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| Name the four rights an owner has to property |
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· Ownership
· Possession
· Use
· Alienation |
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| right and interest in lands, buildings, and fixtures |
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| right and interest in lands, buildings, and fixtures |
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rights and interest in basically anything that is not real property, tangible or intangible |
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Tangible, movable things that become permanently attached to land and buildings |
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| Patents, copyrights, and trademarks protected by the common law and both state and federal government |
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| Legally endorsed claim to ultimate ownership. |
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-Bundles of rights, including title, allowing a person to have full enjoyment of something. |
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| Immediate control or power over something to the exclusion of all others |
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| Allows a person to employ something to achieve some results |
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| Allows a person to determine how to do away with something such as destroying. consuming, or selling it. |
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| Transferred bought or sold |
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| Delivery, receiving, and accepting |
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| Giving, delivery, and acceptance |
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| Two types of gift delivery |
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| Acquiring property by inheritance |
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| If a person dies and is stated in their will that this person receives real and personal property |
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| Person who receives from the will |
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| If no will was left behind |
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| characteristics of a valid will |
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Mental capacity
Clear intent of decedent
Written in front of witness who don't inheirit from said person |
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| Estate revert to the state if no will is left behind for someone to inherit it |
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| Other means of acquiring personal property |
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Accession- right of an owner to increase in the value of property
Create your own intellectual property- Investors, authors, and creators
Finders- If property is lost and there is no one there to claim if you really looked for the owner |
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| When one person holds all rights and interest |
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| Allows co-owners to divide property among themselves |
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| Allows unequal ownership shares, no right of survivorship, no restrictions on the transfer of ownership |
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| Any deceased owner's interest passed o according to his or her will, if there is one |
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| Under time tested legal rule each co-owner are presumed to own all of the subject at the same time |
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| Co-ownership between husband and wife |
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| all property acquired by husband and wife split equally between them both |
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| Legal termination of the marriage |
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| Legal declaration of making the marriage null and void |
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| the couple retains their marital rights and duties but lives apart |
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| The court order judgement officially dissolving the marriage |
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| The monetary payment by a parent to maintain a dependent child |
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| The monetary obligation taken on by one party to indemnify the loss incurred by another party |
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| A contractual obligation taken on by one party to indemnify the loss incurred by another party |
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| The person indemnifying another |
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| The party to receive payment under policy |
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| Amount paid for insurance coverage |
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| The beneficiary is paid a set amount upon the death of the person whose life is insured |
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| The potential to sustain loss if the insured dies |
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| Provides Protection in situations where the accidental, intentional, or negligent acts of nature results in a loss |
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| Other means of acquiring real property |
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Adverse possession- acquiring land of another by continuously occupying it for usually 10 years
Eminent domain- the state takes the land only for public use
Land belong to private entity may be offered to a city for use or ownership
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