Property Law Flashcards

Business law

2
Q

What does Real Property include?

A

Land, buildings fixed to the land, property under the land and above the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the characteristics of a deed?

A
Must be in writing
Signed
Description of Property
Delivered
Recorded
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the characteristics of a Mortgage?

A

Must be in writing
Signed
Description of property
Delivered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is personal property?

A

Tangible property, such as cars, equipment, etc.

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the three requirements for a gift?

A

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is tenancy in common?

A

Undivided interest in a portion of the property

Upon death, property goes to decedent’s heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is joint tenancy?

A

Undivided interest in entire property

Upon death, property goes to other joint tenants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly