SOX/Transfer and Control of Real & Personal Property Flashcards
What is real property?
Land and interests in land
What are the two components of ownership?
Management control and property rights
What are rights associated with property ownership?
- Use and enjoy
- Transfer during life and death
What kind of property is subject to eminent domain?
Real property
Which is easier to transfer, personal property or real property?
Personal property
What are the components to a gift?
1) Intent to give
2) Acceptance of gift
3) Delivery
- must then be classified
In WI, what happens to your property if you don’t have a will
Your property goes to your parents or your kids if you have them
What is accession?
The property owner’s right to any increase in such property. Ex: If you improve your apartment, your landlord owns those improvements
What is the bottom line to losing property?
If you lose your property, you have a problem. Identify your property
What is joint tenancy?
Owning property with another person and they get it if you die
What is Tenancy in common?
You can pick who to transfer your property to
What is Tenancy by Entireties?
Shared ownership of property, available to married couples
What is Marital Property?
In WI, couples share property
What is the difference between a cooperative and a condominium?
If it’s a condo, you buy the specific unit.
In a cooperative, you’re buying the right to live there, and you control your neighbors.
NYC is #1 city for coops
What is a marketable title?
A title saying that the property is free and clear from any defects or encumbrances, so the buyer can, in turn, sell it
What are easements?
Utilities, shared driveway, things that come with property
What is the point of title insurance?
Both the seller and an insurance company say you own the house
What is a quitclaim?
The seller transfers whatever interest she has in the property and sells it “as-is”
What are the 4 requirements for a deed?
1) Must be written
2) Contain certain words of conveyance and a description of the property
3) End with signature of the grantor, a seal, and an acknowledgement before a notary public
4) Be delivered
What is the purpose of Deed Recordation?
Shows to 3rd partis who owns the property
Who has a right to your property in a mortgage?
The lender has a right to your property because they loaned you the $$ to buy it
Who is the mortgage an asset to?
The lender
What does it mean to take property subject to a mortgage?
You take the property subject to debt, but you are NOT personally liable for the debt (however, you still have to pay it)
What is adverse possession?
When you sit on somebody’s property for so long, it’s yours (about 15 years)
What is zoning? Who does not have it?
- principal method of public control over private land use; involves regulation of land but may not constitute a taking of the property
- All cities have zoning except Houston
What is a variance in relation to zoning?
You get a variance if you need a break from the current regulation. For example, if all the garages are one stall, but you need two stalls, you obtain a variance
What is nonconforming use?
You can continue to use your property in the same way after it is deemed nonconforming, but once it is sold, the buyer may not use it in the nonconforming manner
What are the four parts to private restrictions?
1) Nature
2) Type
3) Termination
4) Validity
Why was SOX passed?
To remedy Enron situations
What are the elements to SOX?
- increase in regulation of accounting firms (they need to be more independent)
2) Made CEO + CFO sign docs saying financial statements are correct
3) created oversight board (PCAOB)
4) improved and strengthened role of audit committee
5) increased penalties for security violations
