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36 Cards in this Set

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  • Back
2 types of property
1) REAL - property that is fixed to a specific location i.e. land, buildings

2) PERSONAL - tangible,movable i.e. furniture, equipment, auto
INTANGIBLE - patents, receivables, stock, royalty rights, trademarks
what are fixtures?
assets that start out as personal property but are attached to real property (i.e. cementing a chalkboard to wall)
determine if fixture is part of real estate
based on INTENTION OF PARTIES
-use
-how attached
-not on price or depreciable life
how do you transfer ownership of personal property?
when not acquired by purchase:
-take possession
-production
-receive as gift
-will, or inhertiance
-accession - property is improved or added to
-confusion - identical goods are commingled
-finding - may take title to it (depends on circumstances)
-mislaid - someone leaving glasses at theatre
-property is lost - finder takes title and is effective against anyone except the owner
-abandoned - finder takes title, effective against all parties including the original owner
what do you need to transfer ownership of real property?
DEED - a document of title
-must be identify the property
-must be signed by the transferor (seller) of the property
-must be delivered by the seller with intent to transfer title
-does not need to be recorded to be valid
transfer of ownership of real property to be effective?
-need a deed

STATUTE OF FRAUDS
-names of grantor (transferor) and grantee (transferee)
-intent
-description
-must be delivered to purchaser
-grantor's signature
TYPES OF DEEDS
QUITCLAIM DEED

GRANT DEED

WARRANTY DEED
quitclaim deed
-"as is"
-transferor makes no warranties whatsoever
-usually by gift or inheritance, rarely used in sales
grant deed
-transferor warrants that they have done nothing to create any impairments of title during ownership
-does not protect the transferee against defects in title prior to transferor's period of ownership
-aka "bargain & sale" or "special warranty" deed
warranty deed
-no defects in title
-transferee is guaranteed full rights of use and enjoyment of the property, including a promise that there are no undisclosed claims against the property by any other property
How do you protect a deed?
-transferee may get title insurance
-insurance co will perform a search for any defects
What is an easement?
A defect in marketable title to real property
What do you need to make the deed valid?
must be recorded at the appropriate government office
NOTICE-RACE JURISDICTION
earlier claim will win if
-later claimant knew about the earlier claim
-the earlier claimant records the deed before the later claimant
-if mortgagee does not record its mortgage, a subsequent mortgagee will win b/c has superior security interest
In a notice-race jurisdiction, the later claimant will win when
-the later claimant records first
-did not know about the earlier claim when they acquired their rights
tenancy in common
2 or more persons (co-owners) with separate interests (%) in the same property

-can transfer interest - without consent of the others
-if one dies, bene's will be based on will
joint tenancy
-restrictive arrangement for co-owners
-right of survivorship
-interests must be equal to -TTIP
time, title Interest and Possession
-if one dies - interest will be automatically transferred to other joint tenants in equal shares
-can transfer interest without the consent of others - right of survivorship will no longer apply between transferee and other joint owners
What is a mortgage?
A Security Interest in Real Property
A mortgage to be effective:
-written
-description
-signed by mortgagor
-delivered to mortgagee
-same rules for deeds - notice - race
INTELLECTUAL PROPERTY - COPY RIGHTS
-exclusive right to reproduce and distribute creative work
-registration not reqd, but if registered owner gets rights to statutory damages and atty's fees
-valid for life of author plus 70 years
-computer software, computer databases
INTELLECTUAL PROPERTY - PATENT
-grant of the exclusive right to make, use and sell and invention for a term of years
-once patent expires, becomes public domain
INTELLECTUAL PROPERTY - TRADEMARK
work, symbol, name, device used by a merchant or manufacturer or merchant to identify & distinguish goods from competing goods and sources
-term - initially registered for a period of 10 years and can be renewed indefinitely
TRADE SECRET
information, a formula, pattern, diagram or process that makes a co unique
terms - property rights to trade secrets last indefinitely as long as it continues to meet the requirements of a trade secret
SEMICONDUCTOR CHIP PROTECTION ACT
Act prohibits taking apart semiconductor ships to copy them "mask works" - are protected for 10 years from time of registration or first commercial application
fair use doctrine
copyrighted items can be used for teaching, including distributing multiple copies for class use
modern law
generally protects intellectual property rights in software under patent law & copyright law
trademarks
valid indefinitely until abandoned
or company allows it to lose its distinctiveness
record a deed
gives constructive notice to all 3rd parties of the grantee's ownership
adverse possession
gaining title to land by hostile possession/takeover of property
-(owner doesn't allow this) but can legally happen
-if owner allows use of land, then not adverse possession
real estate settlement procedures act
provides home buyers more information about settlement process to protect them from high fees
-mortgage loans, 1st mortgage loans
federal tract commission act
purpose: to prevent unfair methods of competition & unfair or deceptive practices in commerce
-regulates compliance with antitrust laws
arm's length transaction
negotiation between unrelated parties acting in his/her interest
test: what would the 3rd party pay for the property?
eminent domain
power of government to take with just compensation private property for public use
tenancy in sufferance
tenant stays in possession of leased property without landlord consent
lesee's rights
-right to possession
-right to quiet enjoyment (neither lessor nor a 3rd party will evict the lesee unless lesee breached the K
-right of implied warrant of habitability (right to inhabit premises
that are fit for human occupation)
abandoned property
-owner relinquishes possession and title of property
-subsequent parties who acquire abandoned property with the intent to own it, acquire it