Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

REGULATION > Property > Flashcards

Property Flashcards

1
Q

Property that includes land and things attached to land in a realtively permanent manner–exludes crops already harvested, but includes growing crops

A

Real Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Property not classified as real property or a fixture; can be tangible or intangible

A

Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Personal proeprty that is subject to physical possession

A

Tangible goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Personal property not subject to physical possession but subject to legal ownership

A

Intangible property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

An item that was originally personal property but which is affixed to real property in relatively permanent fashion such that it is considered to be part of real property

A

Fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A fixture installed by a tenant in connection with business on leased premises (ex. a grocery store leasing space installs refrigerators)

A

Trade fixture–if can be easily removed at end of lease, personal property; if not, becomes part of real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Property in which the owner voluntarily puts hte property somewhere but forgets to take it—finder does NOT obtain title to mislaid property, but merely becomes caretaker in case true owner comes back

A

Mislaid property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Property the owner involuntarily leaves somewhere–finder gains valid title a/g all parties EXCEPT true owner

A

Lost property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Proeprty that no longer remains with original owener, and finder gets valid title against everyone, INCLUDING oriignal owner

A

Abandoned property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Exist when owner of personal property gives posession without giving title to another ( ex. valent or dry cleaner)

A

Bailment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A type of bailment in which the bailee takes care of bailor’s property for no fee

A

Befefit of bailor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A type of bailment in which the bailee takes care of bailor’s property for a fee

A

Mutual benefit bailment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A type of bailment in which the bailor grautitously allows bailee use of his/her property

A

Benefit of bailee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Law that provides protection for original expressions of ideas (literary, musical, artistic)

A

Copyright law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Act that amends copyright law to include computer programs as creative works protected by federal copyright law (coveres binary language portions too)

A

Consumer Software Copyright Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Act that criminalizes copyright infringement over Internet whether or not for financial gain where retail value of copyrighted work exceeds $1,000

A

No Electronic Theft (NET) Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Administers patents–prohibits inventors from obtaining patents if invention was on sale in US 1 year prior

A

US patent and Trademark Office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Most comprehensive agreement betweee nationis involving intellecual property that allows patatent protection in many foreign countries

A

Paris convention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Such information as financial, engineering, scientific, technical, software programs, or codes and processes used by a company that give a business advantage over competitors

A

Trade secrets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Act that makes it a federal crime to use trade secrets

A

Economic Espionage ACt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Doctrine that allows use of copyrighted material for limited purposes without violating copywriting law (educational, comment, news reporting, research)

A

Fair use doctrine

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Loss of trademark rights due to the trademark not being used in the ordinary course of business for at least 3 years

A

Actual abandonment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Losss of trademark rights due to the company allowing the trademark to lose its distinctivenss by frequent and common usage

A

Constructive abandonment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Trade symbol used to certify characteristics such as origin by geographical location, origin by organization, mode of manufacture (ex. a product receiving the Good Housekeeping Seal of Approval_

A

Certification mark

25
Q

A trade symbol used to identify that product or service is providedby certain collective group, union, or fraternal society

A

collective mark

26
Q

Trade symbol used to identify that services come from certain company or person

A

service mark

27
Q

Act that regulates computer systems used to determine eleigibility for various government programs such as sutent financial aid

A

Computer Matching and Privacy Act

28
Q

Ac that restricts government access to financial institution records wihtout customer approval

A

Right to financial privacy act

29
Q

The result of when one company sells its product by confusing buyers and leading them to believe tehy are purchasing another company’s product

A

Palming off

30
Q

The absolute right to sell or transfer interest in real property

A

Fee simple absolute

31
Q

An interst in land that automatically reverts to the grantor upon the happening of the stated event

A

Fee simple defeasible

32
Q

An interest in land in which upon the happening of a stated event, the grantor must take affirmative action to divest the grantee of the estate

A

Fee simple subject to condition subsequent

33
Q

An interest in real property whose duration is usually measured by the life of the holder but may be measured by lives of others–property reverts back to grantor upon death

A

Life interest (life estate)

34
Q

When 2 or more persons have undivided interests and concurrent possessory rights in real or personal property–each has a nonexclusive right to possess the WHOLE property

A

Concurrent interest

35
Q

Concurrent interest with no right of survivorship–interest passes to heirs, donee, or purchaser upon death

A

Tenancy in common

36
Q

A concurrent interest with all rights of ownership going to thesuriving joint tenants (rights of survivorship)

A

Joint tenency

37
Q

A right to enter another’s land and use it in a limited way–a type of nonpossessory interest in land

A

Easement

38
Q

Joint interest held by husband and wife with each spouse aquiring a right of survivoship, unless they divorce (which turns it into a tenancy in common)

A

Tenancy by the entirety

39
Q

Voluntary transfers from grantor to grantee

A

Deed

40
Q

A deed that contains unconditional promises by grantor that the grantor has title and the right to convey the property, that the property is free from undisclosed encumbrances and quiet enjoyment

A

Warranty deed

41
Q

Deed that only covenants that the grantor has done nothing to impair title–does not warrant against prior impairments

A

Bargain and sale deed –“grant deed”

42
Q

A deed that conveys only whatever iterest in land the grantor has–no warranty of title is made

A

Quitclaim deed

43
Q

A deed is said to be this if it is given to an intermediary between the 2 parties who holds the deed until the grantee pays, then gives deed to grantee and money to grantor

A

Escrow

44
Q

A recording statute in which a subsequent bona fide purchaser, whether/not they record, wins over a previous purchaser who did NOT record before that subsequent purchase

A

notice-type statute

45
Q

A recording statute in which a subsequent bona fide purchaser wins over a previous purchaser only if they also record first

A

Race-notice type

46
Q

A recording statute in which the first to record a deed wins

A

Race statute

47
Q

Insurance used to insure that itle is good and to cover hte warranties by the seller–not required unless contract says so

A

Title insurance; without htis, purchaser can only recover a/g grantor

48
Q

An involuntary transfer of land to a party taking posession

A

Adverse possession

49
Q

A lien on real property to secure payment of a loan

A

mortgage

50
Q

A mortage is said to be this if the buyer becomes personally liable–the mortagee may hold either the buyer or seller liable on these types of mortgages

A

Morgage is “assumed”

51
Q

A mortgage is said to be this if the buyer accepts NO liability for hte mortgage and the seller remains primarily liable

A

Taken subject to the mortgage

52
Q

Occurs when a purchaser assumes mortgage andmortgagee (lender) releases in writing the seller from the mortgage

A

Novation

53
Q

A nonposessory lien on real property to secure a debt, where the debtor retains posession of the land the creditor has a lien on it, and legal ittle is given to a trustee to hold

A

Deed of trust

54
Q

Regulates federal mortgage lenders

A

Real Estate Settlment Procedures Act (RESPA0

55
Q

A type of lease where lease if for a fixed time such as a month or year but it continues from period to period until proper notice of termination

A

Periodic tenancy

56
Q

A type of lease for a fixed amount of time

A

Tenancy for a term

57
Q

A type of lease created when tenant remains in property after lease expires and landlord continues to treat them as a tenant

A

Tenancy at sufferance

58
Q

A type of lease in which the property is leased for indefiinite period of time, with each party having the right to terminate the lease at will

A

Tenancy at will

59
Q

A right given to tenants that niether the lessor nor a third party with a valid claim will evict lessee unless tenant has breached lease contract

A

Quiet enjoyment

REGULATION (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions