Property Law

Question 1

What is considered REAL PROPERTY?

Answer 1

Includes
o Land
o Buildings fixed to the land
Includes Personal Property attached to buildings as fixtures that are not easily removed
o Under the land
o Above the land

Question 2

What is a RE Deeds?

Answer 2

o Must be in Writing
o Signed
o Description of Property
o Delivered
o To prevent a 3rd Party from having a superior interest, the deed must be recorded
Same thing if a lender wants to be first in line for priority on a mortgage

Question 3

What is a RE Mortgage?

Answer 3

o Must be in Writing
o Signed
o Description
o Delivered

Question 4

What is a RE Lease?

Answer 4

o No writing required if

Question 5

What is PERSONAL PROPERTY?

Answer 5

Tangible
o Cars
Intangible
o Patents

Question 6

What is a RE GIFTS? 3 Requirements

Answer 6

o Intent for it to be a gift

o Delivery & Acceptance of the gift

Question 7

What are rights of found property?

Answer 7

Lost property

o Finder Rights to Property Owner

Question 8

What is tenancy?

Answer 8

1.Tenancy in Common
o Undivided interest in a portion of the property
o Upon death, property goes to decedent’s heirs
2. Joint Tenancy
o Undivided interest in entire property
o Upon death, property goes to other joint tenants