POL 220 Chapter 11: Property Law

52 flashcardsby Claire
Study these flashcardsFree · spaced repetition · iPhone, Android, Mac & web

All cards

1
real property
land, including anything affixed to the land or growing upon the land
2
personal property
property other than real property
3
intellectual property
the results of one's thoughts, ideas, or inventions
4
fixtures
items affixed to real property and treated like real property
5
fee simple
ownership of land with the right to freely transfer the property
6
fee simple absolute
fee simple wihtout conditions
7
joint tenancy
co-ownership of property characterized by a right of survivorship
8
tenants in common
co-ownership of property that carries no right of survivorship
9
community property
property owned jointly by married persons; not all states recognize community property
10
tenants by entirety
property owned jointly by married persons in noncommunity property states
11
life estate
the right to use real property for the term of someone's life
12
defeasible fee
interest in real property that can terminate because of some future event or contingency
13
Fee simple interest subject to a condition subsequent
property ownership that is terminated upon a designated occurrence that happens or fails to happen
14
deed
document that evidences real property; it is also used to convey property
15
legal description
identifying information on a land document that is specific to particular piece of property
16
Recording statute
law that dictates legal procedure by which an individual claiming an interest in real property formally establishes their claim to that property and includes the legal description of the property
17
what are the three different types of deeds
- warranty deeds
- grant deeds
- quitclaim deeds
18
warranty deeds
type of deed used in some states that implies certain representations regarding title; a deed containing a covenant of warranty
19
grant deed
type of deed used in some states for the transfer or sale of real property from one person (or entity) to another person (or entity)
20
quitclaim deed
a deed that implies no representation or warranties regarding the title
21
adverse possession
acquisition of property that is titled to someone else through possession of the real property
22
acronym to remember elements of adverse possession
OCEAN
23
open or obvious usage of the property
O in ocean
24
continuous possession for state's prescribed time period
C in ocean
25
exclusive possession by adverse possessor
E in ocean
26
actual possession of another's property
A in ocean
27
notiorous or usage that is not secretive
N in ocean
28
easement
right to a limited use of a portion of another's property
29
license
permission to use another's property for a specified purpose and during a defined period of time
30
mortgage
encumbrance against real property
31
foreclosure
legal proceeding involving the sale of encumbered or mortgaged property when the owner fails to pay the debt
32
deed of trust
document that evidences a debt secured by real property
33
tenancy
the right to use another's property for a limited time
34
zoning
method of property planning in which a municipality or other tier of government divides land into areas of usage for specific purposes
35
eminent domain
power of the government to take private property and convert it into public use under the 5th amendment
36
month-to-month tenancy
indefinite tenancy that is renewed on a monthly basis until notice is provided by either party
37
rental agreement
short-term agreement between parties that can be updated and changed with each new period
38
lease
an agreement between an owner of property and another in which the owner of property gives the other person the right to use the property for a short period of time
39
warrant of habitability
requirement that landlords keep their property “habitable” or in a living condition, which typically requires working plumbing, heat, and electrical fixtures
40
unlawful detainer
lawsuit to evict a tenant
41
quiet title
lawsuit to determine title to a property; this occurs where more than one party claims ownership or where ownership is uncertain
42
specific performance
contract-type action, but in real estate this often involves an action where one party sues to get formal title and possession of property based on some contract
43
ejectment
lawsuit to reclaim possession of property from an individual who claims some interest in the property
44
unlawful detainer
lawsuit to remove a party, usually a tenant, who no longer has the right to occupy the premises, often because of failure to pay rent or failure to comply with conditions of the lease or rental agreement
45
partition
lawsuit to divide property between two or more owners sometimes where parties cannot agree on the use of the property
46
infringement
improper interference in the intellectual property rights of another person
47
copyright
method of protecting “original works of authorship” against misappropriation
48
fair use doctrine
allows the use of copyrighted material without permission under certain circumstances
49
how long are patents good for
20 years
50
patent
type of intellectual property that identifies a unique process, plant, or design concept
51
trademark
intellectual property that protects a sign, design, or expression that identifies a product or service of a company or person
52
trade secrets
intellectual property that protects formulas, practices, processes, and other similar information that has an inherent economic value because it is not generally known to others
Study all 52 cards for free