quiz 67

define and govern rights and protections related to the ownership of proerty

property laws

what are the two types of property

real and personal

land and those objects permanently attached to land

real property

all property which is not real property

Personal Property

Residential, commercial, agricultural, industrial and special purpose can all be classified as this type of property?

Real Property

the terms real property and real estate are interchangeable, true or false?

True

what phrase specifically refers to the type, kind, or extent of the ownership a person has in the real property

estates in real property

the 2 most common types of estates in real property are?

freehold and non-freehold

those in which there is ownership of the real property

Freehold

those that involve the leasing, but not ownership of the real property,

non-freehold

objects permanently attached to land/real property

fixtures

Purchase, gift, mortgage, and landlord/tenant are all sources of?

title

the legal document that provides for and memorializes the conveyance or transfer of property or rights from one person to another

deed

this legal document provides a summary of deeds and other documents that establish the ownership history of real property

title abstract

what is the title abstract commonly referred to as?

Chain of title

what is it called when a property can be gifted to another person

gift

what is the name for a secured loan on a parcel of real estate?

Mortgage

A mortgage grants the lender an interest in the real estate to secure the loan, known as a what?

Secured Claim

The title of a person that owes money

Debtor

the name for the temporary transfer of a right to possess-but not own- such items as property, goods, and services

lease

these estates in real property are not inheritable and exist without any actual ownership of the real property

leasing of property

What are two examples of a common leases?

rental car and apartment

title of the person who owns the property being leased

landlord

name of the person that is seeking to lease the landlords proprty

tenant

this type of tenancy must have a definite and fixed duration stated in the lease, after which the agreement automatically terminated

tenancy for years

this type of tenancy has an indefinite duration, as the term of the lease renews automatically if neither party notified the other of the intent to terminate the tenancy

Periodic tenancy

this type of tenancy remains in place as long as both the landlords and tenants agree and may be terminated at any time by either party by giving notice to the other

tenancy at will

what is another way tenancy at will is known as?

Estate at will

this type of tenancy is created when a tenant remains in possession of real property beyond the duration specified in the lease agreement without any legal right to do so or consent of the landlord

tenancy at sufferance

delivering the premises to the tenant in a condition of habitability, is an element of whose duties? the landlord or tenant

landlord

providing for the quiet enjoyment and use of the premises is an element of whose duties? the landlord or tenant

landlords

what is the unreasonable or improper use of real property by a person who has legal possession of the property?

waste

What type of waste occurs when the tenant intentionally acts with the result being damage to the property such as intentionally breaking a window or damaging woodwork

Voluntary waste

In some states voluntary waste may also be known as what

affirmative waste

this type of waste exists when a tenant fails to act to prevent damage or harm to the real property, either physically or financially

permissive waste

this type of waste occurs when a tenant makes unauthorized improvements, renovations, or alterations to the property, even if those changes increase the value

ameliorating waste

performance, agreement, breach of contract, impossibility of enforcement are all reason a lease may be?

terminated

when a lease states when performance occurs and must be followed

time of performance

the name for the duties, responsibilities and obligations of the landlord and tenant must be fulfilled to have performance.

tender of performance complete and satisfactory

If the duties, responsibilities and obligations of the landlord and tenant are not fulfilled this indicates what?

a breach of contract / lease

the tenant must fulfill their financial responsibility to satisfy this type of performance

tender of payment

when both parties to a contract have a mutual agreement to terminate said agreement, then the contract is simply discharged by?

agreement

this type of discharge by agreement terminates the previous agreement and substitutes a new one?

Novation

When a tenant or landlord is not meeting their obligations or responsibilities in the lease, then they are considered to be in a

breach of lease / contract

what are the 2 events that can lead to the performance of a lease becoming impossible to enforceme

destruction of the property and death of tenant

The distinguishing factor between personal property and real estate is that personal property is?

Movable

personal property may be what?

Tangible or intangible

this form of personal property is one that a person can physically hold and possess, and in most cases can be moved

tangible

this type of property includes any item of worth that is not physical in nature but instead represents something of value, it cannot be touched or held

intangible

What is a form of intangible propertry?

stocks

Purchase, purchase agreement, production, gift, and found property are the primary sources to acquire what?

