Property Law Flashcards

1
Q

What does Real Property include?

A

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

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2
Q

What are the characteristics of a deed?

A
"Must be in writing
Signed
Description of Property
Delivered
Recorded"
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3
Q

What are the characteristics of a Mortgage?

A

“Must be in writing
Signed
Description of property
Delivered”

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4
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”

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5
Q

What is personal property?

A

“Tangible property; such as cars; equipment; etc.

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

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6
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”

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7
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”

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8
Q

What is tenancy in common?

A

“Undivided interest in a portion of the property

Upon death; property goes to decedent’s heirs”

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9
Q

What is joint tenancy?

A

“Undivided interest in entire property

Upon death; property goes to other joint tenants”

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