Chapter 6 - Property Law - Concepts Flashcards
1
Q
The (1) covers just compensation. The (2) incorporates it to the states. Property law can be (3) or (4). Congress has enacted various regulations that (5)
A
- 5th Amendment
- 14th Amendment
- public
- private
- limit private control of property
2
Q
Real property consists of (1) and its (2), (3) the (4) above it, and the (5) below it. Personal property is (6). Questions may arise as to whether some pieces of property are (7)–such as window blinds or mobile homes.
A
- land
- structures and affixed structures
- plants (trees, crops)
- airspace
- minerals
- everything else
- real or personal
3
Q
Property rights are like a (1) and can include (2), (3), (4) and (5).
A
- bundle of sticks
- owners
- lenders
- lienholders (for remodeling jobs, etc.)
- leaseholds (others leasing same property)
4
Q
A car, furniture or clothing would be classified as (1). Shares of stock and promissory notes are called (2). Another example of the latter are (3) which are legal rights to enforce a contract or bring an action or tort.
A
- tangible personal property
- intangible personal property
- chose in actions
5
Q
3 types of intellectual property–intangible personal property
A
- patents
- copyrights
- trademarks
6
Q
A patent is a (1) for the right to make and sell an (2), based on proof of (3) and (4). Patent protections usually extend (5).
A
1, government grant
- invention
- originality
- usefulness
- 20 years
7
Q
A copyright protects the author for (1). Although trademarks can be registered, it is the (2) that is important.
A
- life plus 50 years
2. use
8
Q
The owner of a property has (1) over it. Questions arise surrounding whether items are (2); courts examine (3) and (4) to determine this. There are also transfers of (5) and (6).
A
- dominion and control
- donations
- intent
- physical delivery (of item itself or, symbolically, keys, etc.)
- titles
- intangible property (checks, promissory notes)
9
Q
Personal property can be in someone’s (1) or (2). In addition to individual ownership, property may be owned as (3) or (4).
A
- actual possession (jewelry)
- constructive possession (key to jewelry box)
- tenants in common
- joint tenants with right of survivorship (goes to sole of one when other dies) (often automatic for husband-wife)
10
Q
Property pledge to secure a loan is (1). After debtor signs the (2), the creditor acquires a (3) in the property. If the debtor (4), creditor has the right to the property plus any (5).
A
- collateral
- security agreement
- security interest
- defaults
- defecit
11
Q
If property is (1) the finder has a right to it against everyone except the (2). If property is (3), the finder has a right to it. Claiming it requires (4) with (5).
A
- lost
- true owner
- abandoned
- exercise of control over it
- intent to claim it
12
Q
There are two types of bailments, or temporary assignment of ownership: (1) and (2). The former may benefit only the (3), in which case standard of care is minimal, or only the (4), in which case reasonably standard of care is needed.
A
- gratuitous bailment
- mutual benefit bailments
- bailor (storage of property)
- bailee (borrowing of property)
13
Q
Mutual benefit bailments are more (1) and usually include (2) in exchange for commercial services. A bailor has a duty to inform the bailee of (3); a bailee has a duty of (4) for the property. A car parked in a parking garage has been upheld as (5) since the owner retains control of the keys.
A
- formal
- fees
- dangers of the property
- ordinary care
- not a bailment
14
Q
Comingling of goods creates a (1) scenario in which (2) applies. (3) is a natural increase to an owner’s property, such as a baby cow. A thief, lacking title to property, cannot sell even to a (4).
A
- confusion
- proportionate interest
- accession
- bona fide purchaser
15
Q
In common law, three types of land tenure, or granting of rights to land
A
- fee simple estate (could dispose of at will)
- fee tail estates (could dispose to family)
- life estates/estates during the life of another (restricted)
16
Q
The (1) in 1290 allowed freemen to transfer estates in real property to each other; this became the American standard. Real estate is transferred by (2), (3) or (4). A life tenant must (5) until the person dies and the (6) becomes the owner.
A
- Statute of Quai Emptores
- deed
- will
- laws of inheritance
- maintain improvements on property and pay taxes
- remainderman
17
Q
A warranty deed is a (1) that contains promises called (2) to protect the buyer and require the seller to defend the (3) of the buyer’s new title. A deed must be (4) and (5).
