Chapter 5 Flashcards
What guarantees do the 5th and 14th Amendments extend to property?
5th: guarantees no person should be deprived of property, nor shall private property be taken for public use
14th: extends those guarantees against the states.
Define “unjust enrichment.”
A contract implied at law requiring a person to make restitution to the extent he has been unjustly enriched.
• The person must be unjustly enriched.
What are the two general classes of property?
Real property and personal property
Be able to describe the difference between types of property that are tangible and intangible.
Intangible property: patents, bongs, and copyrights.
Important for tax and estate-planning purposes
What is - real property dealing with the nature or quality of a person’s possessory interest - called?
Estates in land
What kind of estate does a person with an ownership interest (a “possessory interest”) in real property have?
freehold estate
Identify and describe the highest ownership interest in real property and the three specific rights it entails.
Fee simple absolute (fee simple) – full ownership
a. Right to sell
b. Give as a gift
c. Or devise (dispose of)
What sort of possessory interest is there when more than one person owns the same land at once?
Tenancy in common and joint tenancy
Describe both a tenancy in common and a joint tenancy.
Tenancy in common: when one owner dies, that person’s interest passes to his or her heirs
Joint tenancy: when one dies, his or her interest passes to the other(s)
Be able to define a tenancy.
The tenant gets to use the land, but does not own it; the landlord has ownership right but not the right to use, which is possessed by the tenants
Be able to define and distinguish easements, profits, and licenses.
Easement: holder hast the right to some nonconsumptive use of another’s property
Profit: allows he holder the right to remove some resource such as oil, timber, coal etc.
License: allows the holder to go upon another’s real property, like attending a movie at a theatre
What two general ways may real property interests be transferred?
Voluntary or involuntary
What does “title” to real estate describe?
Describes a legal interest in the land legitimately acquired from the previous owner
Describe two ways property is voluntarily transferred, How are these transfers formalized?
gift or sale, By a written document – the deed.
Identify two ways property is transferred on the death of its owner.
By the will, or if there was no will- passes to the logical heirs by intestacy
Be able to describe foreclosure.
If a person borrows money and real estate is put up as a collateral for security for the loan- that person has mortgaged their property.
If they don’t repay the loan, the mortgage may be foreclosed
What is eminent domain?
The power of the government to take private property for public use
Describe adverse possession.
If one person makes use of another persons real property, for a long-enough time, the ownership and title shift.
• This is to encourage productive use and attention to ones ownership
Be able to describe what property right is protected from unreasonable intrusion.
The right to use one’s property for “quiet enjoyment”
• A person has rights when another person is disrupting them/their property (airplanes over houses making noise).
• Trespass and nuisance are two types that apply to this (they are torts)
How is personal property defined?
Everything other than
• real estate and
• that which is firmly affixed to real estate
It includes both tangible and intangible property.
What is “personalty?”
Personal property (another name for it)
What is the law of personal property substantially the same as?
The same as the law of real property.
What is the subject of the law of estates and trusts?
The transmission of property from one generation to the next being a cherished right
What do prudent people do to plan for their property when they die?
They plan what they want to happen to their property – so they make a will