week 4 (11) Flashcards Preview

PIMS - Business law > week 4 (11) > Flashcards

Flashcards in week 4 (11) Deck (73)
Loading flashcards...
1

the bundle of rights in a thing so that a person can own, use, enjoy, transfer ownership and exclude other people from owning, using and enjoying
-the rights in property are protected by the government

property real and personal

2

land and things firmly attached to the land

real property

3

classifications of property (2)

1. real property
2. personal property

4

everything else; movable

personal property

5

things that you can see and touch;
car, laptop, folding chairs etc

tangible

6

aright to something;
patents, copyrights, stock, contract

intangible

7

formerly personal property but now so firmly attached it has become real property

fixtures

8

acquiring real and personal property (3)

1. purchase
-contract
2. gift
-donor intends to make a gift
-properly delivered to donee
-donnee accepts gift
3. inheritance
-gifts from deceased

9

acquiring personal property (3)

1. found property
2. abandoned
3. mislaid

10

-finder becomes new owner after searching for true owner or until true owner locates and claims the property

found property

11

owner purposely gave up ownership
-finder becomes new owner

abandoned

12

owner intentionally places property and fails to return to claim it
-finder is bailee and becomes owner after time that true owner does not return

mislaid

13

document transfer ownership ; title to real property
(2)

1. deed
2,. life estate

14

absolute
-broadest form of ownership
-owns for ever (passes through estate when owner dies)

deed

15

-owns interest in real property for duration of a person's life
-when person dies their ownership, interest ends

life estate

16

types of deeds (3)

1. general warranty deed
2. special warranty deed
3. quit claim deed

17

guarantees seller owns the property and there are no claims, judgements or defects in the title at any time prior to this transfer

general warranty deed

18

guarantees seller owns property and there are no claims, judgements or defects in the title that occurred during the sellers ownership

special warranty deed

19

there are no guarantees about anything
-used by fiduciary of estate, sheriff sale deed, etc
-also called fiduciary deed

quit claim deed

20

is performed to confirm that there are no claims, judgements or defects in the title for a stated period of time in the warranty period
-searches recorded deeds, mortgages, judgements, liens, bankruptcy records etc
-issue a title insurance policy

abstract of title

21

documents transferring ownership; title to personal property

1. bill of sale
-title to automobile

22

4 ways to own property

1. sole owner
(3 joint ownerships)
2. tenants in common

23

own entire 100%
-right to enjoy entire property, obligated for entire liabilities
-at time of death; owners interest passes through deceased owners estate

sole owner

24

-fractional interest; need not be equal
-right to enjoy property obligated for entire liabilities
-fractional share passes through decedents estate

tenants in common
(joint ownership 1)

25

fractional interest; must be equal
-right to enjoy entire property obligated for entire liabilities
-fractional share automatically passes to surviving tenants
-not through estate of deceased joint tenant

Joint tenants with right of survivorship (joint ownership; 2 of 3)

26

-only for husband and wife
-fractional interest; must be 50% each
-right to enjoy entire property obligated for entire liabilities
-surviving spouse automatically becomes the sole owner
-doesn't pass through the estate of the deceased spouse

tenants by the entireties (joint ownership 3 of 3)

27

lender of money aquires a lien, security interest, against real property owned by the borrower
-analgous to the lien the bank places on the title of the car as security in the event the borrower doesn't pay back the loan
-borrower signs a mortgage note promising to repay the loan
-mortgage foreclosure
-sheriff conducts a sale and proceeds pay the note

mortgage

28

Owner of the property is the

mortgagor

29

bank, the lender is the

mortgagee

30

-if borrower doesn't pay; the lender files a legal action in court called

mortgage foreclosure