Business Law - Chapter 24

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  1. Define Real Property
    • immovable
    • land, subsurface and airspace rights, plant life and vegetation, and fixtures
  2. Define Fee simple absolute
    The most complete form of ownership
  3. Define life estate
    • An estate that lasts for the life of a specified individual, during which time the individual is entitled to posses, use, and benefit from the estate.¬†
    • Life tenant's ownership rights cease to exist on her or his death
  4. Define nonpossessory interest
    an interest that involves the right to use real property but not to possess it. Easements, profits, and licenses are nonpossessory interests
  5. What are some ways to transfer ownership of real property
    • Deed
    • Will or inheritance
    • adverse possession
    • eminent domain
  6. Warranty deed
    provides the most extensive protection against defects of title.
  7. Quitclaim deed
    conveys to the grantee only whatever interest the grantor had in the property.
  8. How can you give third parties notice of an owner's interest in property
    Recording statute - a deed can be recorded in the appropriate jurisdiction
  9. What is the state inheritance statute
    says how heirs will inherits property when someone dies without a will
  10. What is adverse possession
    When a person possesses the property of another for a statutory period of time (10 yrs) that person acquires title to the property
  11. What are the requirements of an adverse possession?
    • The possession is actual and exclusive: Take sole physical occupany of the property
    • open, visable, notorious: occupy the land for all the world to see
    • continuous and peaceable for the required period of time: possessor must not be interrupted in the occupancy by the true owner or by the courts
    • hostile and adverse: without the permission of the owner
  12. Define eminent domain
    The government can take land for public use, with just compensation, when the public interest requires the taking
  13. What are some types of tenancise
    • Fixed-term tenancy
    • Periodic Tenancy
    • Tenancy at will
    • Tenancy at sufferance
  14. Define Tenancy/leasehold estate
    an interest in real property that is held for only a limited period of time, as specified in the lease agreement
  15. Define fixed term tenancy
    tenancy for a period of time stated by express contract
  16. Define periodic tenancy
    Tenancy for a period determined by the frequency of rent payments and automatically renewed unless proper notice is given
  17. Define tenancy at will
    Tenancy for as long as both parties agree. No notice of termination is required
  18. Define tenancy at sufferance
    Possession of land without legal right
  19. What decides if a lease must be in writing and the lease terms that are allowed
    State or local laws
  20. What rights and duties arise under a lease agreement
    • Possession: the tenant has an exclusive right to possess teh leased premises. The landlod nor anyone else can disturb the tenant's use and enjoyment of the property
    • use and maintenance of the premises: the tenant may make any legal use of the property. Tenant is responsible for any damage he/she causes. Landlord must comply with laws that set specific maintenance¬†
    • Rent: The tenant must pay the rent as long as the lease is in force, unless the tenant justifiably refuses to occupy the property or withhold the rent because of the landlord's failure to maintain the premises properly
  21. Define implied warranty of habitability
    The landlord must maintain residential premises in a habitable condition (a condition safe and suitable for human life)
  22. What happens when landlords transfer rights to leased property
    If the landlord transfers complete title to the leased property, the tenant becomes the tenant of the new owner. The new owner may collect the rent, but must abide by the existing lease
  23. What happens when a tenant transfer rights/sublease to leased property
    The original tenant is not relieved of any obligations to the landlord under the lease. Landlord's consent may be required, statutes may prohibit the landlord from unreasonably withholding consent
  24. What are common law actions violators of environmental law
    Persons may be held liable for the tort of nuisance if their property unreasonably interferes with others' rights to use their own property.
  25. Can someone recover damages against someone who violates environmental laws?
    • yes, if the injuries sustained as a result of a firm's pollution-causing activities
    • required to demonstrate that the harm was a foreseeable result of the firm's failure to exercise reasonable care (negligence)
  26. Is a business that engages in ultra-hazardous activities liable for injuries that someone may have incurred if they exercised reasonable care?
    yes, businesses engaging in ultra-hazardous activities are liable for whatever injuries the activities caused, regardless of whether the firms exercise reasonable care.
  27. What federal agency regulates environmental law and administers most federal environmental policies and statutes
    Federal Environmental Protection Agency (EPA)
  28. What act requires the preparation of an environmental impact statement (EIS) for every major federal action.
    The National Environmental Policy Act
  29. What is the requirement of the Environmental Impact Statement (EIS)
    Analyze the action's impact on the environment, its adverse effects and possible alternatives, and its irreversible effects on environmental quality
  30. What act regulates air pollution
    Clean Air Act and its amendments
  31. What act regulates water pollution
    Clean Water Act
  32. What acts regulates toxic chemicals and hazardous waste (Pesticides and herbicides, toxic substances, and hazardous waste)
    • Federal insecticide, fungicide, and rodenticide act
    • Toxic Substances Control Act
    • Resource Conservation and Recovery Act
  33. What act regulates the clean-up of disposal sites
    Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), as amended.
Card Set:
Business Law - Chapter 24
2013-12-10 03:03:54
Business Law

Chapter 24 - Real Property and Environmental Law
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