Term
| Distinguish between the rights of ownership and possession. |
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Definition
| Ownership is a relationship between the owner and the rest of society that includes rights of the owner specific to the property. Possession is the exercise of custody or control over property, and is not, in itself, ownership. |
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Term
| What problems do the rules of accession and confusion address? |
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Definition
| Accession addresses the problem of one person's adding value to another person's personal property without the owner's consent. Confusion addresses the problem of whether the mingling of goods belonging to different owners was accidental or intentional. |
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Term
| Explain what interests and rights a bailee has in property. |
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Definition
| A bailee has possession only and has the right to hold the property (possessory lien) as security for payment. |
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Term
| Explain the extent of a bailee's insurable interest. |
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Definition
| The bailee has an insurable interest in goods because of the bailee's legal duty to care for the goods and to return them to the bailor. A bailee must hold insurance proceeds paid for the bailed property's damage in trust for the bailor. However, in the absence of a statute or specific contract requirement, a bailee has no duty to obtain insurance on the bailed goods. |
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Term
| Compare the extent of liability of common carriers, hotel keepers, and warehouse operators. |
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Definition
| A common carrier is liable from the time it receives the goods until after their delivery to a freight terminal or until the recipient has had reasonable time to inspect and remove the goods from the carrier or terminal. Hotelkeepers are liable only for failure to exercise reasonable care in protecting guests' property, a liability that can be limited by providing safes for storing guests' valuables. Warehouse operators do not insure stored goods and can limit liability in the warehouse receipt issued for goods received. |
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Term
| Describe the three requirements for a gift. |
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Definition
| The following are the three requirements for a gift: |
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Term
| How are dower and curtesy rights affected by the following: |
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Definition
| Even though a spouse's will gives the surviving spouse less than the rightful dower or curtesy portion, the surviving spouse can elect to receive the dower portion. Divorce, however, bars dower and curtesy rights. |
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Term
| Distinguish between joint tenancies and tenancies in common. |
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Definition
| In joint tenancies, the estate goes entirely to the other joint tenant in the event of one joint tenant's death; joint tenants hold equal shares; all conditions apply equally to all joint tenants; and the same deed must name all joint tenants as owners. Tenancies in common, however, involve no survivorship, allow parties to own unequal shares, and do not require parties to derive their interests in the same deed from the same grantor. |
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Term
| What does a condominium unit owner own? |
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Definition
| A condominium unit owner owns an individual unit, or separate, defined area, as well as an undivided interest in common or public areas that serve all individual units. |
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Term
| What essential terms must a contract for the sale of real estate contain? |
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Definition
A contract for the sale of real estate requires the following three essential elements:(1) The contract must be in writing (2) The contract must list the essential terms of the contract, such as a description of the premises to be sold and the price of the premises. (3) The contract must list the nonessential terms of the contract, such as the time of closing. |
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Term
| Would a buyer prefer a general warranty deed or a special warranty deed? |
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Definition
| A buyer would prefer a general warranty deed because a special warranty deed does not protect the buyer against earlier defects in the property. |
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Term
| What are the requirements of a deed? |
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Definition
| The requirements of a deed are as follows:The deed must be in writingThe grantor must be legally competent and must sign the deedThe deed must name the granteeThe deed must state the considerationThe deed must contain words that specifically state that a transfer of the property is occurringThe deed must contain a description of the property conveyedThe deed must be datedThe deed may contain a paragraph relating to the transfer of the property, date of transfer, and location of the recorded copy of the deedSome states require the grantor's signature under sealSome states require witnesses to the grantor's signatureThe deed must be deliveredMost states require an acknowledgement, usually by the notary public |
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Term
| Why is the recording of a deed important? |
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Definition
| Without the recording of a deed, no public notice exists that the transfer of real property has occurred. |
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Term
What rights does a mortgagee have against the following:b. A subsequent purchaser |
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Definition
a. A mortgagee has the right to foreclose agains the owner if the loan is not paid when due, and to obtain deficiency judgments against owners for the remainder of the loan after the property is sold. b. A mortgagee may also collect deficient payments from a subsequent purchaser after forecloser. |
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Term
| In what situations are the following most suitable? |
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Definition
a. Trust deeds are most suitable when large loans are involved. b. Buyers frequently use land contracts when they have poor or inadequate credit ratings or do not have enough money for down payments. |
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Term
| What are the requirements for one to obtain title by adverse possession of the lands of another? |
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Definition
| The requirements for obtaining title by adverse possession of another person's land are as follows:The adverse party must have exclusive possession of the property and occupy it in the usual way.Possession must be open and obviousPossession must be adverse, or hostile, and without the owner's permissionPossession must be continuous for a statutory period, usually a lengthy period, such as twenty years or more. |
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Term
| Explain the tests for whether particular property is a fixture. |
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Definition
| Three tests determine whether property is a fixture: (1) The article cannot be removed without substantial injury to the realty. (2) The article is especially constructed or fitted for use in a building, or the article is installed in the building to enable people to use the building (3) The party who attached an item intended it to become part of the land or building. |
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Term
| How can easements be created? |
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Definition
| Easements can be created by express words, by implication, or by prescription (adverse possession). |
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Term
| Give some examples of profits a prendre. |
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Definition
| The rights to mine coal, remove sand and gravel, or cut down trees are profits a prendre. |
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Term
| What matters to zoning laws and building codes, respectively, typically control? |
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Definition
| Zoning laws regulate building construction and occupancy and land use according to a comprehensive plan. Building codes regulate technical construction details, such as electrical wiring and heating. |
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Term
| What is the landlord's primary duty? |
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Definition
| The landlords's primary duty is to deliver possession of the premises to the tenant on the lease's inception date. |
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Term
| What are a landlord's remedies against a tenant? |
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Definition
| A landlord's remedies against a tenant are the right to evict a tenant or apply to a court for help in the event of a tenant's breach of lease. The landlord can also seize a tenant's property and hold it for unpaid rent (distraint) or may impose a nonpossessory lien on a tenant's property for rent due. |
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Term
| What are a tenant's primary rights and duties? |
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Definition
| A tenant's primary right is the right to occupy the premises. A tenant's primary duty is to leave the premises in the same condition they were in at the lease inception, except for reasonable wear and tear. |
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Term
| Who is liable for injuries to third parties on rented or leased property? |
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Definition
| Landlords are liable for injuries to third parties if the injury is the result of a landlord's negligent acts or latent defects on the premises. |
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