Download CPCU 530 chapter 6 - property law exam with answers and more Exams Nursing in PDF only on Docsity!
CPCU 530 chapter 6 - property law exam with answers
Trade secret - Keeping confidential the method, process, design or other information used by an organization Bailor - The owner of the personal property in a bailment. When expressed or implied compensation is not paid, the bailee - Can assert a lien or even a possessory lien until the compensation is paid Real Property - Tangible property consisting of land/ permanently attached to the land and what is growing on the land accession - An increase or addition to property. Example - coat of paint being applied to a house, animal that gives birth or turning wood into barrels confusion - In property law, the intermingling of goods belonging to different owners. Gifts - The voluntary and gratuitous transfer of property without consideration Three elements of gifts - Donative intent, delivery and acceptance Bailments - Someone takes temporary pression of another property for specific reason Three elements of bailments - 1. Transfer of personal property possession without transfer of title
- The bailees (holder) acceptance of the nailed property
- The bailees express or implied agreement to redeliver the property to the bailor (owner) or a designed third person
bailee benefit - Right to use the property is limited to the bailor's contemplates use (driving a car from A to B) Extraordinary care bailor benefit - May use or handle the property only to the extent necessary to preserve and protect it ( fur coat for safe keeping should not wear it) Slight care mutual benefit - Bailee can use property as specified within the agreement or contract ( lease agreements for a car) Reasonable care Fee Simple Estate - A full ownership interest in property with the unconditional right to dispose of it. Life Estate - An interest in which a person, called a life tenant, is entitled to possession of real property and to all income the land produces for the duration of that person's or someone' else's life There's are two types of estate in real property, they are... - Fee simple estate and life estates Joint Tenancy - A concurrently owned and undivided interest in an estate that transfers to a surviving joint tenant upon the death of the other. Tenancy by the Entirety - The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property. Tenancy in common - A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interests can be unequal and the right of survivorship is not allowed.
Adverse possession - The claim of ownership of land by possession that is exclusive, open, hostile, unpermitted, and continuous for a statutory period. Rights under the land - Minerals, clay, stone, gravel and sand ( not oil or gas) Rights above land - Air space above the land Rights on the lands surface - Rights to objects produced by the soil, crops (pp), timber ( real property) Lateral Support - A property owner's right to have land supported by the land adjacent to it. Subjacent Support - A property owner's right to have land supported by the earth below it. Fixtures - Property installed on, attached to, or used with land or buildings in such a way as to become real property themselves Trade Fixtures - Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves Types of land use restrictions - Incorporeal interests, licenses, government controls Licenses - The permission to use real property for a particular purpose Example- a theater seat, rental hotel room Zoning - A government regulation of building construction and occupancy and of land use according to a comprehensive plan Exclusionary Zoning - The act of restricting land use either by prohibiting additional building or by requiring high standards
Spot Zoning - A provision in a general zoning plan that assigns a different use for a small area of land than that of the surrounding area. Hardship variance - An exception to the application of a zoning ordinance for lots that, because of size, topography, or other physical limitations, do not conform to the ordinance requirements for the zone. Use Variance - An exception to the application of a zoning ordinance to permit an otherwise prohibited use within the zone. eminent domain - the right of government to take private property for public use Easements - Non-ownership, Non-possessory rights to Use or access Land owned or leased by someone else. They are very limited in nature. Profits a prendre - A right or privilege to enter another's land and take away something of value from its soil or from the products of its soil. Tenancy at will - A landlord-tenant estate in which the tenant has permission to occupy a premises as a landlord desires. Estate for years - A land lord tenant estate created for a definite period Periodic Tenancy - A landlord-tenant estate with no fixed termination date and automatic renewal until one of the parties gives notice of intent to terminate. When property has a significant defect, the tenant need not pay rent if these three conditions have occurred - 1. The tenant had demanded the landlord correct the situation
- The landlord has not corrected the situation within a reasonable time
- The tenant had left the premises at the end of that reasonable time
