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LOMA 311- ISTAR > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

In legal terminology, define property

A

Anything tangible or intangible that is capable of being owned by someone.

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2
Q

In most countries, property is characterized as what? (2)

A
  1. real property

2. personal

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3
Q

What is real property?

A

‘real estate’, consists of land and whatever is growing on or affixed to the land.

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4
Q

Personal property can be further categorized into tangible or intangible property. Define tangible property

A

An object or thing that can be physically possessed and that has value as an object

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5
Q

Personal property can be further categorized into tangible or intangible property. Define intangible property

A

Property that consist of one or more intangible legal right that have value because, if necessary the rights can be enforced by the courts.
ie. insurance policies, bonds, and interrest funds.

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6
Q

Property can be characterized either as public or private property. Define public.

A

property owned by a government entity

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7
Q

Property can be characterized either as public or private property. define private

A

Property that is owned by anyone other than a government entity

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8
Q

What is the bundle of ownership rights that are generally included with property ownership?

A
  1. right to enjoy and use the property

2. right to dispose of the property

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9
Q

What is a security interest?

A

a claim against a debtors’ property that gives a creditor the right to possession of the property if the debtor defaults on the underlying loan.

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10
Q

Define a gift, in legal terms

A

A voluntary transfer of property ownership from one person to another, without the exchange of consideration.

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11
Q

State laws typically requires what 3 elevements to be present to complete a valid gift>

A
  1. donor must intend to made a gift
  2. The property must be delivered to the donee
  3. the donee must accepts the property as a gift.
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12
Q

Another common method of acquiring property is referred to as accession. Define this

A

it means add to. A person genrally has rights to all his property produces and all that is added to or united within the property.

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13
Q

What is ‘title’ in legal terms?

A

a person’s claim to ownership of property that is superior to anyone else’s ownership.

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14
Q

Name the 3 general rules that govern abandoned and lost property

A
  1. when someone abandons property, who ever claims the property becomes the owner
  2. when someone loses property d.t negligency or accidentally, that person continues to own the property
  3. when someone receives or buys property that was stolen, the transferee receives no title. Goods remain the property of the original owner
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15
Q

What is ‘lien’

A

a generic term used to describe a claim against property resulting from a debt or other obligation.

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16
Q

What are the two elements necessary for a buyer to qualify as a good faith purchaser for value.

A
  1. the buyer must make the purchase in good faith with no knowledge that anyone other than the seller has an ownership interrest in the property
  2. the buyer must pay a valuable consideration in exchange for the property.
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17
Q

Property can be held by more than one individual in the following situations:

A
  1. tenants in common- two or more individuals own an undivided portion of the property
  2. Joint tenancy- two or more individuals own equal shares in property and have a right of survivorship.
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18
Q

define right of survivorship

A

when one joint tenant dies, his share automatically passes to the surviving joint tenant or tenants.

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19
Q

What is tenancy by the entity

A

where both spouses have the right to posses and use the property and ownership includes the rights of survivorship.
- neither can trasfer ownership without consent of the other.

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20
Q

What is community property?

A

a certain property owned by a married couple in which each spouse has an undivided half interrest.

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21
Q

Some property in a marriage is considered a married person’s seperate property in which cases>

A
  1. Property an individual obtained before marriage remains that persons separate property
  2. property acquired during a marriage with separate property is that spouse’s separate property.
  3. property acquired by one spouse during a marriage asa gift or inheritance is the separate property of that spouse.
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22
Q

When does a husband-wife community end?

A
  1. upon death of either spouse
  2. the divorce of the parties
  3. the annulment of the marriages
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23
Q

Define police power:

A

the power to enact laws to promote the public health, safety and welfare.

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24
Q

Define easement

A

its the right to make specific uses of another person’s property- known as an affirmative easement- or the right to prevent another from making specific uses of his own property- a negative easement.

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25
Q

What are restrictive covenants

A

an agreement which places restrictions on how owners may use their property.

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26
Q

Real estate sales and leases are types of inter vivos transfers

A

meaning that they are transfers made during a property owners life.

