Property

Question 1

Property that includes land and things attached to land in a realtively permanent manner–exludes crops already harvested, but includes growing crops

Answer 1

Real Property

Question 2

Property not classified as real property or a fixture; can be tangible or intangible

Answer 2

Personal property

Question 3

Personal proeprty that is subject to physical possession

Answer 3

Tangible goods

Question 4

Personal property not subject to physical possession but subject to legal ownership

Answer 4

Intangible property

Question 5

An item that was originally personal property but which is affixed to real property in relatively permanent fashion such that it is considered to be part of real property

Answer 5

Fixture

Question 6

A fixture installed by a tenant in connection with business on leased premises (ex. a grocery store leasing space installs refrigerators)

Answer 6

Trade fixture–if can be easily removed at end of lease, personal property; if not, becomes part of real property

Question 7

Property in which the owner voluntarily puts hte property somewhere but forgets to take it—finder does NOT obtain title to mislaid property, but merely becomes caretaker in case true owner comes back

Answer 7

Mislaid property

Question 8

Property the owner involuntarily leaves somewhere–finder gains valid title a/g all parties EXCEPT true owner

Answer 8

Lost property

Question 9

Proeprty that no longer remains with original owener, and finder gets valid title against everyone, INCLUDING oriignal owner

Answer 9

Abandoned property

Question 10

Exist when owner of personal property gives posession without giving title to another ( ex. valent or dry cleaner)

Answer 10

Bailment

Question 11

A type of bailment in which the bailee takes care of bailor’s property for no fee

Answer 11

Befefit of bailor

Question 12

A type of bailment in which the bailee takes care of bailor’s property for a fee

Answer 12

Mutual benefit bailment

Question 13

A type of bailment in which the bailor grautitously allows bailee use of his/her property

Answer 13

Benefit of bailee

Question 14

Law that provides protection for original expressions of ideas (literary, musical, artistic)

Answer 14

Copyright law

Question 15

Act that amends copyright law to include computer programs as creative works protected by federal copyright law (coveres binary language portions too)

Answer 15

Consumer Software Copyright Act

Question 16

Act that criminalizes copyright infringement over Internet whether or not for financial gain where retail value of copyrighted work exceeds $1,000

Answer 16

No Electronic Theft (NET) Act

Question 17

Administers patents–prohibits inventors from obtaining patents if invention was on sale in US 1 year prior

Answer 17

US patent and Trademark Office

Question 18

Most comprehensive agreement betweee nationis involving intellecual property that allows patatent protection in many foreign countries

Answer 18

Paris convention

Question 19

Such information as financial, engineering, scientific, technical, software programs, or codes and processes used by a company that give a business advantage over competitors

Answer 19

Trade secrets

Question 20

Act that makes it a federal crime to use trade secrets

Answer 20

Economic Espionage ACt

Question 21

Doctrine that allows use of copyrighted material for limited purposes without violating copywriting law (educational, comment, news reporting, research)

Answer 21

Fair use doctrine

Question 22

Loss of trademark rights due to the trademark not being used in the ordinary course of business for at least 3 years

Answer 22

Actual abandonment

Question 23

Losss of trademark rights due to the company allowing the trademark to lose its distinctivenss by frequent and common usage

Answer 23

Constructive abandonment

Question 24

Trade symbol used to certify characteristics such as origin by geographical location, origin by organization, mode of manufacture (ex. a product receiving the Good Housekeeping Seal of Approval_

Answer 24

Certification mark

Question 25

A trade symbol used to identify that product or service is providedby certain collective group, union, or fraternal society

Answer 25

collective mark

Question 26

Trade symbol used to identify that services come from certain company or person

Answer 26

service mark

Question 27

Act that regulates computer systems used to determine eleigibility for various government programs such as sutent financial aid

Answer 27

Computer Matching and Privacy Act

Question 28

Ac that restricts government access to financial institution records wihtout customer approval

Answer 28

Right to financial privacy act

Question 29

The result of when one company sells its product by confusing buyers and leading them to believe tehy are purchasing another company's product

Answer 29

Palming off

Question 30

The absolute right to sell or transfer interest in real property

Answer 30

Fee simple absolute

Question 31

An interst in land that automatically reverts to the grantor upon the happening of the stated event

