Property Flashcards
……………….forms the foundation of our economic system.
Property ownership
The law protects…………………….. to use, sell, dispose of, control, and prevent others from trespassing on their property rights.
the right of property owners
Two Broad Categories of Property:
- Real property
2. Personal property
…………………………….Sometimes referred to as goods or chattel.
Personal property
……………………….land and property that is permanently attached to it.
Real property
minerals, crops, timber, and buildings that are attached to land are generally considered ……………….
real property.
…………………can become personal property if it is removed from the land.
Real property
A tree that is part of a forest is…………….. , but if it is cut down, it becomes……………………
real property
personal property.
Personal property that is permanently affixed to land or buildings is called a …………..
fixture.
Includes things like heating systems, kitchen cabinets, carpeting, doorknobs, and storm windows.
fixture.
Unless otherwise agreed by contract,…………………. remain with the building when it’s sold.
fixtures
Two Categories of Personal Property:
Tangible and
Intangible
……………….is physically defined property, such as goods and animals.
Tangible property
are rights that cannot be reduced to physical form, such as stock certificates, certificates of deposit, bonds, trademarks, copyrights.
Intangible property
A person acquires personal property by?
Purchase – most common. Production. Gift. Inheritance. Mislaid property. Lost property.
………………..is the most common way of acquiring personal property.
Purchase
……………..is gathering raw materials (usually by purchase) and then producing a finished product.
Production
A ………………is a voluntary transfer of property without consideration.
gift
The……………….. is what distinguishes a gift from a purchase.
lack of consideration
The person making the gift is the…………………
DONOR
The person receiving the gift is the ……………
DONEE
Three Elements of a Valid Gift
- Donative Intent
- Delivery
- Acceptance
The donor must………….. to make a gift
intend
……………………..must occur for there to be a valid gift
Delivery
Delivery must be a physical delivery,………………….. or…………………….. (stock certificate, ownership of corp).
constructive delivery, transfer by written conveyance
a person cannot be……………………… to accept an unwanted gift.
forced
Title to personal property is often acquired by ………………..
will or inheritance.
The owner of the premises has a duty to……………….. of the property until it is reclaimed.
take reasonable care
……………………………..does not change ownership or title.
Mislaid property
Property is……………………… when its owner negligently, carelessly, or inadvertently leaves it somewhere.
lost
…………………is when owner voluntary places property somewhere and inadvertently forgets it.
Mislaid Property
The finder obtains title to the property against anyone except ………………………..
the true owner.
The……………………… must be returned to the true owner, whether the finder finds the owner or vice versa.
lost property
The ……………………… may always reclaim the lost property from the finder.
true owner
Real Property is…………………
Land Buildings Subsurfaces rights plant life and vegetation fixtures
……………………rights may be sold separately
Surface & subsurface
……………..are so closely associated with real property that it becomes part of real property
Fixtures
The bundle of legal rights that the owner has to possess, use, or enjoy the property is………………..
Estate in land
…………………is the highest form of ownership of real property because it grants the owner the fullest bundle of legal rights that a person can hold in real property.
Fee Simple Absolute
………………is an interest in real property that lasts for the life of a specified person.
Life Estate
The……………………… is obligated to keep the property in repair and to pay property taxes.
Life Tenant
The…………………….. can convey no greater right than s/he has.
Life Tenant
……………..is when a person is given the right to possess property in the future, rather than the present.
Future interests
Two forms of future interests are………………….
reversion and remainder
………………………is a right to possession that returns to the grantor after a limited or contingent estate expires.
Reversion
………………………..is a right to possession that returns to a third party with a limited or contingent estate expires.
Remainder
When two or more person own a piece of real property, it’s called……………………..or………………….
co-ownership
concurrent ownership.
Forms of …………………include joint tenancy, tenancy in common, tenancy by the entirely, community property, condominium, and cooperative.
concurrent ownership
A form of co-ownership that includes a right of survivorship is………………..
Joint tenancy
A form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant’s estate and not to the co-tenants is………………..
tenancy in common
……………………is a form of co-ownership of real property that can be used by married couples only.
Tenancy by the entirety
…………………….is like community property for specific real property.
Tenancy by the entirety
In……………………………..neither party can sell or transfer his or her interest in the property without the other’s consent.
Tenancy by the entirety
A form of ownership in which each spouse owns an equal one-half share of the income of both spouses and the assets acquired during the marriage is called………………….
Community property
Texas is one of nine states that recognize what kind of property?
community property
…………………………….is a form of ownership in multiple-dwelling buildings.
Condominium
Purchasers of a condo have ………………. to their individual units, and own the common areas (hallways, elevators, parking, rec facilities) as tenants in common with the other owners.
title
………………..is a form of co-ownership of a multiple-dwelling building in which a corporations own the building and the residents own shares in the corporation
Cooperative
………………………..might be done by sale, tax sale, gift, or inheritance.
Transfer of ownership of real property
………………………are used to convey real property by sale or gift.
Deeds
The seller or donor is called the……………….
grantor
The buyer or recipient is called the ……………………
grantee.
……………………..is really a combination of property and contract law.
Landlord-Tenant law
The transfer of the right to the possession and use of real property for a set terms in return for certain consideration is called
lease
A………………………. (contract) between a landlord and a tenant.
rental agreement
………………is the warranty that provides that leased premises must be fit, safe, and suitable for ordinary residential use.
Implied warranty of habitability
If you pay rent monthly, then you have a……………….
month-to-month lease.
is there a legal requirement to have a formal lease to rent an apartment?
no
If I’m late with my rent, can my landlord throw me out?
No
You may be evicted from a rental place only after:
The landlord starts a legal proceeding against you;
You have an opportunity to appear in courts;
The judge orders you to the leave; and
You do not leave on your own.
the eviction can be done only by a ……………………or…………………………pursuant to a court order.
constable or
sheriff
Can I break my lease if my job transfers me to another city?
Read your lease – it’s a binding legal agreement and you are controlled by its terms.
A law called the………………………….. which may not be waived or changed by your lease, requires the LL to return a security deposit within …………… days after the tenant moves out or give the tenant written notice why the deposit is being kept.
Texas Security Deposit Law,
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You are entitled to have your deposit returned only if: ……………….., left the apartment in good condition, and left a forwarding address.
you complied with your lease
No damages my be deducted for ordinary………………
wear-and-tear
Is there a security deposit law for commercial tenants?
Yes. The Texas Commercial Security Deposit Law.
For comercial tenants the law Requires the LL to refund a security deposit no later than the……………………… after the date the tenant moves out and provides a forwarding address.
sixtieth day
I’ve had to fix several small things in my apartment, can I deduct it from my rent?
no, unless the LL agrees
……………………..is no good with credit report
eviction
My apt is so bad I can’t live in it. What are my options?
the Warranty of Habitability may apply.
Is there a limit on how much my rent can be raised?
When a lease ends, the LL can charge whatever s/he wants to charge in terms of rent for the renewal of the lease.
Is there a limit on the amount of a pet deposit?
No.
