Term
|
Definition
| (everything thats not real) Tangible property, such as automobiles, furniture, and jewelery and intangible property such as securities, patents, and copyrights. |
|
|
Term
|
Definition
| The land itself as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land. |
|
|
Term
| Acquisition of Personal Property |
|
Definition
| Possession, purchase or production (is accession not by natural means), gift, will or inheritance (will-to beneficiaries; inheritance-to heirs), accession, Confusion: commingling of fungible goods (ownership and risk of loss go by %), divorce. |
|
|
Term
| Gifts (civil law=donations). ELements of valid gift. |
|
Definition
1. Donative intent: donor must intend to make a gift
2. Delivery: physical delivery OR constructive delivery
3. Acceptance:presumed unless proof gift was refused |
|
|
Term
| Gruen v. Gruen (gift of painting from father to son) |
|
Definition
| This was constructive delivery; life estate was retained. |
|
|
Term
|
Definition
Finder gets clear title to lost or mislaid property if:
1. Finder reports
2. Finder or government posts notices
3. Specific time passes |
|
|
Term
| Elements necessary to Create a Bailment |
|
Definition
1. Bailor transfers possession of property to Bailee
2. To hold, store, deliver, or for some other purpose
3. Title to prop is not transferred |
|
|
Term
|
Definition
| Estate in land: ownership rights in real property; the rights owner has to possess, use, and enjoy the real prop. Two types, estates in fee and life estates |
|
|
Term
| Freehold estates: Estates in fee |
|
Definition
| Fee simple absolute: highest form of ownership of real property. Ownership is infinite in duration, has no limitation on inheritability, and does not end upon the occurrence or nonoccurence of any event. |
|
|
Term
| Freehold Estates: Fee simple defeasible |
|
Definition
| Grants owner all of the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur (as long as used as a church). |
|
|
Term
|
Definition
| Interest in property for the life of a specified person (life tenant). A life estate terminates upon the death of the named person and reverts back to the grantor or his or her estate or other designated person. Estate pour autre vie. |
|
|
Term
|
Definition
Reversion: Right to possession of real property returns to the grantor after the expiration of a limited or contingent estate.
Remainder: Right to possession of real property goes to a third person upon the expiration of a limited or contingent state. |
|
|
Term
| Concurrent Ownership: Joint Tenancy |
|
Definition
| They share it. Deceased tenant's interest automatically passes to co-tenants. Tenant may transfer his or her interest without consent of co-tenants; transfer severs joint liability. |
|
|
Term
| Concurrent Ownership: Tenancy in common |
|
Definition
| Deceased tenant's interest pass to his estate. Tenant may transfer his interest without the consent of co-tenants; transfer does not sever tenancy in common |
|
|
Term
| How ownership of Real Property is transferred |
|
Definition
| Sale, Tax sale, Gift will or inheritance, Adverse possesion ( statutory period, open, visible and notorious...) |
|
|
Term
|
Definition
| A writing that describes a person's ownership interest in a piece of real property. Seller is grantor, purchaser is grantee |
|
|
Term
|
Definition
| Only transfers grantor's interest, no warranties to title or otherwise. |
|
|
Term
|
Definition
| A state statute that requires the mortgage or deed of trust to be recorded in the county recorder's office of the county in which the real property is located. Quiet Title Action |
|
|
Term
| Nonpossesory Interests in Real Property: Easements |
|
Definition
| Give holder limited use of another's property. May be expressly created by grant or reservation. May be implied by implication or necessity (right of way to and from landlocked parcel) |
|
|
Term
|
Definition
| Continues for the duration of the lease and then terminates automatically without notice. Does not terminate on the death of either party |
|
|
Term
|
Definition
| Continues from payment interval to payment interval. May be terminated by either party with adequate notice (normally equal to one payment interval) Does not terminate on death of either party. |
|
|
Term
|
Definition
| Continues at the will of the parties and may be terminated by either party at any time with adequate notice. Terminates on the death of either party. |
|
|
Term
|
Definition
| Arises when a tenant wrongfully occupies real property after the expiration of another tenancy or life estate. Continues until the owner either evicts the tenant or holds him or her over for another term. Terminates on the death of the tenant. |
|
|
Term
|
Definition
| Rental agreement between landlord and tenant usually required to be in writing if over one year, must contain essence of terms of agreement |
|
|
Term
|
Definition
To deliver possession of the leased premises
Duty to deliver possession
Duty not to interfere with tenant's right to quiet enjoyment
To maintain the leased premises
Building Codes |
|
|
Term
| Implied Warranty of Habitability |
|
Definition
| Landlord has implied duty to provide residential premises fit, safe, and suitable for ordinary residential use |
|
|
Term
|
Definition
Duty to pay rent
Duty not to use leased premises for illegal or non-stipulated purposes
Duty not to commit waste
Duty not to disturb other tenants
Duty of reasonable care to persons who enter upon the leased premises |
|
|
Term
| Transferring Rights to Leased Property |
|
Definition
Assignment of the lease
A transfer by a tenant of his or her rights under a lease to another
Assignor: party who transfers the rights
Assignee: The party to whom rights have been transferred |
|
|
Term
|
Definition
| When a tenant transfers only some of his or her rights under the lease. Sublessor (me), sublessee (new guy) |
|
|
Term
|
Definition
| Compensable Taking under Just Compensation Clause |
|
|
Term
| Kelo v. City of New London |
|
Definition
dealed with eminent domain. The governmental taking of property from one private owner to give to another in furtherance of economic development constitutes a permissible "public use" under the Fifth Amendment.
Pretty much you can transfer property if it helps in a way that makes it permissible. |
|
|
