REG- Property Law

Question 2

REG

What does Real Property include?

Answer 2

Land, buildings fixed to the land, property under the land and above the land

Question 3

REG

What are the characteristics of a deed?

Answer 3

Must be in writing
Signed
Description of Property
Delivered
Recorded

Question 4

REG

What are the characteristics of a Mortgage?

Answer 4

Must be in writing
Signed
Description of property
Delivered

Question 5

REG

What are the characteristics of a lease?

Answer 5

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

Question 6

REG

What is personal property?

Answer 6

Tangible property, such as cars, equipment, etc.

Intangible property such as patents, trademarks, copyrights, etc.

Question 7

REG

What are the three requirements for a gift?

Answer 7

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

Question 8

REG

What are the rights of found property?

Answer 8

Lost property - Finder’s rights to property are less than Owner’s

Abandoned property - Finder’s rights to property are greater than Owner’s

Question 9

REG

What is tenancy in common?

Answer 9

Undivided interest in a portion of the property

Upon death, property goes to decedent’s heirs

Question 10

REG

What is joint tenancy?

Answer 10

Undivided interest in entire property

Upon death, property goes to other joint tenants