Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

LEGL 2700 > LEGL 2700 Chapter 7 > Flashcards

LEGL 2700 Chapter 7 Flashcards

1
Q

what is property?

A

legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what are the types of property?

A

real and personal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is real property?

A

land and interests in land (buildings and fixtures)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what is personal property?

A

all movable sources (cars, cellphones)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

define “land”

A

“whoever owns the soil, it is theirs up to heaven and down to hell” - sir Edward coke

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what are fixtures on land?

A

object of personal property that becomes an object of real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is the fixtures on land test ?

A

has to be a physical annexation (attachment to land) OR use has become so closely associated with the use to which the land is put

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is the grantor?

A

person who is transferring the real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

who is the grantee?

A

person who is receiving interest in the real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is fee simple estate?

A

maximum estate (interest) allowed under law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is fee simple absolute estate?

A

all the rights (“to Juanita”)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what is fee simple defeasible ?

A

yours on specific conditions (“to Juanita as long as its used as a manufacturing plant”)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is life estate?

A

grants an ownership in land for the lifetime of specified person (“to sally may for life”)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

who does the land revert to on a life estate after the person dies?

A

the original grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is leasehold estate?

A

property right granted to tenants by a landlord (“to Stacy for 5 years”)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what rights do tenants hold?

A

the right to possess

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what rights does the landlord hold?

A

the right to sell it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what tenancy’s are under concurrent ownership?

A

joint tenancy and tenancy in common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what is joint tenancy ?

A

must be equal and rights of survivorship (the other person gets who property if you die)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what is tenancy in common?

A

can have different shares and no rights of survivorship (it goes through your estate and heirs get property)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what are easements?

A

right of someone other than the owner to use a piece of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

how are easements acquired?

A

transaction with titleholder
reservation in a deed
natural easement
negative easement
easement by prescription

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what is bailment?

A

goods place into another’s possession to be returned in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

who is the bailor?

A

owner of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

who is the bailee?

A

takes possession of the owners property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

what are the types of bailment?

A

for the sole benefit of the bailor
mutually beneficial
for the sole benefit of the bailee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

define for the sole benefit of the bailor

A

slight duty of care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

define mutually beneficial

A

reasonable duty of care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

define for the sole benefit of the bailee

A

high duty of care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

what are contract rules?

A

control the way owners make agreements to exchange resources in the property based on legal system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

define the rule of first possession

A

first person to reduce previously UNOWNED things to possession becomes their owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

what is under property acquisition ?

A

exchange and possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

what is under exchange?

A

contract rules

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

what is under possession?

A

rule of first possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

what is abandoned property?

A

first person to reduce abandoned things to possession owns it

36
Q

what is lost property?

A

finder becomes owner by reducing the item to possession and following a statutory process

37
Q

what is mislaid property ?

A

owner of the premises has a greater claim than the finder

38
Q

define adverse possession

A

provides ownership of land under state statutes

39
Q

when is ownership provided under state statute?

A

when the possession is:
open and notorious
actual and exclusive
continuous
wrongful
for a prescribed period of time

40
Q

what is confusion?

A

occurs when fungible goods are mixed together

41
Q

what happens if the confusion occurs by honest mistake?

A

owners hold proportional share of the confused goods

42
Q

what is accession?

A

something that is added

43
Q

what is law of accession?

A

when people apply efforts to any raw materials and change its nature into finished products, they own the finished products

44
Q

define donor

A

gives the object

45
Q

define donee

A

receives the gifts

46
Q

when do gifts take place?

A

until the donor intends to make the gift and delivers the gift by physical transfer to the donee

47
Q

what is a testamentary gift?

A

gift through a will

48
Q

when is a testamentary gift complete?

A

until donor’s death

49
Q

what is a title?

A

document registered with the state for certain types of personal property that represents ownership

50
Q

what is a deed?

A

document of title that transfers ownership of land

51
Q

what is a warranty deed?

A

grantor promises grantee there is no one to claim the property

52
Q

what is a special warranty deed?

A

grantor will specifically name claims that he or she does not promise/ does not exist

53
Q

what is the most common type of deed in Georgia?

A

special warranty deed

54
Q

what is a quitclaim deed?

A

I transfer all my interest in this property to you, no guarantee granter has no interest if any exist (divorce)

55
Q

what are the types of deeds?

A

warranty
special warranty
quitclaim

56
Q

rank the deeds based on the amount of protection provided to the grantee from least to most

A
  1. warranty deed
  2. special warranty deed
  3. quick claim deed
57
Q

what are the security interests in land?

A

mortgage
deed of trust
land sales contract

58
Q

define mortgage

A

pledge of real property to secure repayment of loan

59
Q

define deed of trust

A

similar except that the deed is in favor of a trustee, for the benefit of the lender

60
Q

define land sales contract

A

owner sells land to buyer but retains title until purchase price is paid

61
Q

where must mortgages and deeds of trust be registered?

A

in a recording office

62
Q

define foreclosure

A

process by which a creditor exercises its secured property interest, usually in the form of a public sale

63
Q

define deficiency

A

balance owed by the debtor to the creditor-mortgagee

64
Q

define right of redemption

A

allows mortgager to get back land upon payment of the full amount of the debt

65
Q

what is the UCC?

A

uniform commercial code

66
Q

what does the UCC effect?

A

security interest and personal property

67
Q

What is Article 9?

A

security interest in Personal Property

68
Q

when does article 9 arise?

A

when a lender who has made a loan to a borrower who agrees to give the lender a security interest in collateral

69
Q

define collateral

A

valuable object pledge to secure a loan

70
Q

what is attachment?

A

creation of security interest

71
Q

what 3 things must occur for attachment?

A
  1. secured party (lender) gives value
  2. debtor owns the collateral
  3. security agreement is signed by debtor
72
Q

what is perfection?

A

providing notice of a security interest

73
Q

when does perfection occur?

A

when a security interest is attached plus a lender has taken all steps required by article 9 (usually filing a financing statement)

74
Q

what is the general rule of the PMSI exception?

A

first to file takes priority over subsequently filed statements

75
Q

what does PMSI stand for?

A

purchase money security interest

76
Q

what is a consumer good?

A

used or bought for use primarily for personal, family, or household purposes

77
Q

what is exception?

A

buyer in the ordinary course

78
Q

a secured creditor does not take priority over what?

A

a purchase who gives value for collateral

79
Q

what are the common law liens?

A

artisan’s lien and mechanic’s lien

80
Q

what is artisan’s lien?

A

arises when someone contributes parts and or services to a PERSONAL PROPERTY and is not paid (possessory)

81
Q

what is mechanic’s lien?

A

arises when someone contributes materials and/or services to REAL PROPERTY and is not paid (not possessory)

82
Q

what are the limits on property rights?

A

nuisance, zoning and taxation

83
Q

what is a public nuisance?

A

arises from use of land that causes inconvenience or damage to the public

84
Q

what is a private nuisance?

A

unreasonable use of one’s property to cause substantial interference with the use of another’s land

85
Q

what are zoning ordinances?

A

laws that divide counties into use districts designated residential, commercial or industrial

86
Q

what are ad valorem taxes?

A

personal property and real property

LEGL 2700 (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions