Exam 4 Study Guide - 1. Study Questions, Quiz #4 What is...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Study Questions, Quiz #4 1. What is the difference between real and personal property? (p.223) Real- land and things permanently attached to the land Personal- everything else, furniture, jewelry, cars, and intangibles. 2. Give some examples of intangible property. (pp.223-4) Copyrights, patents-right to use/sell an invention, stocks and bonds 3. Give some examples of intellectual property. (p.224) Property created through intellectual works instead of physical work. Patent or copyrights. Patent is exclusive right to use/sell/license and invention, copyright protects the expression of ideas. 4. What is ownership in fee simple ? (p.243) What is a life estate ? Fee simple -owner has as many rights as possible, you can give lang away, sell it, divide into parcels, extract, plant, etc Life estate -person has right to live on the land, derive income from it, etc but only as long as they live. Your estate terminates when you die, can sell it but only during lifetime---when you die their ownership ends. 5. What is entailment? What is the purpose of the rule against perpetuities? (p.245) Entailment - the fee simple owner passes the house down through generations, each owner thereafter is a life estate owner, not fee simple. Rule against perpetuities - law’s effort to control dynastic wealth, limits the fee simple owner’s power to pass down gifts for remote descendants. A property interest vests when it is given to a person in being (someone who is currently living) and is not subject to a condition precedent. 6. Explain the three kinds of concurrent estates (pp.239-41). Joint tenancy - each owner has the right to possess and use the entire piece of property, divide income according to percentage of ownership of land, can be divided by thirds etc doesn’t just have 2 owners Tenancy in common -each owner has the right to possess and use the entire piece of property, undivided interest Tenancy by the entirety - each owner has the right to possess and use the entire piece of property , only for married couples, can only be 2 co-owners 7. Explain the two systems of marital property (pp.241-2). Separate property - property of a husband and wife is separate, during marriage the only limitation on each spouse’s bundle of rights is the duty of one spouse to support another; can enjoy their own property and leave the other destitute. Community property- same principle as separate property as far as what is owned before marriage or acquired during marriage through inheritance/gift, BUT property otherwise acquired during the marriage, including property deriving from earnings of either spouse is community property. 8. What is a servitude? What is an easement? Give an example. (pp. 245-7) Servitude - one person has an interest in another person’s property, ie: cable company runs cables through many people’s lands either underground or on poles. The interest may allow the person to do something (sit in the theater), require someone else to do something (help maintain the wall), or
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/20/2011 for the course PHL 135 taught by Professor Benditt during the Fall '10 term at University of Alabama at Birmingham.

Page1 / 5

Exam 4 Study Guide - 1. Study Questions, Quiz #4 What is...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online