Property Law & Intellectual Property Rights 1 of 2 (42)

Question 1

Real Property

Answer 1

Land and permanent attachments to land such as buildings.

Question 2

Personal Property

Answer 2

All property other than real property, including tangible personal property which has physical substance, such as furniture and equipment, and intangible personal property often representing contractual or legal rights, such as patents and copyrights.

Question 3

Fixture

Answer 3

Personal property attached (affixed) to real property that may be classified as real or personal property depending on how it is attached, how it is used, and the intention of the parties.

Question 4

Types of Deeds

Answer 4

A Deed is a document of title identifying real property and its owners that is used to transfer rights to property. Types of deeds include:

• Quitclaim Deed (“As-is”)—a document in which the signer is relinquishing any rights they may have in a property without providing any assurance as to what rights, if any, they do have.
• Grant Deed (Bargain and Sale Deed or Special Warranty Deed)—guarantees a transferee that the property was not encumbered during the time it was held by the transferor.
• Warranty Deed (General Warranty Deed)—guarantees a transferee that there are no encumbrances that would interfere with the ability of the transferee to take good title to the property covered.