Cpcu 530 Ch 5

Front 1

Real property (realty)

Back 1

refers to rights in land and things attached to land; in effect, what you’d leave behind if you moved.

Front 2

Realty

Back 2

is another term for real property.

Front 3

Personal property (personalty)

Back 3

refers to rights in all property other than real property; in effect, what you’d take with you if you moved.

Front 4

Personalty

Back 4

is another term for personal property.

Front 5

Ownership

Back 5

includes the right to exclude others, the right to transfer title, and the duties to pay taxes and refrain from interfering with the rights of others.

Front 6

Possession

Back 6

is custody of or control over property.

Front 7

Intellectual property rights

Back 7

include copyrights, patents, and trademarks.

Front 8

Copyright

Back 8

may only be obtained on an original work of authorship, such as a book, music, or computer software; is good for 70 or 95 years beyond its author’s death.

Front 9

Fair use doctrine

Back 9

allows others to use copyrighted work for limited purposes such as teaching, research, criticism, or comment.

Front 10

Patent

Back 10

protects an inventor’s rights in his new, useful, nonobvious invention; is good for 17 years.

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Accession

Back 11

creates an interest in personal property through increase or addition; examples: changing raw materials into a finished product, painting a house, pets giving birth to offspring, and growing crops.

Front 12

Relative value test

Back 12

holds that if the value of the finished product greatly exceeds the value of the original goods, the innocent party who made those improvements may retain title to the product and pay the owner the reasonable value of the original goods.

Front 13

Confusion

Back 13

is the intermingling by one party of fungible goods owned by two or more parties; ownership of the entire mixture is the proportion to the premixing ownership.

Front 14

Bailor

Back 14

transfers possession of property to a holder (bailee) for a particular purpose with the intention that the property will be returned after completion of that purpose.

Front 15

Bailee

Back 15

holds property transferred by a bailor in a bailment.

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Bailment

Back 16

arises when the owner of property (bailor) transfers possession to a holder (bailee) for a particular purpose with the intent that the property will be returned after completion of that purpose.

Front 17

Possessory lien

Back 17

may be asserted by a bailee against goods in his possession as security for the payment of a debt arising from the present bailment only.

Front 18

Negligent entrustment

Back 18

is the legal doctrine that a bailor who negligently entrusts property to an incompetent bailee may be liable if injury results to third persons; example: tossing your car keys to a drunk.

Front 19

Gift

Back 19

is the voluntary transfer of property without valuable consideration.

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Donor

Back 20

gives a gift. Doneereceives a gift.

Front 21

Fixture

Back 21

was personal property that became part of real property when it was permanently attached to real property, became machinery necessary for the operation of the building, or that is intended to become real property.

Front 22

Fee simple estate

Back 22

represents complete ownership rights in property.

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Life estate

Back 23

lasts only for the life of the donee (life tenant) or of some other specified person.

Front 24

Tenancy

Back 24

is a right to possession and/or ownership.

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Joint tenancy

Back 25

is an equal shared interest that passes to the other tenants upon any owner’s death; grants the last surviving joint tenant the property in fee simple.

Front 26

Tenancy by the entirety

Back 26

is a joint tenancy between only a husband and wife.

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Tenancy in common

Back 27

is a shared interest in property which may be sold or willed and need not be held in equal shares.

Front 28

Community property

Back 28

is acquired by a husband and wife with shared funds obtained during their marriage.

Front 29

Cooperative ownership

Back 29

involves each owner’s purchase of corporate shares representing the value of his unit.

Front 30

Condominium ownership

Back 30

gives each owner a fee simple interest in his private unit and a tenancy in common in the public areas.

Front 31

Vendor

Back 31

is a seller. Vendeeis a buyer.

Front 32

Grantor

Back 32

transfers real estate ownership rights to the grantee.

Front 33

Grantee

Back 33

receives real estate ownership rights transferred from the grantor.

Front 34

Deed

Back 34

is a written transfer of real estate ownership rights.

Front 35

Quit

Back 35

claim deedtransfers whatever ownership rights, if any, the grantor has and contains no warranties.

Front 36

General warranty deed

Back 36

contains the grantor’s warranties that the title is free of any encumbrance, that he holds the title being transferred, and that no one has better title.

Front 37

Special warranty deed

Back 37

warrants that the title is free of any encumbrance that attached since the grantor took title.

