Test 1 Flashcards
What is considered lost
items that the owner unintentionally loses and does not know where it is
what is considered mislaid
items that the owner intentionally put something somewhere with the intention of finding it, but then forgets where it is
what is considered abandoned property
items where the owner intended to leave it, but is in a clear condition such that the owner doesn’t intend on returning to it
what is the finders rights to lost/mislaid/ abandoned property
Lost- finder has the superior right after a month
Mislaid- establishment has ownership over property if the true owner hasn’t made a timely claim (1m)
Abandoned property- the one who finds it has superior right to the item
What is the statue of limitations for an owner’s interest in lost/mislaid property
1 month
Define real property
Land and those things that are physically attached to the land, items that are uniquely suited for the land
What is the law regarding fixtures attached to real property
fixtures are part of the land if they are uniquely suited for the land
What are the considerations in determining a fixture
strength of affixation, extent of ownership interest
criteria for bailment
the true owner of the item transfers their property to another with the expectation of its immediate return
must be accepted by the bailee
treatment of hidden or undisclosed items within a bailed good
Be aware of what might be in there (jacket would have a cell phone not fine jewelry. if jewelry is missing the person taking care of it is not liable.)
bailee obligation during sole benefit of bailor
slight care
bailee obligation during mutual benefit
reasonable care
bailee obligation during sole benefit of bailee
highest degree of care
Elements of a gift
Intent to give, delivery, and acceptance
gift causa-mortis
the one that the gift was made for keeps it, not part of the state, can be questioned if one person gets all the gifts
fee simple absolute
the grantee holds ownership over the land with no restriction
fee simple determinable
ownership with condition on the land, if it is broken land goes to the owner immediatley
fee simple subject to a condition subsequent
if condition is broken, there is a limited time for the party to get land back
joint tenancy
multiple people own property together with equal rights and responsibilities, if one dies the interest is split among the other owners.
tenancy in common
multiple people share land with flexible ownership, if one party dies the ownership goes to the heirs not the rest of the owners
life estate
if there is no will, the wife can stay on the land for the duration of lives, even if excluded from will
community property
property in which is bought during the marriage, separate becomes community when the other spouse helps in the maintenance
separate property
property brought to the marriage
townhome liability for neighborhood fees
they can foreclose
condo owner liability for neighborhood fees
less likely of foreclosure, more of a breach of contract to the lessor
contract for deed if early termination
mortgage if early termination
implied/presumed knowledge for zoning ordinances form the buyer
presumed if purchasing property, you know of neighborhood patterns of development
there is no obligation for the owner to give notice
criteria for adverse possession (squatting)
continuous possession (privity- legal connection counts) , open possession (obvious he is there), actual possession, exclusive possession,
general warranty
Highest level of protection, protects from previous issues with property even from several owners, gives proof of ownership
bargain and sale
indicates only seller holds the title, offers no guarantees for the buyer against other claims to the property
buyer subject to existing claims or title defects
special warranty
Warrants against problems or encumbrances only during the grantor’s ownership
does not guarantee against defects that existed before the granter aquired the property
quit claim deed
a legal document used for transferring real estate ownership without a sale
Offers no warranties, guarantees, title insurance
easement appurtenant
grants the right to use another person’s property for a specific and limited purpose.
Easements don’t go away with the transfer of property
court order, subdividing land, needed for reasonable use, result from continuous use overtime
variance
permanent excuse not to follow and ordinance
non conforming use
giving the party time to come up to code
breach of warranty of quiet enjoyment
It ensures that tenants have the right to peaceful and undisturbed possession of the leased premises.
warranty of habitatability
requires landlords to maintain their property in a habitable condition, even if the lease does not explicitly mandate repairs.
It ensures that tenants have a safe, sanitary, and livable home.
constructive eviction
when a landlord takes actions that significantly interfere with a tenant’s use and enjoyment of the premises, even though there is no physical or legal eviction, requires interference, tenant notice, reasonable vacating
treatment of withholding total monthly rent for unrepaired violations
You will get evicted. rather pay for repairs yourself and deduct the cost from rent
periodic tenancy
no specific ending date. Notice is required, which is usually specified either in the initial lease or by state law.
estate for years
the ending date of the lease is specified from the beginning. This is the date that the tenant is expected to vacate the property
tenancy at will
property tenure that can be terminated at any time by either the tenant or the owner/landlord. It exists without a contract or lease and it usually doesn’t specify the duration of a tenant’s rental or the exchange of payment
tenancy at sufferance
is someone who has stayed in the rental after their lease has expired but who has not yet been asked to leave by the landlord
