30 Questions
What is the obligation of the bailee towards the bailed property?
Duty of care
Which document serves as evidence of real estate ownership?
Deed
What is confusion in terms of property law?
The mixing of goods belonging to two or more owners
What type of lien can a bailee entitled to compensation place on bailed property?
Bailee's lien
In a valid gift, what is the relinquishment of ownership rights known as?
Donor's intent
What contract makes an offer on a 2nd potential contract irrevocable?
Option Contract
What is the legal term for a gift made during one's lifetime and not in contemplation of imminent death?
Gift inter vivos
Which term refers to ownership rights in property, including the right to possess and control it?
Dominion
What is the term for property with which the owner has involuntarily parted and then cannot find or recover?
Lost property
What is the term for the final step in the sale of real estate, where ownership is transferred to the buyer?
Closing
What does a grant deed signify?
Transfer of property from the grantor to another with an implied warranty of title
Acquisition of title to real property through open occupation, without the consent of the owner, is known as:
Adverse Possession
What is a Fee Simple Absolute?
A form of ownership with complete control and power over the property
What term describes a voluntary transfer of ownership without consideration, past or present?
Gift
What is the primary characteristic of a fixed-term tenancy?
Property leased for a specified period like a month or a year
What does industrial use refer to?
Land use for manufacturing, shipping, or transportation activities
What does the implied warranty of habitability ensure?
The house is fit for human habitation according to the seller's promise
What occurs during an eviction process?
The landlord deprives the tenant of possession of the leased property
What is the definition of commercial use?
Use of land for business activities only
What is the meaning of concurrent ownership?
Joint ownership
What does condemnation refer to?
Taking land for public use with just compensation
What does constructive eviction involve?
A form of eviction due to landlord's failure
What is the definition of conveyance?
The transfer of title to real property from one person to another
What is the concept of eminent domain?
The power to take land from private citizens for public use
What is inverse condemnation?
The government taking private property without compensation
What happens to the interest of a joint tenant upon their death?
It automatically transfers to the surviving joint tenants
What is a leasehold estate?
An interest in real property that gives a tenant the right to possess/use for a limited time under lease
What is a life estate?
An interest in land that lasts only as long as the holder's life
What does 'marketable title' refer to?
A title with no encumbrances or defects affecting ownership
What is 'Metes and Bounds' used for?
Describing boundary lines using physical features of local geography
Study Notes
Obligations and Rights
- A bailee has an obligation to take reasonable care of the bailed property and return it to the bailor.
Types of Liens
- A bailee who is entitled to compensation can place a possessory lien on the bailed property.
Gift and Ownership
- The relinquishment of ownership rights in a valid gift is known as donation.
- A gift made during one's lifetime, not in contemplation of imminent death, is known as an inter vivos gift.
- Ownership rights in property include the right to possess and control it, known as dominion.
Property Concepts
- Confusion refers to the mixing of goods belonging to different owners, making it impossible to distinguish one from another.
- A lost or mislaid property with which the owner has involuntarily parted and cannot find or recover is known as mislaid property.
- The final step in the sale of real estate, where ownership is transferred to the buyer, is known as closing.
Deeds and Titles
- A grant deed signifies that the grantor warrants the property is free of liens and encumbrances.
- Acquisition of title to real property through open occupation, without the consent of the owner, is known as adverse possession.
- A Fee Simple Absolute is a type of property ownership where the owner has absolute rights to the property.
Types of Tenancy
- The primary characteristic of a fixed-term tenancy is that it has a specific start and end date.
Industrial and Commercial Use
- Industrial use refers to the use of property for manufacturing, processing, or storage.
- Commercial use refers to the use of property for business or trade purposes.
Warranties and Eviction
- The implied warranty of habitability ensures that a landlord must provide a habitable environment for tenants.
- An eviction process involves the removal of a tenant from a property, usually due to non-payment of rent.
Conveyance and Eminent Domain
- Conveyance refers to the transfer of property from one person to another.
- Eminent domain is the power of the government to take private property for public use, with compensation to the owner.
- Inverse condemnation is when a government takes property without compensating the owner.
Estate and Joint Tenancy
- A joint tenant's interest in a property is terminated upon their death, and the remaining joint tenants inherit the property.
- A leasehold estate is a type of property ownership where the owner has a temporary right to possess the property.
- A life estate is a type of property ownership where the owner has a right to possess the property for their lifetime.
Land Description and Marketable Title
- Metes and Bounds is a method used to describe land boundaries using directional distances.
- Marketable title refers to a title that is free of defects and can be transferred to another party.
Test your knowledge on commercial real estate terms such as commercial use, community property, concurrent ownership, and condemnation. Prepare for your Law of Commercial Transactions Exam 1 with this quiz!
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