Chapter 6: Property Law Flashcards Preview

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Flashcards in Chapter 6: Property Law Deck (55)
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1

Real property

The land going from the center of the earth to the heavens and everything permanently attached to the land. Ex: Building, tress, driveway. Real property is governed by real estate law.

2

Personal property

Everything else that is not real property. Ex: Car, books, clothes, furniture, stock, patents, etc. Tangible and NonTangible items. Personal property governed by property law.

3

Property Law is created and enforce by the...

state in which the property is located

4

Ownership

A bundle of rights in respect to property: use it, prevent others from using it, lend it, etc.

5

Title

The right of ownership

6

Quiet Title

The process of the court listening to the facts to determine who has title

7

Documents of Title

Deed to a house, title to a car, etc. which proves ownership

8

Conveyances

Transferring of title between owner and buyer. Often with houses conveyance happens at settlement

9

Sole ownership

On person enjoys the rights and liabilities of property. After the sole owner passes, the property goes to whoever the owner desires in will or by intestate succession if there is no will

10

Intestate Sucession

Property will pass to defendant's heir according to an established hierarchy. If spouse and children, the property is split equally among them.

11

Concurrent ownership

2 or more people jointly own assets.

12

Three types of concurrent ownership?

1. Tenancy in common 2. Joint tenancy with rights of survivorship 3. Tenancy by the entirerty

13

Tenancy in common

If one co-owner dies, his/her share will pass to his/her heir(s)

14

Joint tenancy with rights of survivorship

If the co-owner dies, his/her share will pass to the surviving co-owner.

15

PA legislature's rule for concurrent ownership

Unless the owner's clearly state that the co-tenancy is a "joint tenancy with the right of survivorship," it will be considered a tenancy in common.

16

Tenancy by the entirerty

Special form of co-ownership designed to protect the marital assets from creditors and insures easy transition of the property to the surviving spouse upon a tenant's death. NEITHER spouse can convey his/her interest in the property without the other. Each spouse owns 100% interest in the property and cannot dispose of the asset without the consent of the other.

17

In cases where a spouse abusing the authority of a tenancy by the entirerty

Two elements must exist in order for a court to find that such an "implied mutual agreement" has severed a tenancy by the entireties. 1. A misappropriation by one spouse (the offer) 2. The other spouse must file a suit for an accounting relief (acceptance).

18

Community property states

Regards all property acquired during the marriage, with the exception of that obtained through gift or inheritance, as being jointly owned by the couple.

19

What happens to a tenancy by the entirety is there is a divorce?

The property becomes a tenancy in common with each spouse owning one half interest

20

Encumbrance

Any right that someone has in another's real property. Ex: If a home owner rents her house, she still owns the house but not longer has all of the rights of ownership because she has given some to the tenant for the term of the lease. Another example is a bank that obtains interest in land until the loan is repaid.

21

Easement

The granting of a non-possessory right to use a part of the land by an entity that does not own the land. Ex: utility companies can put electric lines in the ground of the owner's property. An easement can be created by a contract, deed, or implication. New owners of property must honor the same easement.

22

Tangible personal property

Physical object such as a car

23

Non-Tangible personal property

Rights such as the right to own stocks, patents, etc.

24

Purchase

Transfer of title from one owner to another for payment/compensation. The manner to go about this is outlined in the Uniform Commercial Code

25

Gifts

A transfer of title to property without payment or compensation. The gist can either be inter vivos or causa mortis

26

Inter-vivos gift

A gift given while the donor is alive. To complete the first 1. the donor intends to make the gift 2. the donor delivers the property to the donee 3. the donee accepts the property

27

Causa-mortis gift

A gift given in expectation of approaching death. The gift is only effective if the donor actually dies as a result of the condition they believed would cause their death. Ex: If grandfather gives grandson gold watch because he believes he will die of pneumonia soon, and then recovers, the grandfather can revoke the gift.

28

Ways to attain property

1. Production 2. Possession 3. Abandoned Property 4. Treasure-trove 5. Purchase 6. Gift

29

Production

A person who takes scraps of fabric and creates a quilt owns the quilt because she created it by her own labor

30

Possession

If you kill an animal, you have acquired title to the animal, UNLESS you trespassed on someone else's property