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Chapter 12

Chapter 12. Property. 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. Property Classification.

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Chapter 12

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  1. Chapter 12 Property

  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

  3. Property Classification • Title and title documents • Personal property • Real property • Fixtures • Tangible and intangible property • Public and private property

  4. Types of Real Property Estates • Fee simple absolute • Life estate • Leaseholds • Easements • Profits • Licenses

  5. Ways to Hold Titleto Real Property • Tenants in common • Joint tenants • Tenancy by the entirety • Tenancy in partnership • Real estate syndications • Community property • Condominiums

  6. How Property isAcquired: Theft • Voidable title • Buyer in the ordinary course of business (BIOC) • Adverse possession • Under a claim of right • Actual • Open, notorious, and visible • Exclusive • Continuous • Peaceful

  7. How Property is Acquired • Gift • Donative intent • Delivery • Acceptance • Gift causa mortis • Capture • Finding

  8. How Property isAcquired: Inheritance • Statute of descent • Wills • Holographic wills • Formal requirements • By nature are ambulatory • Probate court • Parties are testator, executor, administrator, devisees

  9. How Property isAcquired: Trusts • Titles: beneficial title and legal title • Laws governing trusts • Mechanics of forming trusts • Duration and ending of trusts

  10. How Property isAcquired: Trusts • Inter vivos and testamentary trusts • Reasons for creating trusts • Trustee’s duties and who can be trustee • Problems with trusts

  11. Uses of Property • Bailment • Leases • Licenses • Easements • Tenancies • Tenancy for years • Tenancy at will • Tenancy at sufferance

  12. Uniform Residential Landlord Tenant Act (URLTA) • Deposits • Subleasing • Habitability • Landlord right of access • Landlord rules • Landlord’s rights and duties

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

  14. 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 Capture Wills Inter vivos and testamentary trusts Recap – Terms to Know

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