Front 38

Bargain

Back 38

andsale deedtransfers specific ownership rights like a warranty deed, but does not contain warranties of title.

Front 39

Mortgagor

Back 39

borrows money secured by real property.

Front 40

Mortgagee

Back 40

lends money secured by real property.

Front 41

Foreclosure

Back 41

occurs when the mortgagor defaults on his mortgage payments and the mortgagee brings legal action for the sale of the property to pay the debt.

Front 42

Trust deed (deed of trust or trust indenture)

Back 42

transfers land from the borrower (trustor) to a trustee for the benefit of the beneficiaries (or bondholders) when borrowing large sums of money.

Front 43

Deed of trust

Back 43

is another term for trust deed. Trust indentureis another term for trust deed.

Front 44

Land contract

Back 44

is an agreement to sell property in which the buyer takes possession of the land, but receives title only after he has paid a stated percentage of the purchase price.

Front 45

Mechanic’s lien

Back 45

protects the rights of a mechanic or a material supplier to obtain payment for labor and material used in construction or improvements on real property.

Front 46

Adverse possession

Back 46

provides a party with full title to another’s property if the adverse party has exclusive, open, hostile (without the owner’s permission) possession and use of property for a continuous period specified by statute.

Front 47

Lateral support

Back 47

is the owner’s right to support of land still in its natural condition so excavation by another on adjacent property will not cause the owner’s land to collapse or subside; also known as subjacent support.

Front 48

Subjacent support

Back 48

is the owner’s right to support of land still in its natural condition so excavation by another of subsurface areas on adjacent property will not cause the owners land to collapse or subside; also known as lateral support.

Front 49

Trade fixture

Back 49

includes any fixture, machinery, or structure attached to real property for trade purposes; if it can be removed without permanent damage to the other real property, the tenant who paid for it has the right to remove it.

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Improvement and betterment

Back 50

is a lessee’s substantial alteration or addition to real property; is usually pluralized.

Front 51

Incorporeal interest

Back 51

is a nonmaterial interest in land such as an easement, profit a prendre, restriction on land use, or rent.

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Easement

Back 52

is the nonpossessory right to use another’s property for a particular purpose that benefits adjacent property.

Front 53

Profit a prendre

Back 53

is the right to take part of another’s soil or a product of that soil such as gravel, cordwood, or vegetables.

Front 54

License

Back 54

grants permission to do something on another’s land that otherwise would be illegal or would a constitute trespass.

Front 55

Zoning

Back 55

is government regulation of land and building use, construction, and occupancy.

Front 56

Spot zoning

Back 56

gives a small area of land a use classification different from its surrounding area.

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Exclusionary zoning

Back 57

prohibits additional buildings or requires high standards, such as tenacre houselots.

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Special exception

Back 58

is a desirable land use permitted by the zoning ordinance but subject to limitations, such as a school in a residential zone.

Front 59

Variance

Back 59

allows specific, future relief from strict application of a zoning law.

Front 60

Hardship variance

Back 60

is provided in a situation in which, because of size, topography, or other physical limitations, a given lot does not conform to the ordinance.

Front 61

Use variance

Back 61

permits an otherwise prohibited use within the zone.

Front 62

Nonconforming use

Back 62

exists at the time a zoning law is passed and violates the law, but is allowed to continue to avoid the Constitutional prohibition against taking of property without due process.

Front 63

Building code

Back 63

regulates a technical detail of construction; is usually pluralized.

Front 64

Eminent domain

Back 64

allows the government to take real property for public use if it pays fair market value to the owner after completing condemnation proceedings.

Front 65

Condemnation proceeding

Back 65

involves the government to filing a petition in court stating the property desired and the public use involved.

Front 66

Tenancy at will

Back 66

can be terminated without notice.

Front 67

Estate for years

Back 67

is a tenancy for a definite period of time.

Front 68

Periodic tenancy

Back 68

is a tenancy that automatically renews without a termination date.

Front 69

Holdover tenant

Back 69

stays on the premises after the lease expires, creating a periodic tenancy.

Front 70

Constructive eviction

Back 70

occurs when conditions arise that prevent the tenant’s enjoyment of a substantial or integral part of the premises.

Front 71

Distraint

Back 71

allows the landlord to peaceably seize and sell his tenant’s possessions for defaulted rent.