A
- transfer of title
- covenants
- validity
- executed
- delivered to the grantee (buyer)
18
Q
Two rights reserved to balance land title with rights of the population
A
- right of aircraft to fly over land
2. reservation of gas, oil, other minerals
19
Q
A deed describes the conveyance by (1) or (2) referencing a map or subdivision plat in county land records. It is also recorded in (3). A (4) makes no guarantees to the grantee that the grantor did not have interest in the property, and it transfers any interests.
A
- boundaries
- lot/block numbers
- city/county public records
- quitclaim deed
20
Q
One who borrows money using real property as collateral signs a (1) to pay the money and interest back. A lien against the property secures payment of this–this is a contractual document called the (2). Interest rates can be (3) or (4).
A
- promissory note
- mortgage
- fixed
- adjustable to credit market fluctuations
21
Q
In a mortgage situation, the lent-to is the (1) and the lender is the (2). A (3) is a security measure or incentive used by sellers which allows the seller to hold the mortgage (lien) as the buyer pays off the loan.
A
- mortgagor
- mortgagee
- purchase money mortgage
22
Q
(1) is sometimes required to guarantee the mortgagee against loss in the case of foreclosure, and is sometimes rolled into payments for the (2). Mortgages are frequently sold by banks to (3).
A
- private mortgage insurance
- mortgagor/homeowner
- investors
23
Q
3 typical covenants in a mortgage document
A
- make payments promptly
- pay real estate taxes and assessments
- insure improvements on the property
24
Q
When a mortgage is transferred, the (1) remains intact. Title can be transferred by (2) which requires the mortgagee approve the new buyer, or the loan may be declared (3).
A
- mortgagee’s interest
- due-on-sale clause
- due upon sale
25
Most states treat a mortgage as a (1) that does not ripen into a (2) until the necessary steps to foreclose the property are completed. Foreclosure can be done if a mortgagor fails to comply with (3) in the mortgage. At court costs, the mortgagor may at this point pay off all fees using the (4); otherwise the property is sold at a (5). Proceeds go first toward the mortgagee and any remaining debt is entered against the mortgagor as a (6)
1. lien
2. title
3. covenants
4. right of redemption
5. public sale
6. deficiency judgment
26
An alternative of a mortgage is the (1) which allows a third party to hold title to property and sell it in default. This is preferable to lenders because it avoids (2).
1. deed of trust
| 2. court proceedings
27
During the mortgage meltdown of 2008, some of the problems were the offers of (1)--loans supported by property appraisals with no documentary evidence of the buyer's ability to pay--and approval of (2), or low-rated, borrowers. This was made worse by (3).
1. no doc mortgage loans
2. subprime borrowers
3. adjustable rate mortgages
28
Acquiring land by (1) requires the person to use the land in ways that comply with local statutes, such as cultivating it, fencing it and paying taxes on it.
1. adverse possession
29
3 ways titles to real property can be held (estates in real property)
1. joint tenancy (owners each own a portion, undivided, deed transferred to other in death)
2. tenancy in common (owners each own a portion, but dead person's portion goes to heirs)
3. tenancy by the entirety (married couple--each portion cannot be conveyed to another person)
30
In joint tendency, if survivors cannot agree on how to manage property, one party may institute a (1) to order division or sale/division of property.
1. partition suit
31
(1) provide that each spouse has one-half of property acquired during a marriage. (2) and (3) are exempt from this rule.
1. Community property laws
2. property acquired prior to marriage
3. inheritance
32
In condominium ownership, the buyer acquires interest in (1) and (2) of the unit, and an (3) with other condo owners for amenities, the roof and exterior walls. They also must pay fees to a (4) which ensures proper exterior maintenance and for some major exterior expenses. (5) or (6) may not be allowed.
1. interior walls
2. spaces
3. interest in common
4. condominium association
5. children
6. pets
33
Unlike with condo purchases, (1) works as a holding of a share for the entire complex, covering mortgage and maintenance.
1. cooperative form of ownership
34
Taxes on real property are paid (1), according to an assessor's valuation. This valuation may be challenged by appeal to a (2).
1. ad valorem
| 2. board of equalization
35
2 types of interests/right to use land absent of ownership
1. easement (right of use, usually access)
| 2. licenses (permit allowing exercise of a privilege to land)(oral permission to fish in lake)
36
If an easement is given to a utility company it is usually (1) as opposed to (2), and will (3) with sale of title unless terminated.
