Property_Law Flashcards
1
Q
What does Real Property include?
A
Land, Buildings fixed to the land permanently and Property under/above the land.
2
Q
What are the characteristics of a deed?
A
- Intent → ** transfers ownership of the real property **
- Must be in writing
- Signed by the grantor (seller) - to be bound
- **Description of Property **
- Record: give constructive notice to the world - protect against subsequent deed
3
Q
What are the characteristics of a Mortgage?
A
- A secured interest in real property
- Must be in writing
- Signed by debtor/mortgagor
- Must contain a description of property
- Record: give constructive notice to the world - protect against subsequent morgagee/bank
4
Q
What are the characteristics of a lease?
A
- Writing required if > 1 year
- Warranty of habitability is implied - No ownership
- right to quiet enjoyment of the property
- Death does not terminate a lease
- Sale of property does not terminate a lease
- Sub-lease → obligation to the lessee not owner
5
Q
What is personal property?
A
- Personal property is a property that is **NOT a real property **
- Tangible property - subject to physical possession - such as cars; equipment; etc.
- Intangible property - not subject to physical possession - such as patents; trademarks; copyrights; etc.
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
7
Q
What are the rights of found property?
A
- Lost property - Finder’s rights to property against anyone but the true owner
- Abandoned property - Finder’s rights to property are greater than Owner’s
- Mislaid property - finder’s does not have title but caretaker
8
Q
What is tenancy in common?
A
- Form of concurrent ownership
- may have unaqual ownership interest in a property
- Upon death, property goes to decedent’s heirs based on will → No right of survivorship
9
Q
What is joint tenancy?
A
- Form of concurrent ownership
- Ownership interest must be equal -
- unite of Time, Title, Interest, Possession
- Right of survivorship → upon death; property goes to other joint tenants
- Each person may tansfer their interest without consent of the others → Right of survivorship will no longer apply to between transferee and the other joint owners
- joint interest held by husband and wife → Tenancy by the entirely
10
Q
Personal property can be acquired by
PIGCAP
A
- Possession if not owned
- Inheritance
- Gift
- Confusion through commingling of identical goods
- Accession through improvement by other party
- Production
11
Q
Fixtures
A
- assets that start out as personal property but are attached/affixed to real property in relatively permant fashion ⇒ become real property
-
factors used to determine if fixtures :
- method and permanence of attachement
- the affixer’s intent
- whether the personal property is customarly necessary to use the real property
12
Q
Bailment
A
- Bailment exists when owner of personal property gives possession without giving title to another (bailee) who has duty to return the property to bailor - example dry cleaner, carrier, warehouse
- Requirements: delivery of property to bailee, possession by bailee, bailee has a duty to return or dispose of property as directed by owner
- Bailee has a duty of care - but common carrier higher standard - strict liability
- Bailee is not an agent of bailor
13
Q
Copyrights
A
- ** to protect** the creators of original works by giving them the exclusive rights to reproduce and distribute of his creative work
- valid for the life of the creator plus 70 years
- limitationon - the fair use doctrine, which allows the reproduction of a work that has been copyrighted if it is for a purpose that is considered fair - such as for criticism or comment, news reporting, or teaching or research.
- A copyright may be registered but the rights may also be obtained by indicating that the item is copyrighted on its face with the date, generally using the copyright symbol, such as © 2013 by John Johnson, CPA
14
Q
Patents
A
- Protect inventors by preventing someone other than the patent holder from making, using, or offering the patented item for sale
- Patents are valid for 20 years and design patents are valid for 14 years from the date of filing
- Invention must be novel, useful and nonobvious
- Ideas are not patentable, but actual application is patentable
15
Q
Trademarks
A
- Trademark protection is given to a distinctive sign, which may be a word, name, symbol, shape, or other format that will be recognizable and used to distinguish goods
- Trademark protection is generally provided for 10 years - can be renew
- Trademark must be used or it is lost
