Property Law

Question 1

What are the types of property?

Answer 1

1) Real property - anything attatched to land, buildings fixtures, mineral rights
2) Personal property - tanglible (chattels), intangible (IP, trade secrets, copyright, patents, tradewmarks, industrial design), licenses royalty rights

Question 2

Fee Simple Right

Answer 2

The greates right an individual can have in real propoerty. An almost absolute right to: sell, lease, occupy, mortgage even though the government ultimately owns your property
- the government retains the right to continue taxing land, emminent domain, policing powers, escheat (transfer of rights for unclaimen property)

Question 3

A fee simple right can be held jointly as

Answer 3

1) joint tenancy
2) tenants in common

Question 4

Fee simple includes

Answer 4

Surface areas of land. Not air rights or mineral, oil or gas rights.

Question 5

riparian rights

Answer 5

the right to use water adjacent to the real property. EX: building a dock on a lake

Question 6

Rights that run with the land

Answer 6

subsequent owners are bound by those rights. EX easements, covenants

Question 7

Rights that do not run with the land

Answer 7

Subsequent owners are not bound by those rights. Merely contractual rights between the parties to the contract

Question 8

What rights arise from Fee Simple?

Answer 8

• Lease
• mortgage (collateral for debt)
• easement
• restrictive covenant 9conditions of use)
• license (contratual right to use in some way that does not run with the land
• Profit a prendre - the right to extract value
• lien - statutory right to register a debt against land

Question 9

Attorney

Answer 9

A person who may ( but not necessarily) a lawyer who is authorized to act on someone else behalf

Question 10

lawyer

Answer 10

A person learned and licensed in the law

Question 11

prejudgement remedies

Answer 11

tie-up assets (to make sure the plaintiff can be compensated if there is a good chance of success)
- can use bonds