Regulation/Property Law

Question 1

How can ownership of personal property be acquired besides purchase?

Answer 1

Possession
Production
Gift
Inheritance
Accession (prop improved, making additional owner)
Confusion

Question 2

FUTA

Answer 2

Tax paid entirely by employers

Credit against federal tax if subject to SUTA for amount equal to standard tax rate imposed by state

Question 3

How are crops considered in terms of property?

Answer 3

Under cultivation are part of the land and real property

Once harvested, considered personal property

Question 4

When are domestic wages subject to federal unemployment tax?

Answer 4

If they exceed $1,000 per quarter, aggregating wages paid to all employees.

Question 5

what are the 3 types of deeds?

Answer 5

Quitclaim- “as is”, the transferor makes no warranties (gifts/inheritances)
Grant- OR warrants that they’ve done nothing to create impairments of title (does not protect EE against defects in title that arose prior to the OR’s ownership, “bargain and sale” or “special warranty” deed)
Warranty- general deed, EE guaranteed full rights of property from time of first use

Question 6

3 types of Concurrent ownership

Answer 6

Property owned by more than 1 person

1. Tenancy in common- separate interest in same prop; upon death distributed to beneficiaries or succession laws; transfer w/out consent of others
2. Joint tenancy- “right of survivorship” [TTIP] interest must be equal as to Time, Title, Interest, Possession; automatically transfer to others at death; can transfer w/out consent but destroys right of survivorship between EE and joint owners
3. Tenancy by the entirety- joint interest by husband and wife; each has right of survivorship; divorce, death severs right of survivorship

Question 7

A mortgage is..

Answer 7

A security interest in real estate (UCC rules on secured transactions do not apply but many principles are the same)

Question 8

For a mortgage to be effective..

Answer 8

Written
Description
Signed by OR and delivered to EE (notice-race)
* In order to not lose priority, must perfect the mortgage by recording it, or else face a notice-race with other parties

Question 9

Difference between personal property and real property as far as transfer and creditors rights

Answer 9

A deed is required for real property to be transferred, while personal property does not require a deed. Real property is foreclosed on and personal property is repossessed. Therefore, the rules for each will be different for the creditors. Foreclosure rules are much different than rules for repossession

Question 10

A worker will not able to collect workers comp if one of the following..

Answer 10

[BIND]
Brawling
Intoxicated
Not job-related
Deliberate