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Business Law 2 > Unit One Test > Flashcards

Unit One Test Flashcards

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1
Q

land and all rights in land

A

real property

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2
Q

earth, including all things embedded in or attached thereto, whether naturally or by the act of humans

A

land

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3
Q

permanent right that one has in the land of another, as the right to cross anothers land or an easement of way

A

easement

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4
Q

land that is benefited by an easement

A

dominant tenement

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5
Q

land that is subject to an easement

A

servient tenement

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6
Q

easement not specifically created by deed that arises from the circumstances of the parties and the land location and access

A

easement by implication

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7
Q

grantees right to use land retained by the grantor for going to and from the conveyed land

A

way of necessity

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8
Q

acquisition of a right to use the land of another, as an easement, by making hostile, visible, and notorious use of the land, continuing for the period specified by the local law

A

prescription

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9
Q

right to take a part of the soil or produce of anothers land, such as timber or water

A

profit

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10
Q

personal privilege to do some act or series of acts upon the land of another, as the placing of a sign thereon, not amounting to an easement or a right of possession

A

license

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11
Q

claim or right, against through judgement or levy

A

lien

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12
Q

lien on property for nonpayment of taxes

A

tax lien

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13
Q

lien obtained through the courts

A

judgement lien

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14
Q

claim by laborers or materials suppliers for property improvements

A

mechanics lien

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15
Q

personal property attached to or adapted to real estate

A

fixture

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16
Q

highest level of land ownership, full interest or unlimited duration

A

fee simple estate

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17
Q

an estate for the duration of a life

A

life estate

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18
Q

interest of a tenant in rented land

A

leasehold estate

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19
Q

largest estate possible in which the owner has absolute and entire interest in the land

A

estate in fee

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20
Q

fee simple interest that can be lost if restrictions on its use are violated

A

fee simple defeasibles

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21
Q

land interest that follows a life estate

A

remainder interest

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22
Q

nature of the interest held by the grantor after conveying land outright but subject to a condition or provision that may cause the grantees interest to become forfeited and the interest to revert to the grantor or heirs

A

possibility of reverter

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23
Q

person who is on the land of another without permission or authorization

A

trespasser

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24
Q

someone anothers premises with the permission of the occupier, whose duty is to warn the licensee of nonobvious dangers

A

licensee

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25
Q

person who enters anothers land by invitation

A

intivee

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26
Q

a rule imposing liability upon a landowner for injuries sustained by small children playing on the land when the landowner permits a condition to exist or maintains equipment that a reasonable person should realize would attract small children who could not realize the danger. The rule does not apply if an unreasonable burden would be imposed upon the landowner in taking steps to protect the children

A

attractive nuisance doctrine

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27
Q

combination of coownership and individual ownership

A

condominium

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28
Q

group of two or more persons or enterprises that acts through a common agent with respect to a common objective, such as buying or selling

A

cooperative

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29
Q

an instrument by which the grantor conveys or transfers the title to a grantee

A

deed

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30
Q

owner who transfers or conveys an interest in land to a new owner

A

grantor

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31
Q

new owner of a land conveyance

A

grantee

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32
Q

buyer or vendee

A

transferee

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33
Q

deed by which the grantor purports to give up only whatever right or title the grantor may have in the property without specifying or warranting transfer of any particular interest

A

quit claim deed

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34
Q

deed by which the grantor conveys a specific estate or interest to the grantee and makes one or more of the covenants of title

A

warranty deed

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35
Q

unqualified assent to the act or proposal of another, such as the acceptance of a draft, of an offer to make a contract, of goods delivered by the seller, or of a gift or deed

A

acceptance

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36
Q

public official in charge of deeds

A

recorder

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37
Q

statute under which the first party to record the deed holds the title

A

race statute

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38
Q

statute under which the last good-faith or bona fide purchaser holds the title

A

notice statute

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39
Q

statute under which the first bona fide purchaser to record the deed holds the title

A

notice race statute

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40
Q

history of the transfers of title to a given piece of land, briefly stating the parties to and the effect of all deeds, wills, and judicial proceedings relating to the land

A

abstract of title

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41
Q

implied warranty that title to the goods is good and transfer is proper

A

warranty of title

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42
Q

grantors covenants of a deed that guarantee such matters as the right to make the conveyance, to ownership of the property, to freedom of the property from encumbrances, or that the grantee will not be disturbed in the quiet enjoyment of the land