Title to personal property

an offer of money or some other form of compensation in exchange for the possession and ownership of said personal property

purchase

What type of agreement often specify the terms and conditions of a sale and, when those have been met, the transfer of the right to possess and own said personal property

purchase agreement

what is it called when someone produces personal property for themselves, thus acquiring ownership

production

what is the delivery and transfer of a possession, but not the title of anothers personal property, under an agreement called

bailment

who is the person or party who delivers and gives up possession, but not the title, of personal property in a bailment

bailor

who is the person or party who acquires possession and control over, but not the title, of anothers personal property under agreement

bailee

Delivery, acceptance, purpose, and temporary are all needed to establish what type of relationship?

bailment

In a Bailment Relationship, the bailor must deliver the property to the bailee so they can carry out the activities for which the transfer is being made. What element of bailment does this satisfy?

Delivery

In a Bailment Relationship, the bailee must knowingly accept delivery of possession and control over the property. What element of bailment does this satisfy?

Acceptance

In a Bailment Relationship, the possession granted to the bailee must be for some specific purpose. What element of bailment does this satisfy?

Purpose

In a Bailment Relationship, the possession and control must be temporary, with the property ultimately being returned to the bailor. What element of bailment does this satisfy?

Temporary

When an item or possession is in the control of the bailee, I.E a necklace of a decedent, what type of possession does the bailee have?

Actual possesion

bailments that solely benefit the bailor are often called

Gratuitous bailments

when a bailment relationship only benefits the bailor, what level of care is used to prevent loss or damage to the property?

Low duty of care

when a bailment relationship only benefits the bailee, what level of care is used to prevent loss or damage to the property?

High duty of care

when a bailment relationship benefits both the bailor and bailee, what level of care is used to prevent loss or damage to the property?

reasonable duty of care

What type of Bailment requires the bailee to exercise an extraordinary or high degree of care?

Special bailments

This type of special bailment is a relationship that exist when consumers do business with who?

Common Carriers

What do common carriers have a reasonable duty to protect?

passengers and property

What liability standard holds a bailee responsible for loss or damage to personal property without requiring proof of negligence or intent?

Strict liability

What is strict liability also known as?

absolute liability

this strict liability exception applies when the ____ fails to properly package goods for transportation?

bailor

this strict liability exception applies when ______ authorities cause the loss or damage of property?

government

What strict liability exception applies when a hurricane or other natural disaster causes the loss or damage?

Act of god

This strict liability exception applies when a _____ causes the loss or damage of property?

public enemy

this strict liability exception applies when the ___ themselves creates the risk of loss or damage?

nature of the goods

it is important for a funeral home owner to carefully review their business operation to identify risks and exposures in the workplace and put in place measures to minimize and manage those risks. this concept is known as what?

Risk management

The name of the system that is used to share the risk of loss among a group of people

Insurance

What is known as a prediction concerning potential loss based on knowledge or unknown facts

Risk

this is a contract where the insured party shifts the risk of financial loss to a risk bearer for a fee

insurance policy

The name of a written contract of insurance between the customer and the insurance company

Policy

The name for the cost of the insurance

premium

What is the name of the professional who evaluates and analyzes the risks involved in insuring people and assets?

underwriter

Who is the person who deals directly with an insurance company

insurance agent

who is the person who operates independently and offers insurance from any one of the numerous insurance companied operating in a particular state?

insurance broker

IN order to make a claim, the insured must sustain one of these two things

Financial or personal loss

In regard to life insurance policies, this is the designated person the insurance company agrees to pay a certain sum on the policy to when the insured dies

beneficiary

term, whole, and universal. what type of insurance does these words apply too?

life insurance

What type of life insurance policy is when an insurer assumes the risk of the death of the insured for a specific time with no cash surrender or value

Term

What type of life insurance policy covers an Insured for life and

accumulates a cash surrender value.

whole

What type of life insurance policy combines features of both Whole Life and Term Life Policies

Universal

this type of insurance protects the funeral home facilities and business property against loss from vandalism, fire, water, and wind damage

Commercial property insurance

this type of insurance protects the business and staff members in the event of a motor vehicle accident

AUto

This type of insurance covers a funeral home in the event a lawsuit or claim is filed alleging personal injury or property damage

general liability insurance

This is extra insurance that provides protection beyond existing limits and coverages of other policies

Umbrella

What insurance pays for providing a legal defense, court costs, and any judgements obtained against a funeral director or a funeral establishment

funeral directors professional liability insurance

what is the name of the date coverage begins on an insurance policy

Effective date

The name for a written temporary insurance policy

binder