MIE 305 Final Exam Study Guide Latest

MIE 305 Final Exam Study Guide Latest Possession - answerBundle of Right that is the right to claim title over the property, one exerts dominion and ultimate power over it Control - answerBundle of Right that is the right to decide how the property is to be used, or employed Enjoyment - answerBundle of Right that is the means by which the rights-holder can decide how to use the property. Others can violate this through the law of nuisance. Exclusion - answerBundle of Right that gives the rights holder the legal ability to determine who or what is not allowed on the property Alienation/Disposition - answerBundle of Right that is the right to dispose of any or all of the rights one holds in property through sale, gift, or lease Encumbrance - answerBundle of Right that is the right to encumber the property (servitudes, easements, mortgages, collateral, etc.) Real Property - answerThe legal interests in land and things attached to or growing on land Chattel Property - answerPersonal property (car, boat, etc.) Tenancy in Common - answerMost usual method of 2+ people owning property at the same time, no formalities required. Do not require equal ownership % Joint Tenancy - answerSimilar to TIC, but interest of a deceased owner automatically passes to the surviving joint owner(s) Life Estate - answerEnables landowners to provide for those they desire while reducing both income and estate taxes by will or deed Freehold - answerA permanent and absolute ownership of land with freedom to dispose of it at will Leasehold - answerThe holding of property by lease Time - answerFirst unity of joint tenancy, each co-tenant's interested vested or was acquired at the same time as the others' Title - answerSecond unity of joint tenancy, each co-tenant acquired his or her interest in the same deed or will as the others' Interest - answerThird unity of joint tenancy, each must have identical interests as to their share and quality of title Possession - answerFourth unity of joint tenancy, all co-tenants have rights to possess the entire undivided property Tenancy for a Stated Period - answerA type of lease that lasts for a specific time state in the lease Tenancy from Period to Period - answerA type of lease that can run year to year unless terminated by the parties Tenancy at Will - answerA type of lease that has no fixed period and can be terminated by either party at any time upon giving the prescribed statutory notice Tenancy at Sufferance - answerA type of lease that occurs when a tenant holds over without consent of the landlord Eviction - answerAn action by a landlord to expel a tenant Lien - answerThe right of one person to keep possession or control of the property of another for the purpose of satisfying a debt Distress for Rent - answerThe taking of personal property of a tenant in payment of rent Patent - answerA set of rights granted to an inventor that provides the inventor exclusive ability to make, use, and sell an invention for a limited time Utility Patent - answerA type of patent granted for a useful innovative item or process, or an improvement to an existing item 20 years - answerHow long utility patents last Design Patent - answerProvide protection to the appearance of a product