Property

Question 1

Bailee

Answer 1

a party who is entrusted to hold the goods of another person

Question 2

Bailment

Answer 2

When a party trusts goods to another party

Question 3

Bailor

Answer 3

party who gives his/her own goods to another to hold

Question 4

Common carrier

Answer 4

party who transports goods for hire and is strictly liable for any damage to those goods.

Question 5

Copyright

Answer 5

Intellectual property right that provides protection for the original expression of an idea

Question 6

Deed

Answer 6

written instrument that transfers ownership of real property

Question 7

Easement

Answer 7

legal right to use another’s property in a specific manner

Question 8

Fair use doctrine

Answer 8

allows copyrighted material to be used without paying royalties. generally limited to educational, news and other not-for-profit purposes

Question 9

joint tenancy

Answer 9

type of co-ownership of real property with the right of survivorship

Question 10

landlord

Answer 10

owner of leased premises

Question 11

lease

Answer 11

contract used to rent real property for a period of time

Question 12

mortgage

Answer 12

security interest in real property

Question 13

mortgagee

Answer 13

party with security interest in the real property (lender)

Question 14

mortgagor

Answer 14

party who uses his/her real property as collateral to secure a loan (borrower)

Question 15

notice statute

Answer 15

law that applies to the recording of interest in real property. Notice states allow parties who take an interest in real property without notice to have a superior interest than a party who had an earlier interest

Question 16

Notice-race statute

Answer 16

Notice-race states allow parties who take an interest in real property without notice to have a superior interest than a party who had an earlier interest if the subsequent party records before the party with the earlier interest

Question 17

Patent

Answer 17

an intellectual property right that gives an inventor the exclusive right to use the invention

Question 18

Race statute

Answer 18

give the superior interest to whichever party records its interest first

Question 19

Real estate contract

Answer 19

written instrument that contains the terms of the bargain to transfer real property

Question 20

real property

Answer 20

land, interest in land, and the permanent structures attached to the land

Question 21

Recording

Answer 21

filing of property interest with the appropriate local government that allows the party who records to protect its interest against subsequent parties

Question 22

Tenancy by the entirety

Answer 22

type of co-ownership of real property that is only available to married couples. helps to protect the property from claims of individual creditors

Question 23

Tenant

Answer 23

party who rents the rental property and acquires a right to use the premises

Question 24

Tenants in common

Answer 24

type of co-ownership of real property that does not include the right of survivorship

Question 25

Title insurance

Answer 25

insures against defects of title of the real property

Question 26

Trademark

Answer 26

distinctive mar, word, symbol, design, etc. that a manufacturer/seller uses to identify its goods

Question 27

Trade secrets

Answer 27

information that a business does not want disclosed to the public.

Question 28

Fee simple absolute

Answer 28

ownership rights transferred inter vivos (while living), intestate succession (without will) or testate (by will)

Question 29

Fee simple determinable

Answer 29

ownership reverts back to grantor automatically upon stated event

Question 30

Fee simple subject to condition subsequent

Answer 30

upon stated event, grantor has right to repossess the property

Question 31

Warranty Deed

Answer 31

confirms: a. grantor has title and right to convey it

b. free from encumbrances except as disclosed

Question 32

Bargain and sale deed

Answer 32

confirms grantor has done nothing to impair title (does not warrant against prior impairments)

Question 33

Quitclaim deed

Answer 33

conveys only whatever interest in land the grantor has - no warranty of title is made

Question 34

Deed of trust

Answer 34

nonpossessory lien: debtor retains possession, creditor has lien on it
legal title is given to a trustee to hold, who may sell land upon debtor’s default, for benefit of the creditor