Property Law and Rights 17 Flashcards
What is real property
It is land and anything permanently attached
What is personal property
Anything NOT real property
Trees to houses
Trees growing on property are real property
When cut down and turned into lumber - they become personal property
When they are turned into a house on a piece of land they become real property
What does a mortgage have to have to be effective
- It must have a description of the property
- must be in writing
- mortgagor (me) needs to sign
- must be delivered to mortgagee
no need for recording
no need to have price
no need to be signed by mortgagee (bank)
What is tenancy in common
Its when two or more owners with separate interest in the same property
If one dies the interest does to their estate
What is joint tenancy - with right of survivorship
This is when a group owns a piece of property
when one dies the others will automatically get the interest transferred to them
What is TTIP
This is required as part of a joint tenancy with right of survivorship
The interest must be equal as to T - Time T - Title I - Interest p - Possession
What is a person transfers their interest in a joint tenancy
You CAN transfer your interest without the consent of the others
This breaks the right of survivorship however
The relationship become a Tenancy in Common
What is the differences between transferring property that is real versus personal
Personally property can be transferred physically
Real property must be transferred with a deed
Creditors right with personal property are based on the secured transaction article of the UCC
Creditor rights against real property is based on state law
What is a contract right
It is an intangible personal property asset
The destruction of the paper on which the contract is written does not destroy the contract rights themselves
What does RESPA regulate
Mortgage lenders are regulated by the Real Estate Settlement Procedures Act (RESPA), which requires full disclosure of the procedures and costs of settlement of mortgage loans to home purchasers.
what are mineral rights considered
real property
Mineral rights, the right to extract minerals from property, cannot be separated from the real property that it is associated with and are considered real property.
What are crops considered
Growing crops are considered real property because, when they are growing, they are attached to the land. They can be sold separately from the land, however, and can also be considered personal property.
What are air rights considered
Air rights cannot be separated from the real estate that they are associated with and are considered real property.
What do you need to establish joint tenancy
TTIP
equal rights to the property including:
time
title
interets
posession
In order for transfer of real property to be complete what must be transferred
In order to transfer ownership of real property, a deed must be delivered to the BUYER of the property.
The deed must include the NAMES of the seller and buyer and must include a DESCRIPTION of the property.
The SELLER of the property must sign the deed in order for the transfer to be effective.
Can you make copies of a copyright work for a classroom use
Fair use of copyrighted material for purposes of criticism, comment, news reporting, teaching, scholarship, or research is not considered infringement of the copyright.
Making multiple copies of extracts for use in classroom would be considered teaching and would likely not be considered an infringement.
What must lease have
a description of the leased property
- don’t need to have timing explicit ( if absent assumed at the end of the period)
What does title insurance do for you
It protects the buyer against defects in the property’s title - from before you purchase it
What does tangible personal property refer to
moveable object - oil painting
Example of intangible
share of stock
trade mark
promissory note
What is the definition of real property
Real property is defined as land and everything permanently attached to it.
When you record a mortgage what are you doing
ecording a mortgage establishes priority over all claims of third parties that arise after the recording, including those of subsequent bona fide purchasers.
Can a mortgager assign the mortgage
yes