Business law quickie property

Question 1

Define property. Discuss the types of property and the ways to acquire
property.

Answer 1

Personal property is anything of value that you can own or possess in whole or fractional rights, forever or for a short time
Tangible personal property - clothing, jewellery, instruments
Intangible personal property - bank accounts, professional reputation, stocks, patents
Five basic ways to acquire: Purchase, possession, manufacture, gift, finding lost property

Question 2

Discuss each of the ways to acquire and transfer real property through a
written document.

Answer 2

Warranty deed: describes real property, containing a phrase specified by state law which transfers the property, name of party transferring party, must be signed and notarised by grantor and delivered to grantee, deed should be recorded in office of the county recorder
Quitclaim deed: grantor transfers whatever right, title and interest they have in property without specifying particular interest.

Question 3

Define and state the required elements of each of the following: Adverse
possession, escheat, eminent domain, accession and avulsion.

Answer 3

Adverse Possession - person who does not have legal title to land but acquires legal ownership because of continuous possession/occupation without permission. Must have hostile claim, actual possession, open and notorious possession and exclusive and continuous possession
Escheat - transfer of assets to state government when a person dies without a will or legal heirs or disappears for 5 years
Eminent domain - power of govt to take private property against objection of owner - must be for public purpose and a just compensatory must be made
Accession - owner of real estate is entitled to all materials that occur on the land they own, whether manmade or naturally occurring
Avulsion - property can be lost in various ways, such as earthquake

Question 4

Define estates? and discuss each of the types of freehold and non-freehold
estates.

Answer 4

An estate includes a present or future right to ownership or possession of property
Types of freehold estates: fee simple estate (forever) fee simple defeasible estate (last only if or until) life estate (lasts life of a person)
Non-freehold estate: estate for years, periodic tenancy, tenancy at will and tendency at sufferance

Question 5

PDiscuss the purpose probate courts. Define and discuss the elements of wills and trusts.

Answer 5

Probate court is a specialised type of court that deals with property and debts of a person who has died. Will ensure creditors are paid and that any remaining assets are distributed to beneficiaries
Wills - legal document drafted and executed by. person who expresses their wishes for the distribution of their property following their death. ID’s a person to manage assets until they are distributed to people in document
Trusts - legal device created by a person through which property is transferred and held by a trustee for the benefit of another.