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Yaeger REG > Mod 34 Property > Flashcards

Mod 34 Property Flashcards

1
Q

Personal property is either…

A

Tangible or intangible

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2
Q

Tangible property

A

Items you can physically hold

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3
Q

Intangible property

A

Interests or rights that are not capable of physical possession

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4
Q

Fixtures 2

A

1 Personal property that is so attached to real estate

2 that it becomes real estate as a matter of law

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5
Q

Whether or not an item is a fixture depends on 4

A

1 intention of party who attached it
2 how it is attached to real estate
3 damage removal would cause real estate
4 trade fixtures

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6
Q

Trade fixtures 2

A

1 items used in a trade or business

2 are usually personal property

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7
Q

Ways to acquire property 3

A

1 by gift

2 by inheritance

3 by finding property

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8
Q

Gift, definition 2

A

1 a present

2 voluntary transfer of property without consideration

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9
Q

A gift has 3 elements

A

1 donative intent

2 delivery and

3 acceptance

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10
Q

Why is a promise of a gift unenforceable?

A

Because there is no delivery

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11
Q

Inter vivos gift 2

A

1 made while donor is still living

2 once made, it is irrevocable

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12
Q

Gift causa mortis 2

A

1 deathbed gift

2 automatically revoked if donor doesn’t die

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13
Q

Inheritance occurs by… 2

A

1 by will or

2 by intestate succession if there is no will

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14
Q

By Finding Property:

With lost or mislaid property

A

Finder gets good title against all but the true owner

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15
Q

By finding property:

With abandoned property

A

Finder gets good title even against true owner

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16
Q

Deeds have 4 elements

A

1 must be in writing
2 signed by grantor
3 contain a description of property
4 delivered

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17
Q

a general warranty deed…

A

Gives the best protection

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18
Q

A general warranty deed provides the following 3 guarantees

A

1 good title and right to convey (ownership)

2 no unstated encumbrances

3 buyer’s title will be undisturbed by any adverse claims of
ownership from others

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19
Q

Special warranty deed

A

Only guarantees ownership for time seller owned property

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20
Q

Quitclaim deed 2

A

1 grantor gives whatever title or interest

2 but doesn’t guarantee he has anything

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21
Q

Least protection

A

Grantor doesn’t guarantee he has anything

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22
Q

All deeds promise…

A

An implied warranty of marketability

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23
Q

Implied warranty of marketability of deed

A

Deed free from reasonable doubt

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24
Q

No unstated encumbrances 3

A

No unstated mortgages, liens, easements

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25
Q

Zoning restrictions are…

A

Not defects to marketable title

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26
Q

Title insurance

A

Protects owner against losses due to defects of record in their
Title

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27
Q

Title insurance only insures that…2

A

1 there are no defects of record and

2 only up to date of policy

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28
Q

The title insurance policy may make exceptions to…2

A

1 title coverage

2 and usually does

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29
Q

A title insurance policy cannot…

A

Con not be assigned to a 3rd party

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30
Q

Recording of deeds and mortgages gives…

A

Constructive notice to all subsequent 3rd parties of your interest

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31
Q

You don’t need to record deeds or mortgages to…

A

Give sellers or mortgagors notice

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32
Q

Real Property, define 4

A

1 land
2 items firmly attached to land
3 things under land
4 air above the land

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33
Q

With unrecorded deeds or mortgages…

A

A subsequent party may obtain a superior interest in the property

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34
Q

3 types of recording statutes for subsequent parties in deeds or mortgages

A

1 notice jurisdiction

2 race jurisdiction

3 notice-race jurisdiction

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35
Q

Notice race jurisdiction is also known as…

A

Race notice jurisdiction

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36
Q

Notice jurisdiction 2

A

1 Failure to record means you lose to subsequent parties without
Notice of your interest

2 whether or not they had notice

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37
Q

Race Jurisdiction 2

A

1 the first to record wins

2 whether or not they had notice

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38
Q

Notice-race (race-notice) jurisdiction

A

Failure to record means you lose to subsequent recording parties without notice of your interest

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39
Q

With Tenants in Common…

A

Each co-owner has undivided interest in property

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40
Q

Tenants in common:

Undivided interest in property 2

A

1 this interest can be inherited

2 interest can be transferred without other co-owner’s permission

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41
Q

Inherited

A

If one dies, property goes to heirs

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42
Q

With joint tenants, each co-owner has…

A

Undivided interest in property

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43
Q

Joint tenants:

Each co-owner must…

A

Have equal interest in the property

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44
Q

Joint tenants:

Each has rights of…

A

Rights of survivorship

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45
Q

Rights of survivorship

A

If one dies, property goes to surviving owners

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46
Q

Joint tenants:

Interest can be transferred…2

A

1 transferred without co-owners permission

2 but buyer becomes tenant in common

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47
Q

Joint tenancies have…

2) neumonic?

