jeopardy -property law

JeopardyProperty Law

Donna M. Kesot, CPCU©October 3, 2011

100 100 100 100

Property TypesAcquisition

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Land Use Restriction

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Realty Ownership

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C1 100 Question

Intellectual Property Rights

C1 100 Answer

What is the legal entitlement attached to the expressed form of an idea or of other intangible subject matter?

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C1 200 Question

A property right granted by the U.S. government

C1 200 Answer

What are: Patent (17 years) Copyright (95 yrs from publication, 120

years from creation) Eminent Domain (this right to seize

property can also be done by state and local governments)

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C1 300 Question

Patent

C1 300 Answer

What is an intangible property right granted by the U.S. government to an inventor or application for a limited time period to exclusively own and control a new, useful, and nonobvious invention.

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C1 400 Question

Includes rights to water, minerals, and things attached

C1 400 Answer

What is real property? Realty includes land, structures on the

land, rights attached to the land like water, mineral, trees, fixtures, the right to pass to the land of another

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C2 100 Question

Two types of estate, or ownership interest in real property

C2 100 Answer

What are 1. Fee Simple Estate (full ownership,

unconditional disposal)2. Life Estate (possession & income for

quality or Time, e.g. HI, Palm Springs, Mexico). Does not pass at death.

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C2 200 Question

Concurrent Estates

C2 200 Answer What are1. Joint Tenancy (concurrently owned & undivided interest)

2. Tenancy in the entirety (undivided interest but a sale or contract to sell does not sever the tenancy, individual creditors of the other spouse cannot attach the property to a claim, neither party owns individually a portion than can be mortgaged)

3. Tenancy in common (no survivorship, can be unequal shares, need not be on same deed from same grantor)

4. Community Property (each spouse has undivided one-half interest)

HomeTenancy: possession or ownership or both

C2 300 Question

Cooperative Ownership

C2 300 Answer

What is ownership by a corporation, the stockholders of which receive long-term proprietary leases to a portion of the property and a proportional vote in its affairs based on the number of shares owned.

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It differs from a condominium ownership which has individual ownership of a unit, or separate defined area and which has an undivided interest in common or public areas

C2 400 Question

Elements of a Contract of Sale

C2 400 AnswerWhat are: Vendor (seller)/Grantor (conveys property to

another) Vendee (purchaser)/Grantee buyer after deed

execution)

Must be in writing Must list essential terms to sufficiently identify

the property and the price

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C3 100 Question

An increase or addition to property

C3 100 Answer

What is Accession?e.g. a coat of paint, additions & improvements, an animal birthing, transformation of raw material to a finished good (lumber)

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C3 200 Question

Gifts

C3 200 Answer What is the voluntary and gratuitous

transfer of property without consideration.

Donee—recipient of gift

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3 Necessary Element:1. Donative Intent2. Delivery3. Acceptance

C3 300 Question

Adverse Possession

C3 300 Answer

What is the claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and continuous for a statutory period?

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C3 400 Question

Two types of Acquisitions that involve liens

C3 400 Answer

Trust Deed Mortgage Contract of Sale Land Contracts

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C4 100 Question

Four types of seller’s restrictions on Land use

C4 100 Answer

What are1. Cost of homes to be built2. Minimum/maximum size of buildings3. Types of contruction4. Use of the land (conservation)Generally for a period of 30 to 40 years

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C4 200 Question

Ways Easement can be created

C4 200 Answer

What are by express words, by implication, or by prescription

› This nonpossessory right uses another person’s property for a particular purpose.

› must benefit adjacent land

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C4 300 Question

A right or privilege to enter another’s land and take away something of value from its soil or from the products of its soil

C4 300 Answer

What is Profit a’ Prendre?› Coal, sand, gravel, trees› e.g. IL supplies the fracking sand for other

states

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C4 400 Question

4 Land Use Restrictions

C4 400 Answer

What are incorporeal Interests?1. Easement2. Profits a’ Prendre3. Sellers’ Restrictions4. Lease Situatons

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