Property Law Flashcards
What does Real Property include?
Land; buildings fixed to the land; property under the land and 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 < 1 year
Warranty of habitability is implied
Death does not terminate a lease
Sale of property does not terminate a lease
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
Generally, what is the federal act that regulates Mortgages
Real Estate Settlement Procedures Act of 1974 (RESPA)
Tenant Sufferance
Created when tenant stays in possession of leased property w/out the consent of the LL
If remains and has LL consent is tenancy from period to period
inter vivos
Gift while donor is still alive
causa mortis
Gift at death (“deathbed” gift)