A

covenants of title

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43
Q

guarantee that the grantor of an interest in land owns the estate conveyed to a new owner

A

covenant of seisin

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44
Q

guarantee that the grantor of an interest in land, if not the owner, has the right or authority to make the conveyance to a new owner

A

covenant of right convey

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45
Q

guarantee that conveyed land is not subject to any right or interest of a third person

A

covenant against encumbrances

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46
Q

covenant by the grantor of an interest in land to not disturb the grantees possession of the land

A

covenant of quiet enjoyment

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47
Q

any covenant that does not provide the complete protection of a full coventant

A

limited covenant

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48
Q

promise that the grantor of an interest in land will execute any additional documents required to perfect the title of the grantee

A

covenant of further assurances

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49
Q

power of govt and certain kinds of corporations to take private property against the objection of the owner, provided the taking is for a public purpose and just compensation is made for it

A

eminent domain

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50
Q

hostile possession of real estate, which when actual, visible, notorious, exclusive, and continued for the required time, will vest the title to the land in the person in such adverse possession

A

adverse possession

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51
Q

interest in land given by the owner to a creditor as security for the payment of the creditor for a debt, the mature of the interest depending upon the law of the state where the land is located

A

mortgage

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52
Q

mortgage with variable financing charges over the life of the loan

A

adjustable rate mortgage

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53
Q

mortgage in which the owners get their equity out of their home over a period of time and return the house to the lender upon their deaths

A

reverse mortgage

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54
Q

mortgage transfers in which the tranferee and mortgagor are liable and the property is subject to foreclosure by the mortgagee if payments are not made

A

assumptions

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55
Q

procedures for enforcing a mortgage resulting in the public sale of the mortgaged property and, less commonly, in merely barring the right of the mortgagor to redeem the property from the mortgager

A

foreclosure

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56
Q

delay of foreclosure obtained by the mortgagor to prevent undue hardship

A

stay or delay of foreclosure

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57
Q

buying back of ones property, which has been sold because of a default, upon paying the amount that had been originally due together with interest and costs

A

redemption

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58
Q

federal legislation that establishes standards for air pollution levels and prevents further deterioration of air quality

A

clean air act

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59
Q

dirty areas that do not meet federal standards under the clean air act

A

nonattainment areas

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60
Q

controls whether new factories can be build in the nonattainment area

A

emissions offset policy

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61
Q

method for determining total emissions in one area, all sources are considered in an area

A

bubble concept

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62
Q

the rule promulgated to address downwind pollution from coal and gas-fired power plants

A

transport rule

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63
Q

federal legislation that regulates water pollution through a control system

A

clean water act

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64
Q

EPA standards for maximum ranges of discharge into water

A

effluent guildelines

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65
Q

EPA system for regulating point source emissions into water

A

national pollutant discharge elimination system

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66
Q

direct discharges into bodies of water

A

point sources

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67
Q

a water treatment that is generally under among industries, not always the best treatment available

A

best conventional treatment

68
Q

a water treatment that is the most current and best available through research, even though it may not be the treatment used most frequently

A

best available treatment

69
Q

a federal law that establishes national standards for contaminants in drinking water

A

safe drinking water act

70
Q

early federal solid waste disposal legislation that provided funding for states and local govts with recycling programs

A

resource recovery act

71
Q

first federal law to control the manufacture, use, and disposal of toxic substances

A

toxic substances control act

72
Q

federal law that regulates the disposal of potentially harmful substances and encourages resource conservation and recovery

A

resource conservation and recovery act

73
Q

federal law that assigns liability for cleanup of hazardous sites

A

comprehensive environmental response, compensation and liability act

74
Q

areas designated by the EPA for cleanup

A

superfund sites

75
Q

federal law that expands scope and operation of CERCLA

A

superfund amendment and reauthorization act

76
Q

those beyond actual polluters who could be responsible for cleanup costs

A

potentially responsible parties

77
Q

land that is a designated superfund cleanup site but which lies fallow because no one is willing to risk liability by buying the property, even when the hazardous waste has been removed, or property no one is willing to spend the money to remove the hazardous waste

A

brownfields

78
Q

federal law that mandates study of a projects impacts on the environment before it can be undertaken by any federal agency

