restrictions have been violated, the original owner is said to have the right of: ______.

reversion.

Which of the following distinguishes an easement from a license?

revocation

The required period of time needed for successful adverse possession claims is usually set forth in a jurisdiction's common law or by state:

statute

Environmental laws and regulations are typically lawful so long as they advance a(n) ____________________ and __________________ state interest

substantial and legitimate

A regulatory taking that deprives a landowner of all of the economic value of her property and grants her just compensation is called the: ______.

taking clause

property that can be touched and physically processed

tangible

real property is ___________ property

tangible

Property is typically categorized as:

tangible and intellectual

The landlord-tenant agreement evidences a: ______.

tenancy for years.

Adverse possession allows for the possessor of goods to be protected from any suit to recover the property, except against: ______

the true owner.

legal term for ownership rights in a property

title

the cost of defining, monitoring, and enforcing property rights

transition cost

Found personal property can be characterized in all of the following ways: ______.

treasure trove lost mislaid

A(n) ______ that affects a landowner's use and enjoyment of her land is a nuisance.

unreasonable condition

A good faith purchaser will only acquire valid title to personal property when the seller has

valid title

A(n) ______________ is an exception to a zoning ordinance.

variance

______________rights are known as riparian rights.

water

Retail, industrial, and residential are examples of: ______.

zones

______________________ regulations typically establish districts for property use

zoning