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CPCU 530 > CPCU 530 Ch. 5 > Flashcards

CPCU 530 Ch. 5 Flashcards

1
Q

The legal entitlement attached to the expressed form of an idea or of other intangible subject matter

A

Intellectual property rights

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2
Q

The legal right granted by the US government to a person or organization for a period of years to exclusively own and control an original written document, piece of music, software, or other form of expresson

A

Copyright

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3
Q

The right granted by the US government to an inventor or applicant for a limited time period to exclusively own and control a new, useful, and nonobvious invention

A

Patent

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4
Q

An increase or addition to property

A

Accession

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5
Q

In property law, the intermingling of goods belonging to different owners

A

Confusion

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6
Q

The voluntary and gratuitous transfer of property without consideration

A

Gift

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7
Q

The receipt of a gift

A

Donee

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8
Q

The temporary possession by one party (the bailee) of personal property owned by another party (the bailor) for a specified purpose, such as cleaning or repair

A

Bailment

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9
Q

A bailee’s right to retain possession of a bailor’s property as security for the payment of a debt or performance of some other act

A

Possessory lien

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10
Q

A full ownership interest in property with the unconditional right to dispose of it

A

Fee simple estate

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11
Q

An interest in which a person, called a life tenant, is entitled to possession of real property and to all income the land produces for the duration of that person’s or someone’s life; the interest terminates on the death of the life tenant (or the other person during whose life the life tenant possesses the property) and does not pass to his or her estate

A

Life estate

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12
Q

A right to possession or ownership, or both, of property

A

Tenancy

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13
Q

A concurrently owned and undivided interest in an estate that transfers to a surviving joint tenant upon the death of the other

A

Joint tenancy

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14
Q

A joint tenancy between husband and wife

A

Tenancy of the entirety

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15
Q

A concurrent ownership of property, in equal, or unequal shares, by two or more joint tenants who lack survivor ship rights

A

Tenancy in common

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16
Q

Property owned or acquired by both spouses during a marriage by their communal efforts. Each spouse has undivided one-half interest in the community property

A

Community of properrty

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17
Q

Ownership, usually of real property such as an apartment building, by a cooperation, the stockholders of which receive long term proprietary leases to a portion of the property and a proportional vote in its affairs based on the number of shares owned

A

Cooperative ownership

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18
Q

A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners

A

Condominum

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19
Q

A written instrument that transfers the interest in real property

A

Deed

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20
Q

The seller of real property

A

Vendor

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21
Q

The purchaser of real property

A

Vendee

22
Q

One who conveys property to another

A

Grantor

23
Q

The buyer of real property after execution of the deed

A

Grantee

24
Q

The person or organization that borrows money from a mortgagee to finance the purchase of real property

A

Mortgagor

25
Q

A lender in a mortgage arrangement, such as a bank or another financing institution

A

Mortgagee

26
Q

A legal proceeding to terminate a mortgagor’s interest in a property; the mortgagee’s remedy when the mortgagor defaults on payments

A

Foreclosure

27
Q

A secured interest in real property that is held by a trustee to protect the lender (beneficiary) until the loan is repaid by the borrower (trustor)

A

Trust deed (deed of trust or trust indenture)

28
Q

A lien, granted by law to anyone who repairs a specific piece of property, that secures payment fort he repairs

A

Mechanic lien

29
Q

The claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and continuous for a statutory period

A

Adverse possession

30
Q

A property owner’s right to have land supported by the land adjacent to it

A

Lateral support

31
Q

A property owners rights to have land supported by the earth below it

A

Subjacent support

32
Q

Fixtures and equipment that may be attached to a building during a tenant’s occupancy, with the intention that they be removed when the tenant leaves

A

Trade fixture

33
Q

Alterations or additions made to the building at the expense of an insured who does not own the building and who cannot remove them

A

Improvements and betterments

34
Q

A nonmaterial interest in real property

A

Incorporeal interest

35
Q

A nonpossesory right to use another person’s real property for a particular purpose

A

Easement

36
Q

A right or privilege to enter another’s land and take away something of value from its soil or from the products of its soil

A

Profits a prendre

37
Q

The permission to use real property for a particular purpose

A

License

38
Q

A government’s regulation of building constriction and occupancy and of land use according to a comprehensive plan

A

Zoning

39
Q

The act of restricting land use either by prohibiting additional building or by required high standards

A

Exclusionary zoning

40
Q

A provision in a general zoning plan that assigns a different use for a small area of land than that of the surrounding area

A

Spot zoning

41
Q

A land use explicitly permitted by a zoning ordinance but subject to certain limitation

A

Special exception

42
Q

An exception to the strict application of a zoning ordinance to permit a use that is not permitted otherwise

A

Variance

43
Q

An exception to the application of a zoning ordinance for lots that, because of size, topography, or other physical limitation, do not form to the ordinance requirements of the zone

A

Hardship variance

44
Q

An exception to the application of a zoning ordinance to permit an otherwise prohibited use within the zone

A

Use variance

45
Q

A land use that is impermissible under certain zoning restrictions but that is allowed because the use was lawful before the restrictions took effect

A

Nonconforming use

46
Q

Local ordinances or state statues that regulate the construction of buildings within a municipality, county, or state

A

Building codes

47
Q

The right of a government to seize private property for public use

A

Eminent domain

48
Q

A legal procedure by which a government body seeks a court’s permission to seize private property by eminent domain

A

Condemnation proceeding

49
Q

A landlord-tenant estate in which the tenant has permission to occupy the premises as a landlord desires

A

Tenancy at will

50
Q

A landlord-tenant estate created for a definite period

A

Estate for years

51
Q

A landlord-tenant estate with no fixed termination date and automatic renewal until one of the parties given notice of intent to terminate

A

Periodic tenancy

52
Q

A tenant who has a lease for a number of years, and at the expiration of the lease, continues to occupy the premise

A

Holdover tenant

CPCU 530 (10 decks)

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