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
What is a Quitclaim deed?
Quitclaim deed conveys whatever interest the grantor has in a specified piece of real property
It gives no warranty as to title, right to convey, etc.
What is an Insurable deed?
Insurable deed is one where an insurance company, usually a title company assumes the risk of any defects in title
What is a Special warranty deed?
Special warranty deeds contain covenants guaranteeing that the grantor has title to the property and the right to convey it
What is a General warranty deed?
General warranty deeds contain covenants guaranteeing that the grantor has title to the property and right to convey it
Under a notice-type stature, who does a subsequent good-faith mortgagee has priority over?
Under a notice-type statue, a subsequent good-faith mortgagee has priority over previous mortgagee who did not file
This is true whether subsequent mortgagee files or NOT; but of course if they don’t file, a subsequent good-faith mortgagee will have priority
Example #1: Banks A, B, and C, in that order, grant a mortgage to a property owner. None of these record the mortgage and none knows of the others. Between A and B, B has priority. However, C has priority over B
Example #2: Same facts as in facts above, however, B does record BEFORE C grants the mortgage. B has priority over A again. B also has priority over C because now C has constructive notice of B and thus has lower priority
Note: Notice is either ACTUAL notice or CONSTRUCTIVE notice based on recording
