chapter 1

Question 1

embraces everything which is or may be the subject of ownership.

Answer 1

Property

Question 2

The term includes not only ownership and possession but also the right of use and enjoyment for lawful purposes

Answer 2

Property

Question 3

The person in whom the ownership, dominion or title of property is vested

Answer 3

Owner

Question 4

is the exclusive right of possessing, enjoying and disposing of a property

Answer 4

Ownership

Question 5

What are the Modes of acquiring Ownership

Answer 5

Occupation
Intellectual Creation
Donation
Succession
Prescription

Question 6

when ownership is acquired by occupation, the property seized is without aknown owner. For example, a person’s occupation is fishing or hunting

Answer 6

Occupation

Question 7

by _________, the composer owns his musical compositions while the author owns his literary, legal, historical, scientific or other work.

Answer 7

Intellectual Creation

Question 8

An act of liberality whereby a person disposes gratuitously of a thing or rightin favor of another, who accepts it.

Answer 8

Donation

Question 9

______is a mode of acquisition by virtue of which the property, rightsand obligations to the extent of the value of the inheritance, of a person aretransmitted through his death to another.

Answer 9

Succession

Question 10

By ______, one acquires ownership and other real rights through the lapse oftime in the manner and under the conditions laid down by law. In the same way,rights and actions are lost by prescription. The first is referred to as ‘acquisitive’prescription and the second as ‘extinctive’ prescription.

Answer 10

prescription

Question 11

what are the two types of prescription

Answer 11

The first is referred to as ‘acquisitive’prescription and the second as ‘extinctive’ prescription.

Question 12

Refers to the extinguishment of a legal right or claim due to the failure to exercise it within a certain period of time.

Answer 12

Extinctive Prescription

Question 13

is about losing rights due to the lapse of time.

Answer 13

extinctive prescription

Question 14

Refers to acquiring ownership or other real rights over property through the continuous, open, and uninterrupted possession of the property for a specified period of time, as required by law.
Purpose: It grants rights to the possessor.

Answer 14

Acquisitive Prescription

Question 15

is about gaining rights

Answer 15

Acquisitive Prescription

Question 15

Two of the Five modes of acquiring ownership as enumerated in the Civil Code are?

Answer 15

succession and donation.

Question 15

is levied on the transmission of property from prior decedent to his heirs. Estate encompasses the totality of assets and liabilities a decedent owns at the time of his death.

Answer 15

Estate tax

Question 16

is imposed as ownership of the property passes from the donor to the donee. As when a parcel of land is given gratuitously and accepted and in a public instrument.

Answer 16

Donor’s tax

Question 17

What are the difference between the estate and donor’s tax

Answer 17

ESTATE TAX
- impose on privilege to transmit property upon death
-rate of tax is higher
- allowed to extend filing and paying
- exemption per tax is 200k

DONOR’S TAX
- impose on privilege to transmit property during lifetime
-rate of tax is lower
- No extension for filing and paying
- exemption per tax is 100k