A

national environment policy act

79
Q

formal report prepared under NEPA to document findings on the impact of a federal project on the environment

A

envirommental impact statement

80
Q

federal law that controls noise emissions from low lying aircraft

A

noise control act

81
Q

federal agency that establishes national policies on environmental quality and then recommends legislation to implement these policies

A

council on environmental quality

82
Q

order of a court of equity to refrain from (negative injunction) doing or to do (affirmative or mandatory injunction) a specified act

A

injuction

83
Q

conduct that harms or prejudices another in the use of land or that harms or prejudices the public

A

nuisance

84
Q

nuisance that affects only one or a few individuals

A

private nuisance

85
Q

nuisance that affects the community or public at large

A

public nuisance

86
Q

process of checking the environmental history and nature of land prior to purchase

A

due diligence

87
Q

covenants in a deed by which the grantee agrees to refrain from doing specified acts

A

restrictive covenants

88
Q

restrictions imposed by govt on the use of designated land to ensure an orderly physical development of the regulated area

A

zoning

89
Q

use of land that conflicts with a zoning ordinance at the time the ordinance goes into effect

A

nonconforming use

90
Q

permission of a landowner to use the land in a specified manner that is inconsistent with the zoning ordinance

A

variance

91
Q

allowing individual variation in zoning

A

spot zoning

92
Q

agreement between the owner of property and a tenant by which the former agrees to give permission of the property to the latter in consideration of the payment of rent

A

lease

93
Q

one who conveys real or personal property by a lease, a landlord

A

lessor

94
Q

one who leases real property to another

A

landlord

95
Q

one who has a possessory interest in real or personal property under a lease, a tenant

A

lessee

96
Q

one who holds or possesses real property by any kind of right or title, one who pays rent for the temporary use and occupation of anothers real property under a lease

A

tenant

97
Q

tenancy for a fixed period of time, even though the time is less than a year

A

tenancy for years

98
Q

tenancy that continues indefinitely for a specified rental period until terminated, often called a month to month tenancy

A

periodic tenancy

99
Q

holding of land for an indefinite period that may be terminated at any time by the landlord or by the landlord and tenant acting together

A

tenancy at will

100
Q

lease arrangement in which the tenant occupies the property at the discretion of the landlord

A

tenancy at sufferance

101
Q

exclusive dominion and control of property

A

possession

102
Q

covenant by the grantor of an interest on land to not disturb the grantee’s possession of the land

A

covenant of quiet enjoyment

103
Q

act or omission of the landlord that substantially deprived the tenant of the use and enjoyment of the premises

A

constructive eviction

104
Q

person with lease rights for a period of less than the term of the original lease

A

sublessee

105
Q

provision for the automatic increase of the rent at periodic intervals

A

escalation clause

106
Q

implied warranty that the leased property is fit for dwelling by tenants

A

warranty of habitability

107
Q

action by the landlord to have the tenant removed for nonpayment of rent

A

forcible entry and detainer

108
Q

transfer of a right, generally used in connection with personal property rights, as rights under a contract, commercial paper, an insurance policy, a mortgage, or a lease

A

assignment

109
Q

a transfer of the premises by the lessee to a third party, the subleseee or subtenant, for a period of less than the term of the original lease

A

sublease

110
Q

uniform statue on wills and administration of estates

A

uniform probate code

111
Q

person whose estate is being administered

A

decedant

112
Q

condition of leaving a will upon death

A

testate

113
Q

condition of dying without a will as to any property

A

interstate

114
Q

distribution of an estate in accordance with the will of the decendant

A

testate distribution

115
Q

instrument executed with the formality required by law by which a person makes a disposition of his or her property to take effect upon death

A

will

116
Q

man, woman who makes a will

A

testator, testatrix

117
Q

gift of money made by will

A

legacy

118
Q

gift of personal property by will

A

bequest

119
Q

beneficiary who receives a gift of personal property by will

A

legatee

120
Q

gift of real estate made by will

A

devise

121
Q

sufficient mental capacity to understand that a writing being executed is a will and what that entails

A

testamentary capacity

122
Q

person to whom the proceeds of a life insurance policy are payable, a person for whose benefit property is held in trust, or a person given property by a will, the ultimate recipient of the benefit of a finds tranfer

