Property Law Flashcards

1
Q

What does Real Property include?

A

Land; buildings fixed to the land; property under the land and above the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the characteristics of a deed?

A

Must be in writing Signed Description of Property Delivered Recorded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the characteristics of a Mortgage?

A

Must be in writing Signed Description of property Delivered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the characteristics of a lease?

A

No writing required if < 1 year Warranty of habitability is implied Death does not terminate a lease Sale of property does not terminate a lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is personal property?

A

Tangible property; such as cars; equipment; etc. Intangible property such as patents; trademarks; copyrights; etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the three requirements for a gift?

A

Intent for it to be a gift Delivery of the gift Acceptance of the gift

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the rights of found property?

A

Lost property - Finder’s rights to property are less than Owner’s Abandoned property - Finder’s rights to property are greater than Owner’s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is tenancy in common?

A

Undivided interest in a portion of the property Upon death; property goes to decedent’s heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is joint tenancy?

A

Undivided interest in entire property Upon death; property goes to other joint tenants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly