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Flashcards in Property Deck (34):
1

Bailee

a party who is entrusted to hold the goods of another person

2

Bailment

When a party trusts goods to another party

3

Bailor

party who gives his/her own goods to another to hold

4

Common carrier

party who transports goods for hire and is strictly liable for any damage to those goods.

5

Copyright

Intellectual property right that provides protection for the original expression of an idea

6

Deed

written instrument that transfers ownership of real property

7

Easement

legal right to use another's property in a specific manner

8

Fair use doctrine

allows copyrighted material to be used without paying royalties. generally limited to educational, news and other not-for-profit purposes

9

joint tenancy

type of co-ownership of real property with the right of survivorship

10

landlord

owner of leased premises

11

lease

contract used to rent real property for a period of time

12

mortgage

security interest in real property

13

mortgagee

party with security interest in the real property (lender)

14

mortgagor

party who uses his/her real property as collateral to secure a loan (borrower)

15

notice statute

law that applies to the recording of interest in real property. Notice states allow parties who take an interest in real property without notice to have a superior interest than a party who had an earlier interest

16

Notice-race statute

Notice-race states allow parties who take an interest in real property without notice to have a superior interest than a party who had an earlier interest if the subsequent party records before the party with the earlier interest

17

Patent

an intellectual property right that gives an inventor the exclusive right to use the invention

18

Race statute

give the superior interest to whichever party records its interest first

19

Real estate contract

written instrument that contains the terms of the bargain to transfer real property

20

real property

land, interest in land, and the permanent structures attached to the land

21

Recording

filing of property interest with the appropriate local government that allows the party who records to protect its interest against subsequent parties

22

Tenancy by the entirety

type of co-ownership of real property that is only available to married couples. helps to protect the property from claims of individual creditors

23

Tenant

party who rents the rental property and acquires a right to use the premises

24

Tenants in common

type of co-ownership of real property that does not include the right of survivorship

25

Title insurance

insures against defects of title of the real property

26

Trademark

distinctive mar, word, symbol, design, etc. that a manufacturer/seller uses to identify its goods

27

Trade secrets

information that a business does not want disclosed to the public.

28

Fee simple absolute

ownership rights transferred inter vivos (while living), intestate succession (without will) or testate (by will)

29

Fee simple determinable

ownership reverts back to grantor automatically upon stated event

30

Fee simple subject to condition subsequent

upon stated event, grantor has right to repossess the property

31

Warranty Deed

confirms: a. grantor has title and right to convey it
b. free from encumbrances except as disclosed

32

Bargain and sale deed

confirms grantor has done nothing to impair title (does not warrant against prior impairments)

33

Quitclaim deed

conveys only whatever interest in land the grantor has - no warranty of title is made

34

Deed of trust

nonpossessory lien: debtor retains possession, creditor has lien on it
legal title is given to a trustee to hold, who may sell land upon debtor's default, for benefit of the creditor