A

beneficiary

123
Q

designed to take effect at death, as by disposing of property or appointing a personal representative

A

testamentary intent

124
Q

clause that indicates a witness has observed either the execution of the will or the testators acknowledgment of the writing as the testators will

A

attestation clause

125
Q

wills that eliminate some formalities of proof by being executed according to statutory requirements

A

self-proved wills

126
Q

admission or confirmation, generally of an instrument and usually made before a person authorized to administer oaths, such as a notary public

A

acknowledgment

127
Q

statement of facts under oath, executed before a notary public or anyone authorized to administer oaths

A

affidavit

128
Q

writing between the lines or adding to the provisions of a document, the effect thereof depending open the nature of the document

A

interlineation

129
Q

testators act of taking back his or her will and its provisions

A

revoke

130
Q

excluded from sharing in the estate of the decendant

A

disinherited

131
Q

unwitnessed will written by hand

A

holographic will

132
Q

document by which individuals may indicate that if they become unable to express their wishes and are in an irreversible, incurable condition, they do not want life-sustaining medical treatments

A

living will

133
Q

man, woman named in the will to administer the estate of the decendant

A

executor, executrix

134
Q

person appointed to wind up and settle the estate of a person who has died without a will

A

administrator, administratrix

135
Q

administrators and executors who represent decedants under the UPC

A

personal representative

136
Q

procedure for formally establishing or proving that a given writing is the last will and testament of the person who purportedly signed it

A

probate

137
Q

written authorization given to an executor of an estate as evidence of appointment and authority

A

letters testamentary

138
Q

written authorization given to an administrator of an estate as evidence of appointment and authorty

A

letters of administration

139
Q

right to payment

A

claims

140
Q

certain sums of money bequeathed to named persons by the testator, to be paid out of the decedents assets generally without specifically any particular fund or source from which the payment is to be made

A

general legacies

141
Q

identified property bequeathed by a testator, also called specific devises

A

specific legacies

142
Q

put a stop to a nuisance, reduce or cancel a legacy because the estate of the decedent is insufficient to make payment in full

A

abate

143
Q

canceled, as in a specifically bequeathed property being sold or given away by the testator prior to death, thus canceling the bequest

A

adeemed

144
Q

statutes providing that the children or heirs of a deceased beneficiary may take the legacy in the place of the deceased beneficiary

A

antilapse statute

145
Q

distribution, made as directed by statute, of a decedents property not effectively disposed of by will

A

interstate succession

146
Q

relationship that exists when one person is a direct descendant of the other

A

lineals

147
Q

right of the state to take the property of a decedent that has not been distributed

A

right of escheat

148
Q

method of distributing estate assets of an equal per person basis

A

per capita

149
Q

distribution of an estate made in as many equal parts as there are family lines represented in the nearest generation, also known as stirpital distribution

A

distribution per stirpes

150
Q

method for distribution of an estate that divides property equally down family lines

A

per stirpes

151
Q

law providing that when survivorship cannot be established, the property if each person shall be disposed of as though he or she had survived the other

A

uniform simultaneous death act

152
Q

transfer of property by one person to another with the understanding or declaration that such property be held for the benefit of another, the holding of property by the owner in trust for another, upon a declaration of trust, without a transfer to another person

A

trust

153
Q

one who settles property in trust or creates a trust

A

settlor

154
Q

person making a gift

A

donor

155
Q

donor or settlor who is the owner of property

A

trustor

156
Q

party who has legal title to estate and manages it

A

trustee

157
Q

beneficiary of the trust

A

cestui que trust

158
Q

fund or property that is tranferred to the trustee also called trust fund, trust estate, and trust res

A

trust corpus

159
Q

property held in trust

A

principal

160
Q

money earned by the principal, or property in trust, and distributed by the trustee

A

income

161
Q

trust created to take effect within the lifetime of the settlor, also called inter vivos trust

A

living trust

162
Q

trust that takes effect upon the settlors death

A

testementary trust

163
Q

instrument creating a trust, also called deed of trust

A

trust agreement

164
Q

title held by the trustee in a trust situation

A

legal title

165
Q

beneficial interest in a trust

A

equitable title

166
Q

a trust that, prevents creditors of the beneficiary from reaching the principal or income held by the trustee and precluded beneficiary assignments

A

spendthrift trust

Business Law 2 (8 decks)

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