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Flashcards in Property Law Deck (14):
2

What does Real Property include?

Land; buildings fixed to the land; property under the land and above the land

3

What are the characteristics of a deed?

Must be in writing
Signed
Description of Property
Delivered
Recorded

4

What are the characteristics of a Mortgage?

Must be in writing
Signed
Description of property
Delivered

5

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

6

What is personal property?

Tangible property; such as cars; equipment; etc.

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

7

What are the three requirements for a gift?

Intent for it to be a gift

Delivery of the gift

Acceptance of the gift

8

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

9

What is tenancy in common?

Undivided interest in a portion of the property

Upon death; property goes to decedent’s heirs

10

What is joint tenancy?

Undivided interest in entire property

Upon death; property goes to other joint tenants

11

What is a Quitclaim deed?

Quitclaim deed conveys whatever interest the grantor has in a specified piece of real property

It gives no warranty as to title, right to convey, etc.

12

What is an Insurable deed?

Insurable deed is one where an insurance company, usually a title company assumes the risk of any defects in title

13

What is a Special warranty deed?

Special warranty deeds contain covenants guaranteeing that the grantor has title to the property and the right to convey it

14

What is a General warranty deed?

General warranty deeds contain covenants guaranteeing that the grantor has title to the property and right to convey it

15

Under a notice-type stature, who does a subsequent good-faith mortgagee has priority over?

Under a notice-type statue, a subsequent good-faith mortgagee has priority over previous mortgagee who did not file

This is true whether subsequent mortgagee files or NOT; but of course if they don't file, a subsequent good-faith mortgagee will have priority

Example #1: Banks A, B, and C, in that order, grant a mortgage to a property owner. None of these record the mortgage and none knows of the others. Between A and B, B has priority. However, C has priority over B

Example #2: Same facts as in facts above, however, B does record BEFORE C grants the mortgage. B has priority over A again. B also has priority over C because now C has constructive notice of B and thus has lower priority

Note: Notice is either ACTUAL notice or CONSTRUCTIVE notice based on recording