Property Law Flashcards
What does Real Property include?
Property that is fixed to one location
Land, Buildings fixed to the land, and Property under/above the land.
What are the characteristics of a deed?
Deed- To transfer ownership: Must be in writing Signed Description of Property Delivered Recorded
What are the characteristics of a Mortgage?
Mortgages - security interests in real estate
Must be in writing
Signed
Description of property
Delivered
Protects from claims of future purchasers (not on claims occurring before the recording date)
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?
Mislaid property - (leaving something somewhere) Finder does not obtain title, becomes caretaker of 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?
2 or more people with separate interests in the same property. Simplest form of concurrent ownership
Each may transfer their ownership w/o consent of the other
Upon death; property goes to decedent’s heirs
What is joint tenancy?
More restrictive form of concurrent ownership.
Ownership interest must be equal (Time, Title, Interest, and Possession)
Upon death; property goes to other joint tenants
Each may transfer their ownership w/o consent of the other, but right of survivorship will no longer apply
Different ways to obtain ownership of personal property (besides purchasing):
“PIG”“CAP”
- Possession if not owned
- Inheritance
- Gift
- Confusion, such as when identical goods are commingled
- Accession - improvement by other party
- Production
Unless specifically and individually prohibited in a lease agreement, the lessee has the right to:
Assign - transfer the balance to another person. The assignee has the right to use the premises and has an obligation to the owner. Assignor loses the rights to use the premises, but retains obligation to the owner as a guarantee of performance by assignee.
Sublet- Separate contract between lessee and another. Sub-lessee has rights under sub-lease and has obligation to pay lessee, not the owner
Copyrights are designed to protect what?
How long is it valid?
The creators of original works by giving them exclusive rights to it
Valid of the life of the creator plus 70 years
Patents are designed to protect what?
Patents are designed to protect inventors, to prevent someone other that the patent holder from making, using, or offering the patented item for sale.
Trademarks are designed to protect what?
How long are they valid?
Trademarks are designed to give a distinctive sign, name, symbol, etc to distinguish goods
Valid for 10 years, can be renewed every 10 years
A title insurance policy provides the holder what type or protection?
Protection against defects in the property’s title.
The policy compensates the insured if a defect existed at the date the transferee acquired the property
Any defects noted in the title will be listed on the policy
Marketable title of property is what?
Marketable title means that the title to real estate is free from encumbrances, such as mortgages, easements, liens, defects
A defect in the marketable title is a claim against that the buyer is not aware of (something that was not recorded)
Example: an unrecorded easement is a defect in the marketable title
What are the differences of the requirements for transfer and creditor’s rights between real property and personal property?
Personal property can be transferred physically; Real property can only be transferred through deeds of title
Creditor rights against personal property are based on the secured transaction article of the UCC, while creditor rights against real property are based on state laws.
3 different types of deeds:
Quitclaim Deed- transferor makes no warranties at all
Grant Deed - transferor warrants they have done nothing to create any impairment of title during their period of ownership (doesn’t protect from prior defects)
Warranty Deed (General Warranty)- transferee is guaranteed full rights of use and enjoyment of property
What is an easement?
A right to use real property owned by another party
What is a Fee Simple?
The absolute right to sell or transfer property
When a joint tenant sells their interest in the property, the buyer has what rights in the property?
The buyer acquires the interest, but the right to survivorship is broken, therefore converting the interest from joint tenancy to a tenancy in common
