Exam 7: The Property System

Sidney Carton,owner of a fee simple land,makes the grant of his land "to Lucie Manette for life,then at the death of Lucie Manette,to her children in equal share." At the time of the grant,Sidney Carton has no children or heirs of his own.What interests have been created by this land grant?

Which of the following statements is true about the property boundaries in the physical world?

Property is the legal right to exclude others from resources that are originally possessed or are acquired without force,theft,or fraud.

You and your roommate are driving through a residential area when you see some furniture piled on the curb to be picked up by the trash collectors the next morning.As you pick up a chair,the homeowner opens a window and yells,"Get away from my stuff." Which of the following statements is true in this scenario?

What are deeds of trust?

Which of the following statements is true about concurrent ownership?

The property interest is divided equally in both joint tenancy and tenancy in common.

Property helps generate prosperity by establishing the conditions necessary for capital formation.

Under the deed of trust,a third party who holds the full ownership to a land is called a ______.

The legal foundation for federal taxation is found in ______.

Landon,an 80-year-old,writes a trust that states that his property is to go to his "great-great-great grandchild" upon his death.At the time of creating the trust,his only child is one year old.In this scenario,which of the following statements is true about the validity of the trust?

Which of the following is a similarity between joint tenancy and tenancy in common?

Which of the following types of easement is also called easement by necessity?

A fee simple absolute represents restricted,limited ownership of personal property.

You have driven to a local shopping mall in a friend's car.Explain and give examples of how you might park the car in terms of the three different standards of care depending upon the type of bailment relationship you have entered into with your friend.

In the making of a gift,a mutual exchange of resources occurs.

In the determination of private nuisance,a court will declare a nuisance based solely upon the plaintiff's showing that the defendant's use of his or her land produces an offensive result for the community.

The general way of perfecting a security interest under Article 9 is to file a(n)

How can resources be acquired through confusion?

What are the three types of deeds and explain how they differ.