A

4 unities (elements)

2) PITT

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48
Q

4 elements of joint tenancies

A

1 possession
2 interest
3 time
4 title

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49
Q

4 elements of joint tenancies (PITT):

P 2

A

1 possession

2 each has undivided right to use whole property

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50
Q

4 elements of joint tenancies (PITT):

I 2

A

1 interest

2 each joint tenant’s interest is of same type and duration

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51
Q

4 elements of joint tenancies (PITT):

T 2 (first)

A

1 time

2 each tenant’s interest arose at the same time

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52
Q

4 elements of joint tenancies (PITT):

T 2 (2nd T)

A

1 title

2 each acquired their title by the same instrument

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53
Q

Tenants by the Entirety

A

Joint tenancy between husband and wife

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54
Q

Under Tenants by the Entirety, husband or wife may…

A

Not transfer their interest without specific co-owner’s permission

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55
Q

If type of co-ownership is unclear…

A

Law counts it as tenancy in common

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56
Q

Mortgages:

Most states follow…

A

The lien theory of mortgages

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57
Q

lien theory of mortgages:

Mortgage define

A

Lien on land to secure payment of debt

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58
Q

lien theory of mortgages:

The mortgagor…2

A

1 retains legal title and

2 right to possession

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59
Q

lien theory of mortgages:

A mortgagee may…

A

Assign the mortgage even if prohibited by the contract

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60
Q

lien theory of mortgages:

Mortgagees are regulated by…

A

the Real Estate Settlement Procedures Act (RESPA)

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61
Q

What does RESPA stand for?

A

Real Estate Settlement Procedures Act

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62
Q

Mortgages have elements that are…

A

The same elements for deeds

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63
Q

4 elements of mortgages

A

1 must be in writing
2 signed by mortgagor
3 contain description of property
4 be delivered

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64
Q

Upon foreclosure, all mortgage debts and expenses are…

A

Paid in order of their priority

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65
Q

Priority of mortgage debts and expenses upon foreclosure 2

A

1 mortgagee is paid in full before subsequent mortgagees

2 any surplus goes to mortgagor

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66
Q

A mortgagor remains liable for…

A

Any deficiencies if there is no surplus after mortgagee is paid

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67
Q

1st the mortgagee is paid in full before subsequent mortgages are paid unless…

A

There is a recording problem

68
Q

Right of redemption 2

A

1 mortgagor’s right to redeem the property after default

2 but prior to judicial sale by paying all mortgages in full

69
Q

Assuming a mortgage 2

A

1 Buyer agrees to be liable and

2 seller is still liable

70
Q

Novation 2

A

1 buyer agrees to be liable and

2 mortgagee releases original mortgagor

71
Q

Buying subject to 3

A

1 buyer is not liable

2 only seller (original mortgagor) is liable

3 buyer runs the risk of foreclosure if seller doesn’t pay

72
Q

A lease must give the tenant…

A

The right to exclusive possession

73
Q

Leases do not require writing unless…

A

The lease is for more than 1 year

74
Q

If the lease is in writing it must include…

A

A description of the leased premises

75
Q

For leases, a due date for rent payment…

A

Is not required

76
Q

Leases:

Assignment

A

New tenant pays landlord

77
Q

Leases:

Sublet

A

New tenant and old tenant pays landlord

78
Q

Assigning and subletting can both be done unless…

A

Prohibited by lease

79
Q

The assignor or sub lessor is still…

A

Liable for rent if not paid

80
Q

Neither death nor sale of property…

A

Ends a lease

81
Q

Bailment 2

A

1 temporary transfer of possession, but not title to personal property

2 by rightful owner (bailor) to another (Bailee)

82
Q

Bailments have 3 elements

A

1 delivery of personal property by bailor to bailee

2 transfer of possession of personal property but not ownership

3 imposes absolute duty on Bailee to turn or send item as bailor
directs

83
Q

Element of bailment:

Delivery of personal property, does not include…

A

Real estate

84
Q

Bailee is liable for…

A

Negligence (lack of due care)

85
Q

Bailee is presumed to be negligent…

A

If goods are lost or destroyed

86
Q

If the Bailee can prove that the goods were lost or destroyed…

A

Through no fault of the Bailee, the Bailee is not liable

87
Q

The Bailee has absolute liability without regard to fault in the following 2 cases

A

1 Bailee is strictly liable for unauthorized use of property

2 Bailee is strictly liable for misdelivery

88
Q

Why is the Bailee strictly liable for misdelivery?

