Property Flashcards
Bailee
a party who is entrusted to hold the goods of another person
Bailment
When a party trusts goods to another party
Bailor
party who gives his/her own goods to another to hold
Common carrier
party who transports goods for hire and is strictly liable for any damage to those goods.
Copyright
Intellectual property right that provides protection for the original expression of an idea
Deed
written instrument that transfers ownership of real property
Easement
legal right to use another’s property in a specific manner
Fair use doctrine
allows copyrighted material to be used without paying royalties. generally limited to educational, news and other not-for-profit purposes
joint tenancy
type of co-ownership of real property with the right of survivorship
landlord
owner of leased premises
lease
contract used to rent real property for a period of time
mortgage
security interest in real property
mortgagee
party with security interest in the real property (lender)
mortgagor
party who uses his/her real property as collateral to secure a loan (borrower)
notice statute
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
Notice-race statute
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
Patent
an intellectual property right that gives an inventor the exclusive right to use the invention
Race statute
give the superior interest to whichever party records its interest first
Real estate contract
written instrument that contains the terms of the bargain to transfer real property
real property
land, interest in land, and the permanent structures attached to the land
Recording
filing of property interest with the appropriate local government that allows the party who records to protect its interest against subsequent parties
Tenancy by the entirety
type of co-ownership of real property that is only available to married couples. helps to protect the property from claims of individual creditors
Tenant
party who rents the rental property and acquires a right to use the premises
Tenants in common
type of co-ownership of real property that does not include the right of survivorship
Title insurance
insures against defects of title of the real property
Trademark
distinctive mar, word, symbol, design, etc. that a manufacturer/seller uses to identify its goods
Trade secrets
information that a business does not want disclosed to the public.
Fee simple absolute
ownership rights transferred inter vivos (while living), intestate succession (without will) or testate (by will)
Fee simple determinable
ownership reverts back to grantor automatically upon stated event
Fee simple subject to condition subsequent
upon stated event, grantor has right to repossess the property
Warranty Deed
confirms: a. grantor has title and right to convey it
b. free from encumbrances except as disclosed
Bargain and sale deed
confirms grantor has done nothing to impair title (does not warrant against prior impairments)
Quitclaim deed
conveys only whatever interest in land the grantor has - no warranty of title is made
Deed of trust
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
