LEGL - Ch. 7 (Part I)

LEGL - Ch. 7 (Part I) - Property Law Property Law Chapter...

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Unformatted text preview: Property Law Property Law Chapter Seven Property Law Property Law Property = The legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud Resource = Anything that someone may need or want Property Law Property Law Methods of Allocating Resources: Communism / Socialism Private Property Property Law Property Law Types of Property: Real property = Ownership and interest in land Includes fixtures Personal property = All other types of moveable resources Tangible property = Property which can be touched Intangible property = Property with no physical existence Property Law Property Law Methods of Acquiring Property: Acquisition through Exchange Acquisition through Possession Rule of First Possession Abandonment Lost Property Adverse Possession = Obtaining ownership of land belonging to another through continuous possession Property Law Property Law Requirements for Adverse Possession The possession must be: Open and notorious Actual and exclusive Continuous Wrongful Last for the prescribed period of time Property Law Property Law Methods of Acquiring Property: Acquisition through Exchange Acquisition through Possession Acquisition through Confusion Acquisition through Accession Acquisition through Gift Property Law Property Law Acquisition through Gift Terminology: Donor = The person giving the gift Donee = The person receiving the gift Testamentary gift = A gift made through a will Property Law Property Law Types of Ownership: Fee simple Fee simple absolute Fee simple defeasible Life estate Leasehold estate Concurrent ownership Property Law Property Law Title and Property Registration Title = A document serving as evidence of ownership of property Deed = A document of title transferring ownership of land Warranty deed Quitclaim deed ...
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