Jeopardy -property law
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Transcript of Jeopardy -property law
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JeopardyProperty Law
Donna M. Kesot, CPCU©October 3, 2011
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100 100 100 100
Property TypesAcquisition
s
Land Use Restriction
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Realty Ownership
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C1 100 Question
Intellectual Property Rights
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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
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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
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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
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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
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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
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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
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C2 300 Question
Cooperative Ownership
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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
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C2 400 Question
Elements of a Contract of Sale
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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
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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
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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
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C3 300 Question
Adverse Possession
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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
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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
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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
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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
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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
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C4 400 Answer
What are incorporeal Interests?1. Easement2. Profits a’ Prendre3. Sellers’ Restrictions4. Lease Situatons
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