CPCU 530 Ch. 5 Flashcards
The legal entitlement attached to the expressed form of an idea or of other intangible subject matter
Intellectual property rights
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
Copyright
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
Patent
An increase or addition to property
Accession
In property law, the intermingling of goods belonging to different owners
Confusion
The voluntary and gratuitous transfer of property without consideration
Gift
The receipt of a gift
Donee
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
Bailment
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
Possessory lien
A full ownership interest in property with the unconditional right to dispose of it
Fee simple estate
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
Life estate
A right to possession or ownership, or both, of property
Tenancy
A concurrently owned and undivided interest in an estate that transfers to a surviving joint tenant upon the death of the other
Joint tenancy
A joint tenancy between husband and wife
Tenancy of the entirety
A concurrent ownership of property, in equal, or unequal shares, by two or more joint tenants who lack survivor ship rights
Tenancy in common
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
Community of properrty
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
Cooperative ownership
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
Condominum
A written instrument that transfers the interest in real property
Deed
The seller of real property
Vendor
The purchaser of real property
Vendee
One who conveys property to another
Grantor
The buyer of real property after execution of the deed
Grantee
The person or organization that borrows money from a mortgagee to finance the purchase of real property
Mortgagor
A lender in a mortgage arrangement, such as a bank or another financing institution
Mortgagee
A legal proceeding to terminate a mortgagor’s interest in a property; the mortgagee’s remedy when the mortgagor defaults on payments
Foreclosure
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)
Trust deed (deed of trust or trust indenture)
A lien, granted by law to anyone who repairs a specific piece of property, that secures payment fort he repairs
Mechanic lien
The claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and continuous for a statutory period
Adverse possession
A property owner’s right to have land supported by the land adjacent to it
Lateral support
A property owners rights to have land supported by the earth below it
Subjacent support
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
Trade fixture
Alterations or additions made to the building at the expense of an insured who does not own the building and who cannot remove them
Improvements and betterments
A nonmaterial interest in real property
Incorporeal interest
A nonpossesory right to use another person’s real property for a particular purpose
Easement
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
Profits a prendre
The permission to use real property for a particular purpose
License
A government’s regulation of building constriction and occupancy and of land use according to a comprehensive plan
Zoning
The act of restricting land use either by prohibiting additional building or by required high standards
Exclusionary zoning
A provision in a general zoning plan that assigns a different use for a small area of land than that of the surrounding area
Spot zoning
A land use explicitly permitted by a zoning ordinance but subject to certain limitation
Special exception
An exception to the strict application of a zoning ordinance to permit a use that is not permitted otherwise
Variance
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
Hardship variance
An exception to the application of a zoning ordinance to permit an otherwise prohibited use within the zone
Use variance
A land use that is impermissible under certain zoning restrictions but that is allowed because the use was lawful before the restrictions took effect
Nonconforming use
Local ordinances or state statues that regulate the construction of buildings within a municipality, county, or state
Building codes
The right of a government to seize private property for public use
Eminent domain
A legal procedure by which a government body seeks a court’s permission to seize private property by eminent domain
Condemnation proceeding
A landlord-tenant estate in which the tenant has permission to occupy the premises as a landlord desires
Tenancy at will
A landlord-tenant estate created for a definite period
Estate for years
A landlord-tenant estate with no fixed termination date and automatic renewal until one of the parties given notice of intent to terminate
Periodic tenancy
A tenant who has a lease for a number of years, and at the expiration of the lease, continues to occupy the premise
Holdover tenant
