Property Law Flashcards

1
Q

Business Law

What does Real Property include?

A

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

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2
Q

Business Law

What are the characteristics of a deed?

A

Must be in writing Signed Description of Property Delivered Recorded

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3
Q

Business Law

What are the characteristics of a Mortgage?

A

Must be in writing Signed Description of property Delivered

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4
Q

Business Law

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

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5
Q

Business Law

What is personal property?

A

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

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6
Q

Business Law

What are the three requirements for a gift?

A

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

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7
Q

Business Law

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

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8
Q

Business Law

What is tenancy in common?

A

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

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9
Q

Business Law

What is joint tenancy?

A

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

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