Business Law- Property Law

Question 1

What does Real Property include?

Answer 1

Land, Buildings fixed to the land, and Property under/above the land.

Question 2

What are the characteristics of a deed?

Answer 2

Must be in writing
Signed
Description of Property
Delivered
Recorded

Question 3

What are the characteristics of a Mortgage?

Answer 3

Must be in writing
Signed
Description of property
Delivered

Question 4

What are the characteristics of a lease?

Answer 4

No writing required if < 1 year

Warranty of habitability is implied

Death does not terminate a lease

Sale of property does not terminate a lease

Question 5

What is personal property?

Answer 5

Tangible property; such as cars; equipment; etc.

Intangible property such as patents; trademarks; copyrights; etc.

Question 6

What are the three requirements for a gift?

Answer 6

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

Question 7

What are the rights of found property?

Answer 7

Lost property - Finder’s rights to property are less than Owner’s

Abandoned property - Finder’s rights to property are greater than Owner’s

Question 8

What is tenancy in common?

Answer 8

Undivided interest in a portion of the property

Upon death; property goes to decedent’s heirs

Question 9

What is joint tenancy?

Answer 9

Undivided interest in entire property

Upon death; property goes to other joint tenants