Property Law

Question 1

What does Real Property include?

Answer 1

Land, Buildings fixed to the land, and Property under/above the land.

Question 2

What are the characteristics of a deed?

Answer 2

Must be in writing
Signed
Description of Property
Delivered
Recorded

Question 3

What are the characteristics of a Mortgage?

Answer 3

Must be in writing
Signed
Description of property
Delivered

Question 4

What are the characteristics of a lease?

Answer 4

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

Question 5

What is personal property?

Answer 5

Tangible property; such as cars; equipment; etc.

Intangible property such as patents; trademarks; copyrights; etc.

Question 6

What are the three requirements for a gift?

Answer 6

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

Question 7

What are the rights of found property?

Answer 7

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

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

Question 8

What is tenancy in common?

Answer 8

Undivided interest in a portion of the property

Upon death; property goes to decedent’s heirs

Question 9

What is joint tenancy?

Answer 9

Undivided interest in entire property

Upon death; property goes to other joint tenants

Question 10

What is the life on trademarks?

Answer 10

Indefinite, until abandoned or loses distinctiveness.

Question 11

Why must mortgage be recorded?

Answer 11

For mortgage to be effective against subsequent 3rd parties who acquire interest in property with no knowledge of prior mortgage.

Question 12

Does joint tenant need consent of other joint tenants to sell? What happens if joint tenant sells?

Answer 12

No joint tenant does not need consent. Joint tenancy is destroyed, replaced with tenancy in common.

Question 13

What is a valid reason for eviction?

Answer 13

Illegal use of apartment

Question 14

What is tenancy type is assumed if deed is unclear?

Answer 14

Tenancy in common.

Question 15

What is the life of a copyright?

Answer 15

After ‘78, author’s life plus 70 years

Question 16

What is a warehouser liable for?

Answer 16

Ordinary negligence

Question 17

Does a lease have right to assign lease without lessor approval, without provision against it

Answer 17

Yes

Question 18

What determines if an item is a fixture?

Answer 18

If item cannot be removed without damage to real property it is a fixture

Question 19

Name an action that amounts to constructive eviction?

Answer 19

Failure of landlord to provide utilities

Question 20

What is a quitclaim deed?

Answer 20

Transfers whatever interest grantor has in property

Question 21

Can financial and biz models be patented?

Answer 21

Yes

Question 22

What is a fee simple interest?

Answer 22

Allows holder to sell interest or give to heirs

Question 23

What are some real property interests?

Answer 23

Fee simple, absolute, life interest, remainder

Question 24

What are elements of joint tenancy?

Answer 24

Time title interest possession

Question 25

What is a defect in a marketable title?

Answer 25

Unrecorded easement

Question 26

What is the purpose of the Federal Trade Commissions Act?

Answer 26

Prevent deceptive transactions in commerce

Question 27

What happens when buyer takes prop subject to mortgage?

Answer 27

Buyer accepts no liability for mortgage and seller is still primarily liable

Question 28

To what mortgages does a buyer take title subject to

Answer 28

Any recorded mortgage or mortgage he was aware of

Question 29

When does right redemption terminate? Exceptions?

Answer 29

At time of judicial foreclosure. Unless there is a statutory right of redemption

Question 30

What is tenancy at sufferance?

Answer 30

Tenant stays in possession of leased property after lease expiration without landlords consent