Business Law Test #3

Front 1

Real Property

Back 1

The legal interests in land and things attached to or growing on land

Front 2

Personal Property

Back 2

The rights, powers, and privileges a person has in things that are not real property

Front 3

Tangible

Back 3

Describes property that is physical in character and capable of being moved

Front 4

intangible

Back 4

something that represents value but has no physical nature

Front 5

Situs

Back 5

"place, situation". THe place where a thing is located (the situs of land is the state or county where it is located)

Front 6

Fixture

Back 6

As an item of personal property that has become attached or annexed to real estate, a fixture generally is treated as part of the real estate

Front 7

Gift causa mortis

Back 7

A gift made in anticipation of death ( if the donor survives, the gift is revocable)

Front 8

Bailment

Back 8

delivery of personal property to another for a special purpose (delivery is made under a contract, either expressed or implied, and upon the completion of the special purpose, the property shall be redelivered to the bailor or placed at his or her disposal

Front 9

Common Carrier

Back 9

One who is engaged in the business of transporting personal property from one place to another for compensation (such person is bound to carry for all that tender their goods and the price for transportation. A common carrier operates as a public utility and is subject to state and federal regulations)

Front 10

Will

Back 10

The formal instrument by which a person makes disposition of his or her property, to take effect on his or her death

Front 11

Encumbrance

Back 11

A burden on the title to the land, such as a mortgage or other lien.

Front 12

Fee simple absolute

Back 12

This is the most complete interest a person may have in land and includes the entire bundle of rights. Such an estate is not qualified by any other interest, and it passes upon the death of the owners to the heirs, free from any conditions

Front 13

Waste

Back 13

Damage to the real property, so its value is impaired

Front 14

Easement

Back 14

A right that one person has to some profit, benefit or use in or over the land of another that is created by a deed, or acquired by prescription (the continued use of another's land for a statutory period) or by implication

Front 15

License (privilege)

Back 15

A mere personal privilege given by the owner to another to do designated acts on the land of the owner

Front 16

Tenancy in common

Back 16

This is the most usual method of two or more persons owning property at the same time. None of the formalities or unities specialized forms of co-ownership is essential for this method

Front 17

Joint tenancy

Back 17

Two or more persons that own property in such manner that they have "one and the same interest, accruing by one and the same conveyance, and the same time, and held by one and the same undivided possession" (upon the death of one joint tenant, his or her property passes to the survivor or survivors)

Front 18

Eminent domain

Back 18

The right that resides in the United States, state, county,city, or other public body to take private property for public use upon payment of just compensation

Front 19

Deed

Back 19

A written instrument in a special form, signed, sealed, delivered, and used to pass the legal title of real property from one person to another

Front 20

Grantor

Back 20

A person who executes the deed, thereby transferring title

Front 21

Grantee

Back 21

A person to whom a grant is made; one named in a deed to receive title

Front 22

Notary public

Back 22

A public officer authorized to administer oath

Front 23

Escrow agent

Back 23

A third party other than the grantor and grantee who holds the signed deed until the buyer has paid the full purchase price

Front 24

Adverse possession

Back 24

acquisition of legal title to another's land by being in continuous possession during a period prescribed in the statue of limitations

Front 25

Lease

Back 25

a contract by which one person divests himself ot herslelf of possession of land and grants such possession to another for a period of time

Front 26

Eviction

Back 26

An action by a landlord to expel a tenant

Front 27

lien

Back 27

The right of one person, usually a creditor, to keep possession or control of the property of another for the purpose of satisfying a debt

Front 28

Distress for Rent

Back 28

The taking of personal property of a tenant in payment of rent

Front 29

mortgage

Back 29

a conveyance of an interest in real property for the purpose of creating a security for a debt

Front 30

Cloud on the tide

Back 30

A defect, encumbrance, or other interest that exists in the record title to land

Front 31

Deed of trust or trust deed

Back 31

an instrument by which title to real property is conveyed to a trustee to hold as security for the holder of notes

Front 32

Foreclosure

Back 32

The forced sale of property, which is used as security, to satisfy the obligation of a defaulting debtor

Front 33

Partnership

Back 33

A business organization consisting of two or more owners who agree to carry on a business and to share profits and losses

Front 34

limited partnership

Back 34

This is a partnership in which one or more individuals are general partners and one or more individuals are limited partners. The limited partners contribute assets to the partnership without taking part in the conduct of the business. They are liable for the debts of the partnership only to the extent of their contributions

Front 35

Corporation

Back 35

A collection of individuals created by statute as a legal person, vested with powers and capacity to contract, own, control, convey property, and transact business within the limits of the powers granted.