Property Law Flashcards
What does Real Property include?
Land, Buildings fixed to the land, and Property under/above the land.
What are the characteristics of a deed?
"Must be in writing Signed Description of Property Delivered Recorded"
What are the characteristics of a Mortgage?
“Must be in writing
Signed
Description of property
Delivered”
What are the characteristics of a lease?
“No writing required if
What is personal property?
“Tangible property; such as cars; equipment; etc.
Intangible property such as patents; trademarks; copyrights; etc.”
What are the three requirements for a gift?
“Intent for it to be a gift
Delivery of the gift
Acceptance of the gift”
What are the rights of found property?
“Lost property - Finder’s rights to property are less than Owner’s
Abandoned property - Finder’s rights to property are greater than Owner’s”
What is tenancy in common?
“Undivided interest in a portion of the property
Upon death; property goes to decedent’s heirs”
What is joint tenancy?
“Undivided interest in entire property
Upon death; property goes to other joint tenants”
