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12 Cards in this Set
- Front
- Back
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What is property law?
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The bundle of rights that individuals or companies have to a piece of property.
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What is a lien?
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Creditors interest in a piece of property
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What are examples of Real Property?
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Land and structures
Timber and crops Airspace Minerals |
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What are the 2 types of Personal Property
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Tangible
Intangible |
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What is a Fee Simple Estate?
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Free hold property that you have the right to dispose of at will.
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What is a Fee Tail Estate?
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Created by a contract or will and disallowed alienation of the estate except with the family.
**Abolished in U.S.** |
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What is a life estate?
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The right to use the estate for the life of some individual
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What is the significance of the Treaty of Paris?
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(1783) Established the western border of the U.S. at the Mississippi River. 13 Colonies owned the land and transferred the territory to the Federal Govt.
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What is a General Warranty Deed?
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Grantor covenants against title defects created by himself and all prior title holders. (When property is sold the seller guarantees no other interest in the property)
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What is a Special Warranty Deed?
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Warranty that grantor did not create title defects.
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What is a Quitclaim deed?
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Release of whatever interest the grantor has in the property.
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What is a Beneficiary Deed?
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Used when property passes by will or laws of Intestacy.
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