Term
| Distinguish between the rights of ownership and possession |
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Definition
Ownership is a relationship between the owner and the rest of society that includes rights of the owner specific to the property.
Possession is the exercise of custody or control over property, and is not, in itself, ownership.
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Term
| What problems do the rules of accession and confusion address? |
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Definition
Accession – the problem of one person’s adding value to another person’s personal property without the owner’s consent.
Confusion – the problem of whether the mingling of goods belonging to different owners was accidental or intentional.
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Term
| Explain what interests and rights a bailee has in property |
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Definition
| A bailee has possession only and has the right to hold the property (possessory lien) as security for payment |
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Term
| Explain the extent of a bailee’s insurable interest |
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Definition
| The bailee has and insurable interest in goods because of the bailee’s legal duty to care for the goods and to return them to the bailor. A bailee must hold insurance proceeds paid for the bailed property’s damage in trust for the bailor. However, in the absence of a statute or specific contract requirement, a bailee has no duty to obtain insurance on the bailed goods. |
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Term
| Compare the extent of liability of common carriers, hotel-keepers, and warehouse operators |
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Definition
- Common carrier – liable from the time it receives the goods until their delivery to a freight terminal or until the recipient has had reasonable time to inspect and remove the goods from the carrier or terminal
- Hotel keepers – liable only for failure to exercise reasonable care in protecting guest’s property, a liability that can be limited by providing safes for storing guests’ valuables.
- Warehouse operators – do not insure stored goods and can limit liability in the warehouse receipt issued for goods received
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Term
| Describe the three requirements for a gift |
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Definition
- Donative intent
- Delivery
- Acceptance
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Term
How are dower and curtesy rights affected by the following
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Definition
- Even though a spouse’s will gives the surviving spouse less than the rightful dower or curtesy portion, the surviving spouse can elect to receive the dower portion
- Bars dower and curtesy rights
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Term
| Distinguish between joint tenancies and tenancies in common |
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Definition
- Joint Tenancies
- The estate goes entirely to the other joint tenant in the event of one joint tenant’s death
- Joint tenants hold equal shares
- All conditions apply equally to al joint tenants
- The same deed must name all joint tenants as owners
- Tenancies in Common
- Allow parties to own unequal shares
- Do not require parties to derive their interests in the same deed from the same grantor
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Term
| What does a condominium unit owner own? |
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Definition
| An individual unit, or separate defined area as well as an undivided interest in common or public areas that serve all individual units |
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Term
| What essential terms must a contract for the sale of real estate contain? |
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Definition
- The contract must be in writing
- The contract must list the essential terms of the contract, such as a description of the premises to be sold and the price of the premises
- The contract must list the nonessential terms of the contract, such as the time of closing
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Term
| Would a buyer prefer a general warranty deed or a special warranty deed? |
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Definition
| General, because a special warranty deed does not protect the buyer against earlier defects in the property |
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Term
| What are the requirements of a deed? |
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Definition
- It must be in writing
- The grantor must be legally competent and must sign the deed
- It must name the grantee
- It must state the consideration
- It must contain word that specifically state that a transfer of the property is occurring
- It must contain a description of the property conveyed
- It must be dated
- It may contain a paragraph relating to the transferor of the property, date of the transfer, and location of the recorded copy of the deed
- Some states require the grantor’s signature under seal
- Some states require witnesses to the grantor’s signature
- The deed must be delivered
- Most states require and acknowledgement, usually by the notary public
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Term
| Why is the recording of a deed important? |
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Definition
| Without it, no public notice exists that the transfer of real property has occurred. |
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Term
What rights does a mortgagee have against the following: - The owner
- A subsequent purchaser
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Definition
- The owner
- The right to foreclose against the owner if the loan is not paid when due, and obtain deficiency judgments against the owners for the remainder of the loan after the property is sold
- A subsequent purchaser
- Collect deficient payments from a subsequent purchasers after foreclosure
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Term
In what situations are the following most suitable?
- Trust deeds
- Land contracts
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Definition
- Trust deeds
- When large loans are involved
- Land contracts
- When they have poor or inadequate credit ratings or do not have enough money for down payments
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Term
| What are the requirements for one to obtain title by adverse possession of the lands of another? |
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Definition
- The adverse party must have exclusive possession of the property and occupy it in the usual way
- Possession must be open and obvious
- Possession must be adverse, or hostile, and without the owner’s permission
- Possession must be continuous for a statutory period, usually a lengthy period, such as twenty years or more
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Term
| Explain the tests for whether particular property is a fixture. |
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Definition
- The article cannot be removed without substantial injury to the realty
- The article is specially constructed or fitted for use in a building, or the article is installed in the building to enable people to use the building
- The party who attached an item intended it to become part of the land or building
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Term
| How can easements be created? |
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Definition
| By express words, by implication, or by prescription (adverse possession) |
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Term
Give some examples of profits a prendre
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Definition
- Rights to mine coal
- Remove sand and gravel
- Cut down trees
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Term
What matters do zoning laws and building codes, respectively, typically control?
- Zoning Laws
- Building Codes
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Definition
- Zoning Laws
- Regulate building construction and occupancy and land use according to a comprehensive plan
- Building Codes
- Regulate technical construction details, such as electrical wiring and heating
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Term
| What is the landlord’s primary duty? |
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Definition
| Deliver possession of the premises to the tenant on the lease’s inception date |
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Term
| What are a landlord’s remedies against a tenant? |
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Definition
| They have the right to evict a tenant or apply to a court for help in the event of a tenant’s breach of lease. The landlord can also seize a tenant’s property and hold it for unpaid rent (distraint) or may impose a nonpossessory lien on a tenant’s property for rent due |
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Term
| What are tenant’s primary rights and duties? |
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Definition
- The right to occupy the premises
- To leave the premises in the same condition they were in at the lease inception, except for reasonable wear and tear
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Term
| Who is liable for injuries to third parties on rented or leased property? |
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Definition
| Landlords are liable for injuries to third parties if the injury is the result of a landlord’s negligent acts or latent defects on the premises. |
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