The flashcards below were created by user
bailey826
on FreezingBlue Flashcards.
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In modern day property what do people hold land with
written deed
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When land transfers who is gets rid of land/ who takes possession of land
- grantor- seller
- grantee-buyer
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Where must land transfer be recorded
court house
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If you can't pay whole amount for land who helps
3rd party-bank
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What type of document is required for a mortgage
note
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If you own as much as possible of your land you own it in ____
fee simple absolute
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Others may have the following interest in land
- 1. mortgage
- 2. future interest
- 3. dowry
- 4. easements
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What is the one exception to life estates in land
Rule against Perpetuities
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What does the Rule against Perpetuitites state
can only give land for life of someone living plus 21 years
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What is reversionary interest
allows land to go back to decendent if something in the will has been broken
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How much interest does dowry allow
1/3
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What are the 3 types of easements
- 1. expressed
- 2. long used easement
- 3. negative easement
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Which case said coventants can't restrict selling to certain races
Shelly v. Kramer
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What way 4 ways can you lose your property (rights to your property)
- 1. squatting
- 2. zoning
- 3. nuisance suits
- 4. eminant domain
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What case said govt could take land and give to private developers
Kilo 2005
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Which case was about govt trying to make company put in bike trails as part of takings
Dolan
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Lucas case said govt. regulations can't amount to __ ___
govt. takings
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What are your 4 options if landlords violate contract
- 1. vacat
- 2. sue for monetary damages
- 3. withhold rent or wait for offset
- 4. repair yourself and deduct from rent
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What are the 2 categories for personal properties
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A gift needs __, ___, and ___
intent, deliver, acceptance
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What is the one exception to the gift taking back rule
engagment ring is conditional
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Which case is about owning wild animal
Pierson v. Post
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Are you liable if you are a shareholder in a corporation
no
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In a partnership are you personally liable for debt
yes
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What is intellectual property
trademarks, copyrights, patents
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Trademarks are for ___
business
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How long are trademarks good for
as long as it is viable
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Patents are for __
inventors
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Where are patent's registered
US Patent Office
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How long are patents issued
20 years
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Copyright is for ___
authors
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do you need govt. persmission for a copyright
no
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How long can copyright last
life plus 70 years
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People can use __ ___ for copyrights
fair use
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What things are required for valid will
- 1. written
- 2. witnessed by 2 people
- 3. signed
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What is a holographic wil
in own writting and signed
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What are the 2 circumstances that would prevent a will from being valid
- 1. mental incapacity
- 2. unduly influenced
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What is it called if you die without a will
interstate
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Without a will how much does a spouse get and what happens to rest
1/3 kids/grandkids
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Will that is equally split is called
per capita
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will that is proportionally split is called
per stirpes
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In a trust who sets it up and who gets it
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land in a trust is called
res
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What is the one exception to the rules of perpetutity in trust
charitable donations
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What is cy pres
finding a similar charitable orginzation if you charity becomes obsolete
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