1. permanent
2. for a limited time
3. transfer
37
For properties obtained without access, an (1) can be acquired. The other way acquirement can be accomplished is by (2), in which the person make continuous and uninterrupted use of property for an extended time period.
1. easement of necessity
| 2. prescription
38
In (1), it was determined that though a third party had originally divided up the properties, the easement of necessity for the inaccessible parcel conveyed with title.
1. Broadhead v. Terpening
39
The landlord-tenant relationship of old is now a (1) relationship. The modern trend has been to give lessees more (2). These include standards of (3), (4), (5) and (6),
1. lessor-lessee
2. rights
3. habitability
4. convenience
5. safety
6. sanitation
40
Lessees may collect via (1) from lessors if they evict them for reporting subpar conditions in the housing unit. Appeals courts have treated (2) as trust funds and whether (3) should have to be paid on these is up to statutory law.
1. retaliatory eviction action
2. security deposits
3. interest
41
Lessees may in some cases assign (1) but may not assign (2) to the lessor. Many short-term rental arrangements are oral; according to the (3) in many states, rental for more than a year requires a (4)
1. leasehold interest (use)
2. duties (requirement to pay lessor)
3. Statutes of Frauds
4. written arragement
42
The Fair Housing Act of 1968 prevents refusal to sell based on (1), (2), (3), (4), (5), (6), or (7). Sometimes (8) come into question.
1. race
2. color
3. religion
4. sex
5. national origin
6. familial status
7. disability
8. unmarried cohabitants
43
(1) are usually handled much more officially and usually long-term. They may be paid based on (2) and rent may also include an (3).
1. Commercial leases
2. percentage of sales
3. inflation index
44
(1) are imposed by federal governments on use of real property. Modern law also restricts private property for interests in public (2), (3) and (4).
1. Environmental regulations
2. health
3. safety
4. welfare
45
2 primary tools of local government in land use planning
1. zoning
| 2. building codes
46
When new zoning requirements are made on land, incompatible uses already in existence are (1) for a period of time. In (2) the right of local governments came up against due process, equal protection and taking of property, and won. Modern zoning extends beyond RCI districts to (3) and (4), and can even regulate sizes of signage.
1. grandfathered in
2. Euclid v. Ambler Realty Co.
3. historical
4. architectural
47
(1) can be made for zoning based on use of property in a neighborhood; larger-scale rezoning must be approved by (2) who can grant (3) and there must be proof that the current zoning restrictions place hardship on the owner.
1. special exceptions
2. board of adjustment
3. variances
48
(1) in the past barred race; now they are used mainly for house sizes or spacing to maintain housing quality.
1. restrictive covenants
49
The ability to take private property for public use--(1)--is covered in the (2) of the Constitution. This is also called (3) property.
1. eminent domain
2. Takings Clause
3. condemning
50
The term public use, in (1) and (2), has been redefined as (3) or even (4). This was evident in (5), in which the SC upheld eminent domain for the sake of a private development promising community improvement, and after which many states enacted laws restricting eminent domain.
1. government action
2. judicial approval
3. public purpose
4. public interest
5. Kelo v. City of New London
51
Just compensation is determined by (1), usually between a (2) and the (3) but sometimes by a (4).
1. fair market value
2. condemning authority
3. condemnee (property owner)
4. jury
52
The Takings Clause has been found to apply to (1) of property as well as taking, such as in Nollan v. California Coastal Commission. This can show itself in requiring certain (2) from owners before approval of (3) or (4)--such as in Dolan v. City of Tigard, where the city's requirement for easement of a public greenway was seen as too far-reaching. The Takings Clause also frequently butts heads with (5).
1. regulation
2. concessions
3. rezoning
4. permits
5. environmental protection efforts
53
A trust is an arrangement whereby the (1) holds title to property for the (2). It is created by a (3) executing a (4). Living trusts created during the person's lifetime are also called (5).
1. trustee
2. beneficiary
3. grantor/settlor
4. trust agreement
5. inter vivos trusts
54
Inter vivos trusts are typically (1)--the grantor reserves the right to change it. These types of truss are usually created for one of three reasons: (2), (3) or (4)
1. revokable
2. providing for needs of beneficiaries
3. conserving taxes
4. avoid publicity/cost of probate court administration
55
A trust created by a will is a (1) not effective until death. Trusts often utilize (2), who collect fees from (3).