Answer 31

Fee simple defeasible

Question 32

An interest in land in which upon the happening of a stated event, the grantor must take affirmative action to divest the grantee of the estate

Answer 32

Fee simple subject to condition subsequent

Question 33

An interest in real property whose duration is usually measured by the life of the holder but may be measured by lives of others--property reverts back to grantor upon death

Answer 33

Life interest (life estate)

Question 34

When 2 or more persons have undivided interests and concurrent possessory rights in real or personal property--each has a nonexclusive right to possess the WHOLE property

Answer 34

Concurrent interest

Question 35

Concurrent interest with no right of survivorship--interest passes to heirs, donee, or purchaser upon death

Answer 35

Tenancy in common

Question 36

A concurrent interest with all rights of ownership going to thesuriving joint tenants (rights of survivorship)

Answer 36

Joint tenency

Question 37

A right to enter another's land and use it in a limited way--a type of nonpossessory interest in land

Answer 37

Easement

Question 38

Joint interest held by husband and wife with each spouse aquiring a right of survivoship, unless they divorce (which turns it into a tenancy in common)

Answer 38

Tenancy by the entirety

Question 39

Voluntary transfers from grantor to grantee

Answer 39

Deed

Question 40

A deed that contains unconditional promises by grantor that the grantor has title and the right to convey the property, that the property is free from undisclosed encumbrances and quiet enjoyment

Answer 40

Warranty deed

Question 41

Deed that only covenants that the grantor has done nothing to impair title--does not warrant against prior impairments

Answer 41

Bargain and sale deed --"grant deed"

Question 42

A deed that conveys only whatever iterest in land the grantor has--no warranty of title is made

Answer 42

Quitclaim deed

Question 43

A deed is said to be this if it is given to an intermediary between the 2 parties who holds the deed until the grantee pays, then gives deed to grantee and money to grantor

Answer 43

Escrow

Question 44

A recording statute in which a subsequent bona fide purchaser, whether/not they record, wins over a previous purchaser who did NOT record before that subsequent purchase

Answer 44

notice-type statute

Question 45

A recording statute in which a subsequent bona fide purchaser wins over a previous purchaser only if they also record first

Answer 45

Race-notice type

Question 46

A recording statute in which the first to record a deed wins

Answer 46

Race statute

Question 47

Insurance used to insure that itle is good and to cover hte warranties by the seller--not required unless contract says so

Answer 47

Title insurance; without htis, purchaser can only recover a/g grantor

Question 48

An involuntary transfer of land to a party taking posession

Answer 48

Adverse possession

Question 49

A lien on real property to secure payment of a loan

Answer 49

mortgage

Question 50

A mortage is said to be this if the buyer becomes personally liable--the mortagee may hold either the buyer or seller liable on these types of mortgages

Answer 50

Morgage is "assumed"

Question 51

A mortgage is said to be this if the buyer accepts NO liability for hte mortgage and the seller remains primarily liable

Answer 51

Taken subject to the mortgage

Question 52

Occurs when a purchaser assumes mortgage andmortgagee (lender) releases in writing the seller from the mortgage

Answer 52

Novation

Question 53

A nonposessory lien on real property to secure a debt, where the debtor retains posession of the land the creditor has a lien on it, and legal ittle is given to a trustee to hold

Answer 53

Deed of trust

Question 54

Regulates federal mortgage lenders

Answer 54

Real Estate Settlment Procedures Act (RESPA0

Question 55

A type of lease where lease if for a fixed time such as a month or year but it continues from period to period until proper notice of termination

Answer 55

Periodic tenancy

Question 56

A type of lease for a fixed amount of time

Answer 56

Tenancy for a term

Question 57

A type of lease created when tenant remains in property after lease expires and landlord continues to treat them as a tenant

Answer 57

Tenancy at sufferance

Question 58

A type of lease in which the property is leased for indefiinite period of time, with each party having the right to terminate the lease at will

Answer 58

Tenancy at will

Question 59

A right given to tenants that niether the lessor nor a third party with a valid claim will evict lessee unless tenant has breached lease contract

Answer 59

Quiet enjoyment