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27
Q

What is testamentary transfers of property?

A

transfers thats occur after a property owners’ death.

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28
Q

Define ‘closing’ in terms of real estate sales

A

The conclusion of real estate transactions when the parties fulfill all of the terms of their sales contracts.

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29
Q

What is a mortgage?

A

an agreement underwhich a borrower, the mortagor, transfers its interest in property to another party as a security for a loan, or other obligation. (usually done with a bank)

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30
Q

What is foreclosure?

A

the process by which a mortgagee may put mortgaged property up for sale to raise funds to pay off the mortgagor’s debt.

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31
Q

Define a deed.

A

a written instrument that transfers tital to real property from one person, the grantor, to another person, the grantee.

32
Q

What is a warranty dead?

A

it conveys clear title to the property and contains warranties that the grantor has clear title to the property.

33
Q

What is a quitclaim deed

A

it conveys whatever ownership rights that the grantor had in the property when the deed was executed. - it does not contain warranties of the tilte.

34
Q

State laws generally require a valid deed to include specific information. What must it include?

A
  1. grantee’s name
  2. statement of the consideration paid in exchange for the deed,
  3. complete description of the property being conveyed,
  4. the grantor’s signature.
35
Q

What is the purpose of a recording statute?

A

it establishes an administrative system for recording all transactions that affect real property in the state.

36
Q

What is a lease?

A

a contract under which the owner of real property, the landlord, or lessor, conveys to another party, the tenant, the exclusive right to possess the property for a period of time.

37
Q

Name a few examples of commercial leases

A
  1. nonretail business, lease space, in commercial office buildings
  2. leases for property that will be used for retail purposes
  3. ground lease, - tenant leases undeveloped land for long term,
  4. tenancy for a term- to a date
  5. periodic tenancy, - mo. to mo. yr to yr, with renewal
  6. tenancy at will- no fixed time period.
38
Q

What happens to a property under a race statue?

A

the party who first records a deed to property gains a superior claim to that property over any party who later records a deed to the party.

39
Q

What happens to a property under a pure notice statue?

A

a later grantee of property has superior title to that property if she acquired the interest without knowning of an earlier grantee’s claim under an unrecorded deed.

40
Q

What happens to a property under a race-notice statute?

A

to have priority to property, a grantee must have no knowledge of an earliers grantee’s claim and must record her deed first.

41
Q

What happens when a tenant does not vacate the property at the end of a lease term?

A

a tenancy at sufferance is created.
the landlord can 1. bring a legal action to evict the tenant,
2. allow the tenant to remain and pay rent.

42
Q

what is eviction?

A

legal process by which a trespasser is removed from real property

43
Q

What do you call any property owned by a decedent that does not pass at their death to the joint survivor, and is automatically ruled by the operation of the laws?

A

it forms the persons’ estate

44
Q

What is a will?

A

a legal document that directs how the person’s property is to be distributed after his death.

45
Q

What do you call the person who makes the will and the person who dies with the valid will?t

A

the testator and the testate.

46
Q

What is a persons’ domicile?

A

the place where the person has her true, fixed, and permanent home.

47
Q

What are 5 formalities that are required in most states for a will to be considered valid?

A
  1. must be in writing
  2. the testator must have the legal capacity to make a will (known as testamentary capacity)
  3. The will must be signed by the testator
  4. must be signed int he presence of competent witnesses or must attest to the witnesses that it is his signature
  5. the witness must sign the will in the presence of the testator
48
Q

For the creation of a will, a person is considered to be of sound mind if he what? (3)

A
  1. understands the nature and character for the property he owns
  2. understands he is making a will’
  3. recognizes the people who would be expected to be provided for in his will.
49
Q

In only specific situations can an oral will be acceptable (ie someone at sea), what is some restrictions to this will?

A

can transfer ownership of only a limited amount of a testator’s property

50
Q

What is a holographic will?

A

a will that is handwritten and signed by the testator.

51
Q

What are two ways a testator’ can revoke his will?

A
  1. by executing a subsequent valid will

2. executing a codicil

52
Q

What is a codicil?

