Capitulo 3 Flashcards
The process whereby a non-owner can gain ownership of
property by occupying it in hostile, continuous, open, and
notorious possession, and in Utah, paying the property taxes for
the statutory period of time (7 years in Utah).
̑̑ Adverse Possession
To all outward public appearance, or from a document that
seems to be valid, the possessor of the property would seem to
have ownership.
̑̑ Color of Title
A form of ownership between husband and wife where each has
an equal interest in property obtained during their marriage.
The only way either can hold separate property is to obtain
it before marriage, after the marriage is ended, or during the
marriage by gift or inheritance.
̑̑ Community Property
A legal person. It cannot die or go to jail.
̑̑ Corporation
A private individual’s gift of property for public use. It may be
voluntary (giving land for a public park) or statutory (subdivider
giving land for roads).
̑̑ Dedication
A partner who has full authority to make decisions, act for the
partnership, and has full liability for the business dealings of the
partnership.
̑̑ General Partner
A partnership composed only of general partners.
̑̑ General Partnership
A form of concurrent ownership where all owners have equal
rights of possession, equal interest, took title at the same time,
there is one deed, and each owner has full rights of survivorship.
̑̑ Joint Tenancy
A “temporary” partnership between individuals and/or
companies to accomplish a particular project or business activity.
̑̑ Joint Venture
A partner who has no authority to make decisions or act for the
partnership. He is financially liable only for the amount of his
investment.
̑̑ Limited Partner
A partnership with at least one general partner and one limited
partner. Beyond that, there can be as many general or limited
partners as desired.
̑̑ Limited Partnership
An individual. The opposite of a legal person.
̑̑ Natural Person
A court process where property owned concurrently can be
divided into distinct portions so each co-owner may hold his or
her portion in severalty. The court may order the property sold.
̑̑ Partition Suit
A court action to determine the actual ownership of real property.
This type of proceeding would be conducted to transfer title to an
adverse possessor
̑̑ Quiet Title Action
A form of ownership wherein an individual owns the property in
sole ownership.
̑̑ Severalty
When the developer is allowed by the city, county, or state to
convey the streets, sidewalks, gutters, etc. for maintenance by the
government
̑̑ Statutory Dedication
The surviving owner(s) automatically receives ownership of the
deceased person’s share. It takes precedence over a will.
̑̑ Survivorship
In adverse possession, this process allows consecutive periods of
adverse possession by multiple adverse possessors to be added
together to make up the required number of years.
̑̑ Tacking
A form of ownership that can only be held by husband and wife,
similar to joint tenancy, except that one party cannot sell or
encumber the property without the approval of the spouse.
̑̑ Tenancy by the Entirety
A form of ownership where owners have full rights of possession,
but each owner can have a different percent of ownership. Upon
the death of one, that interest goes to the heirs.
̑̑ Tenancy in Common
An abstract term denoting ownership; not a document
̑̑ Title
When a private individual gives land as a gift for public use, such
as land for a park, church, hospital, etc.
̑̑ Voluntary Dedication
Jason and Harriet Telford bought a home. The deed named them as grantees, but failed to indicate if
they were tenants in common or joint tenants. Later Jason was killed in an accident. His will read that
all of his real and personal property was to be divided equally between his children. Harriet claimed
that she and Jason were joint tenants and therefore she should get all of the property. It ended up in
court. How will the court most likely rule in this case?
- A By Utah law, if the deed is ambiguous, the court will declare it to be joint tenancy between
husband and wife. The kids have no claim
When all partners are general partners, the organization is considered to be a:
.2. A General Partnership
Which of the following is a feature of a corporation?
- A Personal assets are protected from law suits brought against the corporation.
John and Lucy Mason own their home together. If one of them dies the other will automatically own
the property. Therefore they own their property as:
- C C. Joint Tenants
Kyle and Bob own property as joint tenants. Bob dies. Kyle has Bob’s name removed from the
ownership. Kyle now:
- B B. Owns the property as a tenant in severalty.
A little known fact about joint tenancy is that:
- BB. Joint tenants cannot own unequal shares of the property.
