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Agency Law > Property Law > Flashcards

Flashcards in Property Law Deck (9)
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1
Q

What does Real Property include?

A

Land, Buildings fixed to the land, and Property under/above the land.

2
Q

What are the characteristics of a deed?

A
Must be in writing
Signed
Description of Property
Delivered
Recorded
3
Q

What are the characteristics of a Mortgage?

A

Must be in writing
Signed
Description of property
Delivered

4
Q

What are the characteristics of a lease?

A

No writing required if

5
Q

What is personal property?

A

Tangible property; such as cars; equipment; etc.

Intangible property such as patents; trademarks; copyrights; etc.

6
Q

What are the three requirements for a gift?

A

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

7
Q

What are the rights of found property?

A

Lost property - Finder’s rights to property are less than Owner’s

Abandoned property - Finder’s rights to property are greater than Owner’s

8
Q

What is tenancy in common?

A

Undivided interest in a portion of the property

Upon death; property goes to decedent’s heirs

9
Q

What is joint tenancy?

A

Undivided interest in entire property

Upon death; property goes to other joint tenants