© 2004 West Legal Studies in Business, a Division of Thomson Learning 12.1 Chapter 12 Property

12.2 Elements of Property Property: rights that people have with respect to some thing, not the thing itself Philosophies: positive law, historical jurisprudence, natural law, and sociological philosophy Property law is state law

12.3 Property Classification Title and title documents Personal property Real property Fixtures Tangible and intangible property Public and private property

12.4 Types of Real Property Estates Fee simple absolute Life estate LeaseholdsEasementsProfitsLicenses

12.5 Ways to Hold Title to Real Property Tenants in common Joint tenants Tenancy by the entirety Tenancy in partnership Real estate syndications Community property Condominiums

12.6 How Property is Acquired: Theft Voidable title Buyer in the ordinary course of business (BIOC) Adverse possession Under a claim of right Actual Open, notorious, and visible ExclusiveContinuousPeaceful

12.7 How Property is Acquired Gift Donative intent DeliveryAcceptance Gift causa mortis CaptureFinding

12.8 How Property is Acquired: Inheritance Statute of descent Wills Holographic wills Formal requirements By nature are ambulatory Probate court Parties are testator, executor, administrator, devisees

12.9 How Property is Acquired: Trusts Titles: beneficial title and legal title Laws governing trusts Mechanics of forming trusts Duration and ending of trusts

12.10 How Property is Acquired: Trusts Inter vivos and testamentary trusts Reasons for creating trusts Trustee’s duties and who can be trustee Problems with trusts

12.11 Uses of Property BailmentLeasesLicensesEasementsTenancies Tenancy for years Tenancy at will Tenancy at sufferance

12.12 Uniform Residential Landlord Tenant Act (URLTA) DepositsSubleasingHabitability Landlord right of access Landlord rules Landlord’s rights and duties

12.13 Tenant’s rights and duties Unconscionability Exculpatory clauses Uniform Residential Landlord Tenant Act (URLTA)

12.14 Recap – Terms to Know Property and fixtures Title and title documents Tangible, intangible, public, and private property Fee simple absolute Life estate Leaseholds, profits, easements, licenses Tenancies Real estate syndications Community property Condominiums Adverse possession CaptureWills Inter vivos and testamentary trusts