Property Law Quiz

by finding

-Finders of Lost or Mislaid Property may keep property that is truly lost, as in the true owner has no idea where the property is -anyone who loses property has the right to recover it from a finder; when the finder knows who the true owner is, the finder has a duty to return it to the owner

by gift

-a voluntary transfer of property from one party to another without consideration -Actual Delivery - physical delivery of subject matter -Constructive Delivery - an action that is representative of a physical delivery (ex. putting keys for a new car in a box as a present) -there must be intent, delivery, and acceptance

Tenancy in Common

-allows UNEQUAL ownership shares, NO right of survivorship, NO restrictions on the transfer of ownership -most common form of co-ownership -unity of possession but separate titles -if a tenant in common dies, the ownership passes to that person's estate or heirs -there can be ANY NUMBER of co-owners -interests are UNEQUAL -consent of co-owners is NOT required for sale -will effects the beneficiaries, but DOES NOT replace survivorship

by contract

-any kind of property may be acquired, transferred, bought, or sold through the use of contracts -has to be an offer, acceptance, and consideration -Statute of Limitations applies, a transfer in real property must be in a written contract

adverse possession

-applies to acquiring the land of another by continuously occupying it for an extended period of time, usually 10 years (depending on state laws) -must: be without consent of the owner, be visible to the public, have some legal basis

Joint Tenancy

-co-ownership featuring the right of survivorship -each co-owner owns ALL of the property at the same time -if a joint tenant transfers their ownership in the property, the joint tenancy dissolves and becomes a tenancy in common -if a co-owner dies, the other joint tenant owns everything but IS NOT responsible for paying back any of the other person's unresolved debt -probate (showing proof of the will) is unnecessary -joint tenants cannot be created by law -a corporation and a person CANNOT be joint tenants -a joint tenant can sell, mortgage, or transfer his/her interest without the consent of the other -there can be ANY NUMBER of co-owners -interests are EQUAL -co-owners DO NOT have to be married -a will DOES NOT replace survivorship

Eminent Domain

-each state has the power to take private real property for its use or a public use by a city, a person, an association, or a corporation -according to the 5th Amendment -some cities take land to be sold to private companies, as even though it is not for public use, private companies create jobs and taxes for the state

Community Property, aka Tenancy by the Entireties

-exists only between husband and wife -includes the right of survivorship -both owners sign as obligors on a loan -each spouse owns 1/2 of all property acquired by the two of them during their marriage, excluding gifts and inheritances -in case of divorce: both own half of the property -creditors of own owner cannot sell the property to pay debts -ONLY 2 people can be co-owners -interests are EQUAL -consent of the co-owner IS required for sale -co-owners MUST be married -will cannot replace survivorship in all states, but can in some

Ownership in Severalty

-exists when one person holds all rights and interests

Donated Land

-land belonging to a private entity may be offered to a city, state, or other government body for its use or ownership -developed lands/parks/roads donated to government in exchange for their maintenance

1. Joint Tenancy 2. Tenancy in Common 3. Community Property (also known as Tenancy by the Entireties)

3 Types of Co-Ownership

by intellectual labor

Authors, Inventors, and Others create their own intellectual property; protected by common law created by state and federal government protected with copyrights, patents, trademarks, etc.

by contract by gift by accession by intellectual labor by finding by occupancy by inheritance

How is property acquired?

Homeowner's Insurance Renter's Insurance Flood Insurance Auto Insurance Earthquake Insurance

Types of Property Insurance

Health Auto Life Mortgage Casualty Renter's Property Liability

Types of Regular Insurance

-an owner of property is not permitted to use that property in an unreasonable or unlawful manner that injures another -government may adopt laws restricting ownership to protect the public health, safety, morals, and general welfare

What are some limitations on ownership?

property

a thing, tangible or intangible that is subject to ownership; a group of related legal rights

Constructive Delivery

action representative of a physical delivery (ex. giving keys to a car as a present, rather than putting a bow on the actual car)

by occupancy

adverse possession and eminent domain

premium

amount paid for the insurance coverage

insurance

contractual obligation taken on by one party to indemnity (made good) the loss incurred by another party; covers risks of all types, excluding the risk of doing business

right of survivorship

in which the surviving co-owner automatically gains the deceased co-owner's share of the property

insurer

party doing the insuring or covering

beneficiary

party that receives payment under the policy

insured

party whose interests are being protected

donor

person who gives a gift

donee

person who receives a gift

Actual Delivery

physical delivery of subject matter

Property Insurance

policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft

tangible personal property

rights and interests in anything that is not real property, pertains to things that can be physically touched

intangible personal property

rights and interests in anything that is not real property, specifically intellectual property or creations of the mind

personal property

rights and interests in basically anything that is not real property, tangible or intangible; it includes intellectual property or creations of the mind

real property

rights and interests in land, buildings, and fixtures

fixtures

tangible, movable things that become permanently attached to land and buildings

by accession

the right of an owner to an increase in the value of the property (ex. putting crops on one's farm increases the value of the farm)