A

Because of the absolute duty to return the goods to the right
person

89
Q

Common carriers

A

Those in business of transporting the public’s goods

90
Q

Common carriers are considered…

A

Extraordinary Bailees

91
Q

Common carriers liability

A

Strictly liable for any loss to the goods regardless of fault

92
Q

Common carriers are strictly liable for any loss to the goods regardless of fault. 2 exceptions

A

1 not liable for loss due to goods improperly packed by party
shipping them

2 not liable for acts of God

93
Q

Acts of God 2 examples

A

Floods, tornadoes

94
Q

Bailees, including common carries may limit…

A

Limit their liability by contract

95
Q

Notice jurisdiction (plain English definition from video) 2

A

1 if 1st mortgagee doesn’t record

2 second mortgagee will get house if they don’t know about 1st mortgagee

96
Q

Race jurisdiction (plain English video definition)

A

Whoever records mortgage first wins

97
Q

Notice-Race or Race Notice jurisdiction (plain English video definition) 2

A

1 first mortgagee doesn’t record notice

2 second mortgagee must record before first mortgagee and not
Know about first mortgagee

98
Q

Adverse possession

A

Possessor of land, who was not owner, May acquire title if he
holds it for statutory period

99
Q

Adverse possession:

What is the statutory period?

2) when does statute begin to run?

A

Varies by state, 5-20 years

2) begins to run upon taking possession

100
Q

5 necessary elements of adverse possession

A 
1 open and notorious possession
2 hostile possession
3 actual possession
4 continuous possession
5 exclusive possession
101
Q

Open and notorious possession

A

Owner knows you’re there

102
Q

Hostile possession 2

A

1 owner doesn’t want you there

2 must indicate intentions of ownership

103
Q

Actual possession, define with example

A

Possession of land consistent with its normal use

Ex. Farm land is being farmed

104
Q

Intellectual Property and Computer Technology Rights:

2 general competing goals

A

1 incentives to create products and services

2 provide public access to intellectual property, computer ideas
And uses

105
Q

Intellectual Property and Computer Technology Rights:

Incentives to create products and services

A

Granting property rights so creators have incentive to create and market

106
Q

Intellectual Property and Computer Technology Rights:

Provide public access to intellectual property and computer ideas and uses

A

Limiting intellectual and computer technology rights so public has access

107
Q

Copyright Law:

Protects…

A

Original works (literary, musical, artistic)

108
Q

Copyright Law:

Expressions of ideas are…

2) ideas themselves may…

A

generally copyrightable

2) not be copyrighted

109
Q

Copyright Law:

Amendments to Copyright Act give added protection to…2

A

1 Computer hardware and

2 computer software

110
Q

Copyrights created after January 1st, 1978 are…

A

Valid for life of author + 70 years

111
Q

How long are copyrights valid for, for a publishing house?2

A

1 95 years form publication date or

2 120 years from creation date (whichever expires first)

112
Q

Registration of copyright is…2

A

1 Not required

2 copyright begins when author puts expression in tangible form

113
Q

Registration gives copyright owner, in case of infringement rights to…

A

Damages and attorney’s fees

114
Q

Works published after March 1, 1989…

A

No longer need copyright notice on them

115
Q

Fair use doctrine

A

Allows use for limited purposes without violating copyright

116
Q

Fair use doctrine 4 examples (of limited use of copyright without violation)

A

1 portions for comment
2 news reporting
3 research or
4 teaching

117
Q

Accessing digital work is…

A

Not protected by fair use doctrine

118
Q

Consumer Software Copyright Act amends copyright law to include…

A

Computer programs as creative works protected by law

119
Q

Consumer Software Copyright Act. 3 areas of computer program covered

A

1 computer program readable by humans

2 binary portions normally read by computer

3 basic structure and organizations

120
Q

No Electronic Theft Act (NET Act) 2

A

1 criminalizes copyright infringement over Internet

2 whether or not financial gain where retail value of copyright
exceeds $1,000

121
Q

No Electronic Theft Act, provides for…

A

Imprisonment and fines

122
Q

Patent Law:

What does it cover?6

A 
1 machines
2 processes
3 art
4 methods
5 composition of matter
6 new and useful improvements
123
Q

Patent Law:

