Property 2

Question 1

A type of personal property if you buy something or make it, you own it!

Answer 1

Purchase and Creation

Question 2

The first person to seize something existing in nature own it

Answer 2

Capture

Question 2

or natural increase. if your livestock have babies, you own the babies

Answer 2

Accession

Question 2

claiming property that others originally owned.

Answer 2

Finding

Question 2

property that the owner has unintentionally parted with and doesn’t know where it is.

Answer 2

Lost

Question 3

Property that the owner intentionally parted with and dosen’t know where it is

Answer 3

Mislaid

Question 4

Property that the owner has no interest in retrieving, regardless of how it was left

Answer 4

Abandoned

Question 5

the finder can claim possession against anyone except the true owner

Answer 5

Lost Property

Question 6

goes to the owner of the premises where mislaid, who must follow similar rules to the finder of lost property

Answer 6

Mislaid property

Question 7

finder keepers

Answer 7

Abandoned property

Question 8

A person holding title in an item can ___ it to another

Answer 8

Gift

Question 9

The person giving is the ___ and the recipient is the ___

Answer 9

Donor/Donee

Question 10

the intent to relinquish all property rights for nothing in return

Answer 10

Donative intent

Question 11

are a way to convey property to a beneficiary without giving them total control

Answer 11

Trusts

Question 12

Trust comes in Two forms:

Answer 12

Revocable: may terminate, and change the trust, can freely access the assets, and does not provide protections from creditors or tax savings.
Irrevocable Trusts: cannot be terminate or meaningfully changed the grantor, the grantor gives up ownership and control.

Question 13

Control and protect the assets
Handle accounting and taxes
Manage and invest the funds
Disburse funds to the beneficiary as appropriate

Answer 13

Trustee responsibilities

Question 14

Is a document that outlines how the deceased would like their property divided up.

Answer 14

Will

Question 15

the collection of property owned by the decedent is their

Answer 15

Estate

Question 16

if the deceased had debts or other obligations,_____ may be able to recover some assets from the estate, even against the declaration the will

Answer 16

Creditors

Question 17

A person who dies without a will is said to have died

Answer 17

Intestate

Question 18

is the legal process by which a deceased person’s assets are distributed when they die without a valid will

Answer 18

Intestate Succession

Question 19

Is the legal procedure by which the government can seize ownership of private land for “public use”

Answer 19

Eminent Domain

Question 20

is the process by which local government dictate what types of activities may be conducted on certain parcels of land.

Answer 20

Zoning

Question 21

the process of executing a will after a person dies, disturbing property, and settling any disputes is referred to as

Answer 21

Probate