Property Flashcards
Property that includes land and things attached to land in a realtively permanent manner–exludes crops already harvested, but includes growing crops
Real Property
Property not classified as real property or a fixture; can be tangible or intangible
Personal property
Personal proeprty that is subject to physical possession
Tangible goods
Personal property not subject to physical possession but subject to legal ownership
Intangible property
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
Fixture
A fixture installed by a tenant in connection with business on leased premises (ex. a grocery store leasing space installs refrigerators)
Trade fixture–if can be easily removed at end of lease, personal property; if not, becomes part of real property
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
Mislaid property
Property the owner involuntarily leaves somewhere–finder gains valid title a/g all parties EXCEPT true owner
Lost property
Proeprty that no longer remains with original owener, and finder gets valid title against everyone, INCLUDING oriignal owner
Abandoned property
Exist when owner of personal property gives posession without giving title to another ( ex. valent or dry cleaner)
Bailment
A type of bailment in which the bailee takes care of bailor’s property for no fee
Befefit of bailor
A type of bailment in which the bailee takes care of bailor’s property for a fee
Mutual benefit bailment
A type of bailment in which the bailor grautitously allows bailee use of his/her property
Benefit of bailee
Law that provides protection for original expressions of ideas (literary, musical, artistic)
Copyright law
Act that amends copyright law to include computer programs as creative works protected by federal copyright law (coveres binary language portions too)
Consumer Software Copyright Act
Act that criminalizes copyright infringement over Internet whether or not for financial gain where retail value of copyrighted work exceeds $1,000
No Electronic Theft (NET) Act
Administers patents–prohibits inventors from obtaining patents if invention was on sale in US 1 year prior
US patent and Trademark Office
Most comprehensive agreement betweee nationis involving intellecual property that allows patatent protection in many foreign countries
Paris convention
Such information as financial, engineering, scientific, technical, software programs, or codes and processes used by a company that give a business advantage over competitors
Trade secrets
Act that makes it a federal crime to use trade secrets
Economic Espionage ACt
Doctrine that allows use of copyrighted material for limited purposes without violating copywriting law (educational, comment, news reporting, research)
Fair use doctrine
Loss of trademark rights due to the trademark not being used in the ordinary course of business for at least 3 years
Actual abandonment
Losss of trademark rights due to the company allowing the trademark to lose its distinctivenss by frequent and common usage
Constructive abandonment
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_
Certification mark
A trade symbol used to identify that product or service is providedby certain collective group, union, or fraternal society
collective mark
Trade symbol used to identify that services come from certain company or person
service mark
Act that regulates computer systems used to determine eleigibility for various government programs such as sutent financial aid
Computer Matching and Privacy Act
Ac that restricts government access to financial institution records wihtout customer approval
Right to financial privacy act
The result of when one company sells its product by confusing buyers and leading them to believe tehy are purchasing another company’s product
Palming off
The absolute right to sell or transfer interest in real property
Fee simple absolute
An interst in land that automatically reverts to the grantor upon the happening of the stated event
Fee simple defeasible
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
Fee simple subject to condition subsequent
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
Life interest (life estate)
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
Concurrent interest
Concurrent interest with no right of survivorship–interest passes to heirs, donee, or purchaser upon death
Tenancy in common
A concurrent interest with all rights of ownership going to thesuriving joint tenants (rights of survivorship)
Joint tenency
A right to enter another’s land and use it in a limited way–a type of nonpossessory interest in land
Easement
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)
Tenancy by the entirety
Voluntary transfers from grantor to grantee
Deed
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
Warranty deed
Deed that only covenants that the grantor has done nothing to impair title–does not warrant against prior impairments
Bargain and sale deed –“grant deed”
A deed that conveys only whatever iterest in land the grantor has–no warranty of title is made
Quitclaim deed
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
Escrow
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
notice-type statute
A recording statute in which a subsequent bona fide purchaser wins over a previous purchaser only if they also record first
Race-notice type
A recording statute in which the first to record a deed wins
Race statute
Insurance used to insure that itle is good and to cover hte warranties by the seller–not required unless contract says so
Title insurance; without htis, purchaser can only recover a/g grantor
An involuntary transfer of land to a party taking posession
Adverse possession
A lien on real property to secure payment of a loan
mortgage
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
Morgage is “assumed”
A mortgage is said to be this if the buyer accepts NO liability for hte mortgage and the seller remains primarily liable
Taken subject to the mortgage
Occurs when a purchaser assumes mortgage andmortgagee (lender) releases in writing the seller from the mortgage
Novation
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
Deed of trust
Regulates federal mortgage lenders
Real Estate Settlment Procedures Act (RESPA0
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
Periodic tenancy
A type of lease for a fixed amount of time
Tenancy for a term
A type of lease created when tenant remains in property after lease expires and landlord continues to treat them as a tenant
Tenancy at sufferance
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
Tenancy at will
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
Quiet enjoyment