New and useful improvements include…

A

Genetically engineered plants and animals

124
Q

Under patent law, mere ideas are…

A

Not covered

125
Q

Cyber plans can be patented when they use practical application of…3

A

1 formulas

2 calculations or

3 algorithms

126
Q

Cyber plans can be patented when they use practical application of formulas, calculations or algorithms because they produce results that are…3

A

1 useful

2 tangible

3 concrete

127
Q

Patent law:

Invention must be…3

A

1 novel

2 useful

3 not obvious

128
Q

Patents are administered by…

A

U.S. Patent and Trademark Office

129
Q

Patent law:

Inventor may not obtain patent if invention was on sale or in public use in U.S. at least…

A

1 year before attempt to obtain patent

130
Q

Generally patents are valid for…

A

20 years from when patent application was filed

131
Q

How do patents usually receive international protection for 20 years?

A

By treaties

132
Q

Design patents are valid for…

A

14 years from date of issuance

133
Q

Owner of patent must Mark it…2

A

“Patent” or “Pat” to give notice to others

134
Q

U.S. Gives patent protection to…

2) rather than…

A

First inventor

2) rather than first to file patent

135
Q

Most countries give protection to…

A

The first to file patent

136
Q

Financial and business models used over the computer…

A

Can be patented

137
Q

What does US PTO stand for

A

Patent and Trade Office

138
Q

PTO may reexamine and…

A

Reject patent

139
Q

Patent may be overturned or narrowed in…

A

Case brought to court

140
Q

Patent law is exclusively…

A

Federal law, (not state law)

141
Q

Remedies for infringement of patent 3

A

1 injunctions

2 damages including lost profits traceable to infringement or

3 assessment of reasonable royalties

142
Q

Patent law:

If infringement is willful, inventor may be…

A

1 awarded treble damages and

2 require infringer to pay attorneys fees

143
Q

U.S. Supreme Court affirmed that you cannot escape liability for patent infringement in which…

A

Only insubstantial changes to patent are made in attempt to be
new patent

144
Q

Paris convention

A

Allows patent protection in many foreign countries

145
Q

Paris convention:

Most comprehensive agreement…

A

Between nations involving intellectual property

146
Q

Paris convention:

Signed by…

A

Nearly all industrialized countries and many developing countries

147
Q

Paris convention:

Generally allows a one year grace period for…

A

Inventors to file in other countries, once inventor files protection
In first country

148
Q

Trade Secrets Law:

Economic Espionage Act

A

Makes it federal crime to use trade secrets

149
Q

Trade secrets include such information as…6

A 
1 financial
2 engineering
3 scientific
4 technical
5 software programs or
6 codes
150
Q

Trade secrets also protect…

A

Processes used by company

151
Q

Federal law helps protect against computer hackers who steal…

A

Trade secrets such as data bases and computer lists

152
Q

Trade secret protection includes, what possible 4 areas to give business advantage of competitors…

A

1 formulas
2 patterns
3 devices or
4 compilations

153
Q

Trade secrets must be secret that others have…

A

Difficulty acquiring except for improper means

154
Q

An owner must take reasonable steps to…

A

Guard trade secret

155
Q

Trade secrets can cover computer…

A

Hardware and software

156
Q

Trade secret protection may be lost if…2

A

1 owner of trade secret fails to take steps to keep it secret or

2 other person independently discovers what was subject of
Trade secret

157
Q

Methods to help protect trade secrets include:

Licensing of software

A

Prohibit copying except for backup copies

158
Q

Methods to help protect trade secrets include:

Provide license that is…

A

Terminated for any breach of confidentiality

159
Q

Methods to help protect trade secrets include:

Sell software in…

A

Object code instead of source code

160
Q

Methods to help protect trade secrets include:

Have employees and buyers…

A

Sign confidentiality agreements

161
Q

Semiconductor Chip Protection Act 2

A

1 amends copyright laws

2 prohibits taking apart chips to copy them

162
Q

Semiconductor Chip Protection Act:

Prohibits taking apart chips to copy them…2 exceptions

A

1 allows act if used to create new chip rather than copy

2 copying common place designs are allowed

163
Q

Semiconductor Chip Protection Act:

Protection is for…

A

10 years time from registration or first commercial application (whichever is first)

164
Q

Semiconductor Chip Protection Act:

Permits civil recovery and penalties up to…

A

$250,000 for chip piracy

165
Q

Semiconductor Chip Protection Act:

Reverse engineering of chips is…

A

Allowed if creates some new innovation

Yaeger REG (77 decks)

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