Property Law

Question 1

What does Real Property include?

Answer 1

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

Question 2

What are the characteristics of a deed?

Answer 2

Must be in writing
Signed
Description of Property
Delivered
Recorded

Question 3

What are the characteristics of a Mortgage?

Answer 3

Must be in writing
Signed
Description of property
Delivered

Question 4

What are the characteristics of a lease?

Answer 4

No writing required if

Question 5

What is personal property?

Answer 5

Tangible property; such as cars; equipment; etc.

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

Question 6

What are the three requirements for a gift?

Answer 6

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

Question 7

What are the rights of found property?

Answer 7

Lost property - Finder’s rights to property are less than Owner’s

Abandoned property - Finder’s rights to property are greater than Owner’s

Question 8

What is tenancy in common?

Answer 8

Undivided interest in a portion of the property

Upon death; property goes to decedent’s heirs

Question 9

What is joint tenancy?

Answer 9

Undivided interest in entire property

Upon death; property goes to other joint tenants

Question 10

Bailment

Answer 10

Owner of personal property gives possession without giving title 위탁

Ex valet parking

Question 11

Requirement for creation of a bailment

Answer 11

A. Delivery of personal property to bailee
B. Possession by baile
C. Bailee has duty to return

Question 12

Fee simple absolute

Answer 12

1)highest estate in law (has the most ownership rights)
2)may be transferred inter vivos(while living) by interstate succession (without will) or by wil
3) may be subject to mortgage,state laws,etc
그냥 소유

Question 13

Fee simple defeasible

Answer 13

1) fee simple determinable- upon the happening of the stated event the estate automatically reverts to the grantor
2) fee simple subject to condition subsequent
약속안지키면 돌려주는것

Question 14

Life interest(life estate)

Answer 14

An interest whose duration is usually measured by the life of the holder but may be measured by lives of others

Question 15

Future interest

Answer 15

Reversion-future interest reverts back to transferor

Remainder-future interest is in a third party at the end of transferee’s estate

Question 16

Concurrent interest

Answer 16

Two or more persons have undivided interests and concurrent possessory rights in real or personal priperty-each has nonexclusive right to possess whole property

Question 17

Easement

Answer 17

Right to enter another's land and use it in limited way- pg and e
By 
1) express grant in deed
2)express reservation kn deed
3) by necessity

Question 18

Profit

Answer 18

Right to enter another’s land and remove items tree

Created by grant or reservation

Question 19

Watranty deed

Answer 19

Grantor has title and right to convey it

Free from encumbrances except as disclosed in the deed

Quiet enjoyment-neither grantor nor third party with rightful claim will disturb grantee’s possession

Question 20

Bargain and sale deed (grant deed)

Answer 20

A.generally only convenants that grantor has done nothing to impair title

B.does not warrant against prior inpairment

Question 21

Quitclaim deed

Answer 21

Convey whatever interest in land the grantor has

It is insurable recordable and mortgageable with any other deed

Question 22

Deed

Answer 22

A written instrument that transfers ownership of real property

Question 23

Easement

Answer 23

A legal right to use another’s property in a specific manner