A

A TESTAMENTARY DOCUMENT THAT supplements a will.

- they must be executed with the same formalities that are required to execute a valid will.

53
Q

What do you call a person who dies without a valid will?

A

intestate,

54
Q

The distribution of an intestate’s real property is governed by which laws?

A

The distribution of an intestate’s real property is governed by the laws of the state in which the property is located.

55
Q

NAme 5 types of wills in thailand

A
  1. customary witnessed
  2. will made through a public document
  3. holographic
  4. secret will
  5. oral will
56
Q

What do you call the procedure for handling the distribution of the estates of deceased persons.

A

Probate process- typically is conducted under the supervison of a local court, known as probate court.

57
Q

Who is responsible for settling the decedent’s estate>

A

personal representative, and is appointed by the court.

  • This person is called an executor in a valid will.
  • this person is called administrator in an intestate decedent case.
58
Q

What are the responsibilities of the personal representative?

A
  1. collecting and completing an inventory of the decedents’ property
  2. filling any required income tax returns, collecting all debts owed and paying all outstanding debts.
59
Q

What is intellectual property

A

referred to intangible personal property that is a product of the human intellect and in which the creator has ownership rights.

60
Q

Define ‘copy right’

A

is a right that is granted by statute to the author or originator of an original literacy or artistic work and that gives the copyright holder the exclusive right to publish, produce, or perform the work for a specified time.

61
Q

Which laws govern copyright?

A

federal

62
Q

how long are works’ copyrights protected for?

A

anything created after 01/01/2978 an author has copy right protection in the work for his lifetime, and 70 years after.

63
Q

Define infringement

A

means any violation of the exclusive rights belonging to the owner of intellectual property.

64
Q

By registering a copyright with the U.S. copyright office, the owner also gains the following benefits… name them (2)

A
  1. if someone infringes a copyright after it has been registered, the copyright holder is entitled to recovery damages from the infringer and can elect to recieve either her actual damages or statutory damages. If not registered the copyright holder is entitled to recover only her actual damages
  2. a certificate of registration, obtained before or within 5 years after publication of the work, consitutes prima facie evidence that the copy right is valid.
65
Q

What does ‘fair use doctrine’ mean?

A

its a legal doctrine that permits other to use limited portions of a copyrighted work for purposes such as critism, comment, new reporting, teaching, scholarship or research.

66
Q

What is a patent?

A

a governmental grant of property rights to the inventor or creator of an original process, machine, manufactured article, or chemical compound.

67
Q

How is a patent different from a copyright?

A

unlike copyrights, which attach upon the creation of a work, a patent is effective only after the applicable government agency acts on an application for a patent.

68
Q

How does one get a patent?

A

an inventor must file an application with the U.S. patent and trademark office (UPSTO)

69
Q

The author or creator of a work owns the work unless it was created as a work for hire. What is a work for hire?

A

a work prepared by an employee within the course of his employment or as the result of an agreement of the parties that it is a work for hire. The employer not the employee will be the owner fo the copyright.

70
Q

What is the purpose of the PAtent Cooperation Treaty?

A

PCT- provides a method of obtaining international patent protection, to help eliminate the time and expense of having to file multiple patents in different countries.

71
Q

What is a trademark?

A

a work, phrase, symbol, design or combination thereof that identifies and distinguishes the source of one party’s goods from those of other parties.

72
Q

What is a service mark?

A

is the same as a trademark, except it identifies and distinguishes the source of a service rather than goods.

73
Q

What are 4 advantages to U.S. trademark registration?

A
  1. legal presumption is created that registrant owns the mark and rights to it,
  2. registant gains the ability to bring action in federal court concerning the mark
  3. the US registration can be used as a basis to obtain registration in foregin countries
  4. the u.s. registration can be filed with the US customs service to prevent the importation of foregin goods bearing an infringing mark.
74
Q

How long does a U.S. trademark or serice mark registration generally remain in force?

A

10 years, and can be renewed with certan fees.

75
Q

How long is a patent protected for ?

A

20 years.

LOMA 311- ISTAR (15 decks)

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