Law Unit 6 Quiz

Real Property

Land and those objects permanently attached to land

Personal Property

Movable property owned by a person

Fixture

Objects permanently attached to real property

Abandoned

Property the owner discards with no intention of reclaiming it

Title

Evidence of the right of ownership of a person having personal or real property

Abstract of Title

Evidence of ownership that gives the full history of the property

Deed

A document conveying title to real property

Restrictive Covenant

A provision in a deed limiting the use of the property

Lien

A claim or charge against property for payment of some debt

Mortgage

An interest in real estate given to secure payment of a debt, must be in writing

Gift

A transfer made without consideration in return

Donor

The person making the gift

Donee

The person receiving the gift

Life Estate

Ownership limited to the duration of some person’s lifetime

Lease

A contract or agreement between the landlord and tenant

Fixed Term Lease

A lease with a specific start and end date

Periodic Lease

A lease with no specific start or end date. It can be month to month or year to year

Common Carriers

Public transportation companies required by law to convey passengers or freight without approval as long as the charge is paid

Quasi-property Theory

A theory of the legal status of the dead human body. Rights associated with the body are as if it were property for the purpose of disposition

Policy

A written contract of insurance

Underwriter

The company that writes the insurance policy

Beneficiary

The recipient of the proceeds of a life insurance policy

Risk or Peril

The danger of loss, or injury to, property, life, or anything else

What are the most common types of insurance?

Property, automobile, and life

Whole life policy

Insurance that covers and insured for life and accumulates cash surrender value

Debtor

A person or entity that owes money to another

Fee Simple Estate

The broadest form of ownership in real property

Negligence

Failure to exercise reasonable care

Secured Claim

A debt which is supported by a pledge, mortgage, or lien on assets belonging to the debtor

Bailee

The party who acquires possession, but not the title, of another’s personal property, under agreement

Bailment

The transfer of possession, but not the title, of another’s personal property, under agreement

Bailor

The party who gives up possession, but not the title, of personal property, under agreement

Gross Negligent Act

The intentional failure or the reckless disregard of the consequences with respect to conduct affecting the life or property of another

Liability

Responsibility for actions and/or other debts; the quality or state of being legally obligated or accountable

Statement of Funeral Goods and Services Selected

An itemized list of goods and services that a consumer has selected during an arrangement conference that allows them to evaluate the selections and make any desired changes

Insured

The person(s) protected against the loss

Premium

Consideration paid by the insured

Face

The maximum the insurer pays for a loss

Rider

Addition to the insurance policy that modifies, extends, or limits the base contract

Binder

Temporary contract of insurance until the company investigates the risk and issues a formal policy

Insurable Interest

The policyholder has an interest in the nonoccurrence of the risk insured against, usually because there would be financial loss

Concealment

(Responsibility placed on the insured) A willful failure to disclose pertinent information by the insured to the insurer

Representation

Oral or written misstatement of material fact by the insured prior to the finalization of the contract

Subrogation

The right of the insurer under certain circumstances to assume the legal rights of or to “step into the shoes” of the insured

Estoppel

(Prevention) One party leads the second to a false conclusion the second relies on; the second party would be harmed if the first party were later allowed to show the conclusion to be false

Deed of Trust

Deed that transfers property to trustee for benefit of the creditor

Lost

Individual finder can keep until owner comes forward

Mislaid

Property owner may have right to property over individual finder

No Property Theory (Ecclesiastical)

The dead human body was within the exclusive control of the church; no individual had property rights in the dead human body

Property Theory

The legal bundle of right recognized in an object