Property Law and Rights 17

Question 1

What is real property

Answer 1

It is land and anything permanently attached

Question 2

What is personal property

Answer 2

Anything NOT real property

Question 3

Trees to houses

Answer 3

Trees growing on property are real property

When cut down and turned into lumber - they become personal property

When they are turned into a house on a piece of land they become real property

Question 4

What does a mortgage have to have to be effective

Answer 4

• It must have a description of the property
• must be in writing
• mortgagor (me) needs to sign
• must be delivered to mortgagee

no need for recording
no need to have price
no need to be signed by mortgagee (bank)

Question 5

What is tenancy in common

Answer 5

Its when two or more owners with separate interest in the same property

If one dies the interest does to their estate

Question 6

What is joint tenancy - with right of survivorship

Answer 6

This is when a group owns a piece of property

when one dies the others will automatically get the interest transferred to them

Question 7

What is TTIP

Answer 7

This is required as part of a joint tenancy with right of survivorship

The interest must be equal as to 
T - Time
T - Title
I - Interest 
p - Possession

Question 8

What is a person transfers their interest in a joint tenancy

Answer 8

You CAN transfer your interest without the consent of the others

This breaks the right of survivorship however

The relationship become a Tenancy in Common

Question 9

What is the differences between transferring property that is real versus personal

Answer 9

Personally property can be transferred physically

Real property must be transferred with a deed

Creditors right with personal property are based on the secured transaction article of the UCC

Creditor rights against real property is based on state law

Question 10

What is a contract right

Answer 10

It is an intangible personal property asset

The destruction of the paper on which the contract is written does not destroy the contract rights themselves

Question 11

What does RESPA regulate

Answer 11

Mortgage lenders are regulated by the Real Estate Settlement Procedures Act (RESPA), which requires full disclosure of the procedures and costs of settlement of mortgage loans to home purchasers.

Question 12

what are mineral rights considered

Answer 12

real property

Mineral rights, the right to extract minerals from property, cannot be separated from the real property that it is associated with and are considered real property.

Question 13

What are crops considered

Answer 13

Growing crops are considered real property because, when they are growing, they are attached to the land. They can be sold separately from the land, however, and can also be considered personal property.

Question 14

What are air rights considered

Answer 14

Air rights cannot be separated from the real estate that they are associated with and are considered real property.

Question 15

What do you need to establish joint tenancy

Answer 15

TTIP

equal rights to the property including:

time
title
interets
posession

Question 16

In order for transfer of real property to be complete what must be transferred

Answer 16

In order to transfer ownership of real property, a deed must be delivered to the BUYER of the property.

The deed must include the NAMES of the seller and buyer and must include a DESCRIPTION of the property.

The SELLER of the property must sign the deed in order for the transfer to be effective.

Question 17

Can you make copies of a copyright work for a classroom use

Answer 17

Fair use of copyrighted material for purposes of criticism, comment, news reporting, teaching, scholarship, or research is not considered infringement of the copyright.

Making multiple copies of extracts for use in classroom would be considered teaching and would likely not be considered an infringement.

Question 18

What must lease have

Answer 18

a description of the leased property

• don’t need to have timing explicit ( if absent assumed at the end of the period)

Question 19

What does title insurance do for you

Answer 19

It protects the buyer against defects in the property’s title - from before you purchase it

Question 20

What does tangible personal property refer to

Answer 20

moveable object - oil painting

Question 21

Example of intangible

Answer 21

share of stock
trade mark
promissory note

Question 22

What is the definition of real property

Answer 22

Real property is defined as land and everything permanently attached to it.

Question 23

When you record a mortgage what are you doing

Answer 23

ecording a mortgage establishes priority over all claims of third parties that arise after the recording, including those of subsequent bona fide purchasers.

Question 24

Can a mortgager assign the mortgage

Answer 24

yes

Question 25

What is a fee simple

Answer 25

it gives you the most ownership rights

In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. It is a way that real estate and land may be owned in common law countries, and is the highest possible ownership interest that can be held in real property.

Question 26

A tenant’s personal property will become a fixture and belong to the landlord if its removal would

Answer 26

Result in substantial harm to the landlord’s property.

Question 27

What is contained in a grantor deed

Answer 27

The warranties contained in a general warranty deed are that the grantor has the right to convey the property; that the property is not subject to any lawful claim by any other party; and that the grantee will not be disturbed in his possession as the result of any party’s lawful claim on the property.

Question 28

Which of the following rights is (are) generally given to a lessee of residential property?

I. A covenant of quiet enjoyment.

II. An implied warranty of habitability.

Answer 28

Both

A lessee of residential rental property is entitled to a covenant of quiet enjoyment of that property. In addition, a landlord of residential rental property makes an implied warranty of habitability, which implies that the property is safe and suitable to be lived in.

Question 29

are copyrights considered personal property

Answer 29

Yes they are - intangible assets that are personal property

Question 30

What makes something a fixture

Answer 30

A fixture is personal property that is attached to real estate with the intention of making it a part of the real estate. The value of the item is irrelevant.

Question 31

If you are being foreclosed - what are your right

Answer 31

Once a sale of foreclosed property has taken place, the debtor’s right to redeem the property by paying all amounts owed is severed, unless a specific law has been enacted in the jurisdiction extending that right.

Question 32

What must a lease have to be enforceable

Answer 32

A residential lease entitles the tenant to exclusive use of the property for the lease term.

Question 33

What happens in a notice-race recording statute

Answer 33

In a notice-race jurisdiction, a mortgagee allows a later mortgagee to obtain a superior interest if the later mortgagee doesn’t know about the earlier mortgage and records first.

Question 34

What is the key with the notice race statute

Answer 34

You have to have NO knowledge the a otters mortgage

This will give you a higher priority

Question 35

what is it called when you tenant stays in possession of the leased premises without the landlord’s consent, after the tenant’s one-year written lease expires?

Answer 35

tenancy at sufferance

is a tenancy at sufferance, which allows the landlord to treat the tenant’s continued possession of the property as a trespass allowing eviction or as a tenancy allowing collection of rent.

Question 36

What happens after you see a foreclosed property

Answer 36

The purpose of a foreclosure sale is to repay all amounts owed to creditors out of the proceeds from the sale of the mortgagor-debtor’s real property, so any remaining funds available after satisfaction of the mortgagee must be given to the mortgagor.

Question 37

How much Keogh max can you take in a year

Answer 37

20% of self employment income