1. testamentary trust
2. corporate trustees
3. beneficiaries
56
The one making a (1) is the testator, and he or she must have (2)--sound mind to understand his property and the execution of the will. The will must comply with statutes in the location of the testator's (3) at the time of (4). Generally (5) are required to be present during signing.
1. last will and testament
2. testamentary capacity
3. domicile
4. signing
5. two witnesses
57
A (1) can be used to revoke or revise a will. A person who dies without a will dies (2).
1. codicil
| 2. intestate
58
Receivers of real estate at common law from a will were (1); personal property were (2). Now any receiver is called a (3) or (4).
1. devisees
2. legatees
3. devisees
4. beneficiaries
59
Widows and widowers unsatisfied with a will can choose to receive (1), which is usually 30 percent of the estate. A person married after the will was signed generally applies (2) rules. Wills can expressly take away automatic rights to shares of estates by, for example, (3) or (4).
1. elective share
2. intestate
3. pre-nuptial or post-nuptial exclusion
4. exclusion of after-born children (children born after signing)
60
Three examples in which wills may be trumped
1. inter vivos trusts
2. rights of survivorship (property passes to survivor)
3. life insurance, annuities, retirement, death benefits (pass by contract, not will)
61
A (1), or (2), carries out the will. This person, after (3) and gaining approval of the court, administers the estate under oversight of the (4). This probate process protects (5) and (6).
1. personal representative
2. executor/executrix
3. petitioning
4. probate court
5. beneficiaries
6. creditors
62
Property owned by a person who dies intestate passes to (1) according to the laws of the (2). The usual heirs are (3) and (4) or (5).
1. heirs
2. place of decedent's domicile
3. spouses
4. children
5. descendents of deceased children
63
For intestate wills, the probate court appoints an (1) to serve as persona representative, who posts a (2) promising faithful performance.
1. administrator
| 2. surety bond
64
The (1) of an estate and the (2) are both entitled to a fee for services. This can be a (3) or by (4). Sometimes (5) must approve the fees. (6) is used to administer real estate in its state, if the person's domicile is elsewhere.
1. personal representative
2. attorney who advises the representative
3. percentage allowed by state law
4. agreement
5. probate courts
6. Ancillary administration
65
2 people who generally have standing to contest a will
1. an heir disinherited
| 2. a person named as a beneficiary in a prior will
66
2 forms will contests usually take
1. no testamentary capacity
| 2. will was result of fraud, duress or undue influence (such as naming a doctor, etc. at exclusion of family)
67
8 things that are subject to estate taxes
1. property subject to probate
2. life insurance/annuities
3. business interests
4. interest in jointly-owned property
5. "pay or transfer on death" accounts
6. pension
7. profit-sharing interests
8. gifts made during lifetime
68
A (1) is a credit against estate taxes, or in essence an exemption up to a certain amount. Estate taxes are a (2) in politics. Deductions can also be made for (3), (4) and (5), as well as (6).
1. unified credit
2. divisive issue
3. gifts during decedent's lifetime
4. debts
5. funeral expenses
6. marital transfer of property
69
(1) is an important activity in present-day America and uses experts to maximize estate transfer (minimizing taxes).
1. Estate planning
70
Lecture: Property ownership survives only in a (1). Two important factors are (2) and (3).
1. capitalistic society
2. just compensation
3. consistent/specific language
71
Lecture: Real and personal property are exchangeable depending on (1). Personal property consists of (2) and (3). Of the latter, a (4) is a right not reduced to possession but recoverable by lawsuit, such as a paycheck or a debt.
1. circumstances (attached to property, etc)
2. tangible (things)
3. intangible (bonds, cash)(symbolic things)
4. chose in action
5. patents, trademarks, etc
72
Lecture: Patents, copyrights and trademarks are a form of (1).
1. intangible person property
73
Lecture:Patents can given only by the (1) and are the right to (2), (3) and (4) and invention. To get one, your invention must be (5) and (6).
1. federal government
2. make
3. build
4. sell
5. original
6. useful
74
Lecture:A copyright in AZ is an (1) right to an (2). In AZ they are good for (3),. They do not need to be (4) until you sue someone, though you can put a mark on them before then.
1. author's
2. artistic work
3. 70 years past the artist's life
4. registered
75
Lecture:The motto for trademarks is (1) and they are good for (2).
