Property Law Flashcards
What does Real Property include?
Land, Buildings fixed to the land, and Property under/above the land.
What are the characteristics of a deed?
Must be in writing Signed Description of Property Delivered Recorded
What are the characteristics of a Mortgage?
Must be in writing
Signed
Description of property
Delivered
What are the characteristics of a lease?
No writing required if
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?
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?
Undivided interest in a portion of the property
Upon death; property goes to decedent’s heirs
What is joint tenancy?
Undivided interest in entire property
Upon death; property goes to other joint tenants
Bailment
Owner of personal property gives possession without giving title 위탁
Ex valet parking
Requirement for creation of a bailment
A. Delivery of personal property to bailee
B. Possession by baile
C. Bailee has duty to return
Fee simple absolute
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
Fee simple defeasible
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
Life interest(life estate)
An interest whose duration is usually measured by the life of the holder but may be measured by lives of others
Future interest
Reversion-future interest reverts back to transferor
Remainder-future interest is in a third party at the end of transferee’s estate
Concurrent interest
Two or more persons have undivided interests and concurrent possessory rights in real or personal priperty-each has nonexclusive right to possess whole property
Easement
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
Profit
Right to enter another’s land and remove items tree
Created by grant or reservation
Watranty deed
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
Bargain and sale deed (grant deed)
A.generally only convenants that grantor has done nothing to impair title
B.does not warrant against prior inpairment
Quitclaim deed
Convey whatever interest in land the grantor has
It is insurable recordable and mortgageable with any other deed
Deed
A written instrument that transfers ownership of real property
Easement
A legal right to use another’s property in a specific manner
