Property Law Flashcards
What does Real Property include?
Land, Buildings fixed to the land, and Property under/above the land.
What are the characteristics of a deed?
Must be in writing Signed Description of Property Delivered Recorded
What are the characteristics of a Mortgage?
Must be in writing
Signed
Description of property
Delivered
What are the characteristics of a lease?
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
What is personal property?
Tangible property; such as cars; equipment; etc.
Intangible property such as patents; trademarks; copyrights; etc.
What are the three requirements for a gift?
Intent for it to be a gift
Delivery of the gift
Acceptance of the gift
What are the rights of found property?
Lost property - Finder’s rights to property are less than Owner’s
Abandoned property - Finder’s rights to property are greater than Owner’s
What is tenancy in common?
Undivided interest in a portion of the property
Upon death; property goes to decedent’s heirs
What is joint tenancy?
Undivided interest in entire property
Upon death; property goes to other joint tenants
What is the life on trademarks?
Indefinite, until abandoned or loses distinctiveness.
Why must mortgage be recorded?
For mortgage to be effective against subsequent 3rd parties who acquire interest in property with no knowledge of prior mortgage.
Does joint tenant need consent of other joint tenants to sell? What happens if joint tenant sells?
No joint tenant does not need consent. Joint tenancy is destroyed, replaced with tenancy in common.
What is a valid reason for eviction?
Illegal use of apartment
What is tenancy type is assumed if deed is unclear?
Tenancy in common.
What is the life of a copyright?
After ‘78, author’s life plus 70 years
What is a warehouser liable for?
Ordinary negligence
Does a lease have right to assign lease without lessor approval, without provision against it
Yes
What determines if an item is a fixture?
If item cannot be removed without damage to real property it is a fixture
Name an action that amounts to constructive eviction?
Failure of landlord to provide utilities
What is a quitclaim deed?
Transfers whatever interest grantor has in property
Can financial and biz models be patented?
Yes
What is a fee simple interest?
Allows holder to sell interest or give to heirs
What are some real property interests?
Fee simple, absolute, life interest, remainder
What are elements of joint tenancy?
Time title interest possession
What is a defect in a marketable title?
Unrecorded easement
What is the purpose of the Federal Trade Commissions Act?
Prevent deceptive transactions in commerce
What happens when buyer takes prop subject to mortgage?
Buyer accepts no liability for mortgage and seller is still primarily liable
To what mortgages does a buyer take title subject to
Any recorded mortgage or mortgage he was aware of
When does right redemption terminate? Exceptions?
At time of judicial foreclosure. Unless there is a statutory right of redemption
What is tenancy at sufferance?
Tenant stays in possession of leased property after lease expiration without landlords consent
