Chapters 14 & 16 (for students)

Chapters 14 & 16 (for students) - PROPERTY Real...

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Unformatted text preview: PROPERTY: Real, Personal, and Intellectual • What is the definition of real property? • The land and anything attached to it • Definition of personal property? • Anything that’s not real property that has value • Can be tangible (living room furniture) or intangible (IP, such as patents, copyrights and trademarks) Four types of ownership of real property (briefly for now) • Fee simple absolute • Fee simple determinable • Fee simple subject to (on a) condition subsequent • Life estate – Ownership is measured by some person’s life (not necessarily the life estate owner) – Future interest Which of the following is the least restrictive type of ownership of real property? L i f e e s t a t e F r e e h o l d e s t a t . . . F e e s i m p l e s u b . . . F e e s i m p l e a b s . . . 10% 33% 15% 42% 1. Life estate 2. Freehold estate 3. Fee simple subject determinable 4. Fee simple absolute From Albertsons to the City of Boise, so long as the property is used as a public park. This is a: F e e s i m p l e a b s o l u t e F e e s i m p l e d e t e r m i n a b l e F e e s i m p l e s u b j e c t t o a . . . L i f e e s t a t e 2% 4% 61% 33% 1. Fee simple absolute 2. Fee simple determinable 3. Fee simple subject to a condition subsequent 4. Life estate From Adam to Bob, for Bob’s life, then to Charlie....
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This note was uploaded on 03/07/2012 for the course GEN BUS 202 taught by Professor Parks during the Fall '11 term at Boise State.

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Chapters 14 & 16 (for students) - PROPERTY Real...

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