chapter 14 - real and personal property

Question 1

real property

Answer 1

land and anything permanently attached to it

Question 2

personal property

Answer 2

chattels and chose in action

Question 3

chattels

Answer 3

tangible personal property that is moveable and can be weighed and measured

Question 4

chose in action

Answer 4

an intangible right is a claim one person has against another

Question 5

estates in land

Answer 5

the right of possession to and granted by the crown

Question 6

fee simple

Answer 6

the right to use and sell land subject only to local restrictions - ownership

Question 7

life estate

Answer 7

upon the death of a life tenant property reverts back to original owner

Question 8

leasehold estates

Answer 8

land leased to a tenant for a specific period of time

Question 9

tenancy in common

Answer 9

two or more people share an undivided interest in property with each owning a designated portion of titile

Question 10

joint tenancy

Answer 10

two or more poeple own the entire property

Question 11

agreement of purchase and sale

Answer 11

contract for the purchase commercial or residential real property

may be preceded by interim agreement (the binding contract for sale of the property)

Question 12

registration system

Answer 12

registration is imposed to assist in ascertaining title
documents related to land transactions create an accurate title trail

Question 13

land titles system

Answer 13

person named on the certificate is the holder in fee simple of that property

Question 14

condominiums

Answer 14

ownership involves a combo of unit and common ownership

Question 15

cooperatives

Answer 15

real property owned in common, or by corporation with shareholders

Question 16

mortgage

Answer 16

involves the debtor borrowing money and giving the creditor a claim against their property

Question 17

equity of redemption

Answer 17

right of mortgagee to redeem property even after default

Question 18

foreclosure

Answer 18

ends equity of redemption by setting a time limit

Question 19

order for judicial sale

Answer 19

application by other creditors to have property sold

Question 20

leasehold estates

Answer 20

landlord retains reversionary interest in property
lessee is entitled to exclusive possession during term of lease
lease must be evidenced in writing (over 3 yrs)

Question 21

types of tenancies

Answer 21

term lease
periodic tenancy
sublets

Question 22

term lease

Answer 22

stipulated to run for a specific period of time

Question 23

periodic tenancy

Answer 23

period to period rental

Question 24

sublets

Answer 24

tenant retains reversionary interest with permission of landlord “which shall not be unreasonably withheld”

Question 25

landlord must provide

Answer 25

vacant possession quiet enjoyment repair termination with proper notice by either tenant or landlord

Question 26

vacant possesion

Answer 26

premises are ready for occupancy

Question 27

quiet enjoyment

Answer 27

must not interfere with tenants use of the property

Question 28

repair

Answer 28

landlord has no general obligation to repair unless it amounts to breach of quiet enjoyment

Question 29

tenancy at sufferance

Answer 29

fails to leave after term of lease expires

Question 30

tenants obligations

Answer 30

pay rent make repairs if used in unanticipated manner can remove own fixtures before termination of lease

Question 31

Landlords can sue for

Answer 31

overdue rent damages for breach

Question 32

forfeiture

Answer 32

tenants forced to vacate the premises which can be accomplished by the landlord changing locks or eviction

Question 33

relief against forfeiture

Answer 33

equitable principle allowing tenant to have lease reinstated or landlord retaining right to payment if premises vacated

Question 34

breach of lease

Answer 34

landlord can seize tenants property injunction tenant may sue for injury suffered by landlords breach

Question 35

law of finders

Answer 35

finder gets good title against all but the original owner - if public" finder - if private: owner of place

Question 36

bailment

Answer 36

when a person (bailee) acquires temporary possession of personal property owned by another (bailor)