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Flashcards in Property Law Deck (13):
1

What does Real Property include?

Land; buildings fixed to the land; property under the land and 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 < 1 year

Warranty of habitability is implied

Death does not terminate a lease

Sale of property does not terminate a lease

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

10

Generally, what is the federal act that regulates Mortgages

Real Estate Settlement Procedures Act of 1974 (RESPA)

11

Tenant Sufferance

Created when tenant stays in possession of leased property w/out the consent of the LL

If remains and has LL consent is tenancy from period to period

12

inter vivos

Gift while donor is still alive

13

causa mortis

Gift at death ("deathbed" gift)