Real & Personal Property

Front 1

What is property?

Back 1

refers to the rights that are legally protected (Things that are visible-invisible, tangible-intangible that have value)

Front 2

What is real property?

Back 2

things that are immovable, such as land,

includes things under land, such as oil & minerals

things solidly attached to the land, such as buildings and trees

Front 3

What is personal property?

Back 3

things that are movable, such as furniture & clothing (aka chattel)

Front 4

What is the most common (possibly only) way to transfer ownership interests (title) in property?

Back 4

a deed

Front 5

What is included in a deed?

Back 5

identify current owner (grantor)

describe land

identify new owner

state that ownership is being transferred

(possibly subject to certain conditions)

Front 6

What are the most common deeds? Describe each.

Back 6

Quitclaim deed - conveyance that passes whatever interest the grantor had in the property (used in settlements in property suits - may not provide any assurance of good title to property)

Warranty deed - promises that a good, clear title to the property is being conveyed by the grantor (most often used in personal & business property transactions and provides buyer w/ most protection)

Seller/grantor warrants that property is free of any liens or encumbrances unless revealed in title.

Special Warranty deed - grantor warrants that the buyer or grantee has received title, and that the property was not encumbered during the ownership by the grantor, but does not warrant things that my have happened prior to ownership by grantor (not as safe as warranty deed)

Front 7

What is title?

Back 7

is the means by which the owner of property as legal possession of the property (comes from receipt of valid deed)

Front 8

What is an estate?

Back 8

an interest in land which 1) is or may become possessory and 2) is ownership measured in terms of duration

Front 9

What is fee simple?

Back 9

Form of ownership:

means the right to exclusive possession of a particular piece of land for an indefinite time, as well as the right to dispose of the land as the owner pleases

w/ fee simple, real estate can be inherited, transferred,or sold

Front 10

What is often legally separated from ownership of the surface land?

Back 10

mineral rights

Front 11

What are the three forms by which people may hold property jointly w/o creating a business entity? Describe each.

Back 11

Tenancy in common -each tenant has undivided interest in property, if one tenant dies, that interest asses to estate/heirs

Joint tenancy - most common among married couples/ each tenant has same interest in UNDIVIDED possession of property / if one tenant dies, ownership passes to other owner

Life estate (tenancy by the entirety) - gives person right to be a tenant for life

Front 12

What is a trust?

Back 12

another form of ownership created by common law that separates legal and beneficial ownership of property

Trustee owns legal title & makes decisions regarding property for benefit of beneficiary.

Beneficiary holds equitable title to property.

Front 13

What type of ownership exists for condominiums?

What is the duty of the owner?

What is the duty of the group of owners?

Back 13

1) fee simple

2) to maintain owner's own space/area

3) to improve & maintain common areas (lobby, elevators, etc.)

Front 14

What are servitudes?

Back 14

Limitations or requirements about the use of property (imposed by owner, can be + or - requirements)

Front 15

What are the most important servitudes? Describe each.

Back 15

Easement-

Covenant -