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CPA FAR > Property Law > Flashcards

Flashcards in Property Law Deck (9):
1

What does Real Property include?

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

2

What are the characteristics of a deed?

Must be in writing
Signed
Description of Property
Delivered
Recorded

3

What are the characteristics of a Mortgage?

Must be in writing
Signed
Description of property
Delivered

4

What are the characteristics of a lease?

No writing required if

5

What is personal property?

Tangible property; such as cars; equipment; etc.

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

6

What are the three requirements for a gift?

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

7

What are the rights of found property?

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

What is tenancy in common?

Undivided interest in a portion of the property

Upon death; property goes to decedent's heirs

9

What is joint tenancy?

Undivided interest in entire property

Upon death; property goes to other joint tenants