1. "use it or lose it"
| 2. 5 year intervals
76
Lecture:(1) are generally not needed in owning personal property, except for mobile vehicles--there is a (2) that the person selling the item owns it. A (3) is used to recover personal property.
1. certificates of title
2. presumption
3. suit of replevin
77
Lecture: 8 ways of obtaining personal property
1. purchase
2. creation (painting a picture, etc)
3. capture (things in wild, such as fish)
4. accretion (cow has calf, bank account has interest)
5. finding (lost or abandoned)
6. confusion (mixing property, such as crops)
7. gift
8. inheritance
78
Lecture: (1), if turned in and not claimed, can become yours after a certain time. Abandoned property is (2) with no attempt to (3). (4) determine how long someone has to claim an item, and in AZ the time has been (5). (6) property is property buried in the yard.
1. Lost property
2. relinquished
3. regain control
4. Dormancy statutes
5. reduced (15 to 3 years)
6. Treasure trove
79
Lecture: In bailment, a person gives property to another for (1) or (2), and the other party must (3). Whether gratuitous (for borrowing) or for hire, the bailee owes (4)--that is, absence of negligence.
1. service
2. safekeeping
3. know they have control over it
4. due care
80
Lecture: 3 types of granted (landlord/tenant) property
1. fee simple (best, nobody can take)
2. fee tail (does not exist in US) (limited to inheritance by "issue of body"--genetic children)
3. life estate
81
Lecture: Life estates are often used for (1) and allow a person to live in an estate until the person dies, at which point the (2) inherit the property. The life estator must take care of the property, otherwise the (3) can sue for (4). Life estates are a form of (5), in which the person earns a right to live there and it is an actual interest.
1. second spouses
2. remaindermen
3. remaindermen
4. waste
5. leasehold interest
82
Lecture: 2 ways to take title to a property
1. warranty deed (best--nobody has a better claim)
| 2. quick-claim (giving whatever interest owned--no guarantees) (often used in divorce)
83
Lecture: For a title to pass hands, it must be (1), and cannot be (2). A type of constructive delivery could be a (3).
1. delivered
2. found (in a drawer, for example)
3. recording of an oral will
84
Lecture: 3 ways to take title
1. joint tenancy with right of survivorship (one dies, other gets)
2. tenants in common (undivided interest in property) (usually automatic for marriage)
3. community property with right of surivorship
85
Lecture: In a mortgage, the (1) is the actual piece enforced by the bank. The mortgage is just a (2). No promissory note means no (3).
1. promissory note
2. lien
3. foreclosure
86
Lecture: 6 types of non-possessory situations of real property
1. easement (including prescriptive easement by necessity)
2. legal but not physical access to property (sue for easement)
3. license to use property (target practice, fishing)
4. title by adverse possession (fence built in wrong place)
5. eminent domain
6. restrictive covenants (HOA, etc)(no longer include racial requirements)
87
Lecture: Wills only take effect at the (1) and the (2) is the one that counts. A person has no heirs until dead--they only have a (3), not a real right to property.
1. time of death
2. one most recently written
3. "mere expectancy"
88
Lecture: 5 types of clauses that might be found in a will
1. appoint executor
2. all debts paid at time of death
3. bequest claims
4. guardians of children
5. conservator of property
89
Lecture: A (1) is a handwritten will and does not require (2) or (3). A (4) is an oral will.
1. holographic
2. dates
3. witnesses
4. nuncupated
90
Lecture: In the case of dying (1), the state writes a will for you. If there are no heirs, you (2). If there is nobody surviving, the case goes to (3) and property goes to the state.
1. intestate
2. go up in the family tree
3. escheat
91
Lecture: Revokable trusts are often used to (1) and the trustor names (2) as the trustee (administrator). (3) allow beneficiaries to collect life insurance at death without paying taxes on
1. hide funds
2. himself
3. irrevokable life insurance trusts (ILITS)
92
Lecture: A (1) is a pay-on-death account and can't be touched while the trustor is alive. There used to solid (2), but now they have been relaxed to up to 1,000 years.
1. totten trust
| 2. rules against perpetuation (paying in trickles)
93
Lecture: Probate is a method of (1) and (2). (3) can skip this stage. Estate tax is on the (4), while inheritance tax is (5).
1. conveying title
2. tracking ownership
3. Small estates
4. estate
5. per heir
