Personal Property, Real Property, and Land Use Law

These flashcards cover key concepts related to personal and real property law, including the definitions, rights, and legal principles discussed in the lecture.

What is the broad legal definition of property?

Property is defined as a person's set of legal rights over others to use property exclusively.

What are the two distinct categories recognized by property law?

1) Tangible property (e.g., real estate or goods); 2) Intellectual property (e.g., patents).

What is tangible property?

Tangible property is property that can be touched and physically possessed, consisting of personal property and real property.

What is personal property and examples of it?

Personal property is tangible and movable and includes items such as goods, vehicles, inventory, and equipment for business operations.

How is title defined in property law?

Title is the legal term for ownership rights in property, typically obtained through purchase or gift.

What are the four categories of found property under common law?

1) Mislaid, 2) Lost, 3) Abandoned, 4) Treasure trove.

What establishes a bailment relationship?

A bailment relationship is established when a bailor entrusts a bailee to temporarily hold property for the mutual benefit of both parties.

What are the fundamental rights of tenants?

Tenants have rights of possession, quiet enjoyment, and habitability.

What distinguishes an assignment from a sublease in a lease agreement?

An assignment transfers the tenant's interest for the entire remaining term, while a sublease transfers interest for less than the remaining term.

What is the power of eminent domain?

Eminent domain is the government's authority to take private property for public use, contingent on providing just compensation.

What does escheat refer to in property law?

Escheat is the process by which unclaimed property reverts back to the state.

What rights do landowners have regarding subsurface materials?

Landowners have rights to soil and any minerals, oil, or natural gas within the soil.

What are zoning ordinances?

Zoning ordinances are local laws that regulate the use of land to achieve municipal objectives.

What constitutes adverse possession?

Adverse possession is when a party gains title to real estate by possessing it openly, notoriously, exclusively, and continuously for a required period.

Name the four common forms of ownership interests in real property.

1) Fee simple, 2) Life estate, 3) Leasehold estate, 4) Easements.

What is the purpose of condemnation proceedings under eminent domain?

Condemnation proceedings are used when negotiations for government use of private property fail, determining fair market value and transferring title to the government.