Property Final Exam Questions And Answers With Verified Solutions

True Owner - Personal who originally owned an item and lost it Finder - Has superior interest over everyone except for true owner. Has legal right to possess, has a duty to reasonably attempt to find true owner Becomes an involuntary bailee. Lost - True owner unintentionally misplaces property Mislaid - True owner puts something somewhere and forgets about it Abandoned - owner intentionally and voluntarily relinquishes all legal rights to property with no intention to give rights to any particular person. Break form all ownership. Bailment - When someone who owns property entrust the property with someone else for a period of time. A finder is an involuntary bailee Trover - A common law action to recover the monetary value of goods wrongfully converted to another's own use Replevin - A plaintiff having a right in personal property which is claimed to be wrongfully taken or detained by the defendant seeks to recover actual possession of the property Continuum of Superior Interest in American Courts - Not open to the public=law favors locus owner; open to the public=law favors finder Trespass - When a person goes on privately owned land without permission from the owner, can either be in passing (temporary) or occupation (indefinitely, squatting) Prescriptive Easement - "right of way", legal right to move across propertySuit to quiet title - Asking courts for a settlement over ownership disputes Elements of Adverse Possession for IL law - Actual possession, open and notorious, exclusive, hostile, continuous (20 year) Discovery Rule - The statute of limitations on a trover/replevin for personal property does not begin until the owner knows or reasonably should have known who has the personal property Bundle of rights - We have many rights that come with many different types of property, but depending on the type, the law may not allow us to exercise *all* rights Inter vivos - during the lifetime Heir - Anyone who takes property under intestate succession Descendants - Children or grandchildren of the deceased Alienation - Right to transfer property Fee Simple - Ownership of property Conveyance - Legal document where ownership of property is transferred Grantor - The person who is transferring property to another person Grantee - The person to whom the property is transferred Words of purchase - The words "O to A" indicating who is conveying the estate to whomWords if limitation - For example, the words "for life" indicating the amount of time the estate is being convey for Testator - A person who writes a will Intestate - Person who dies without a will Probate Proceedings - Supervised transfer of property from deceased persons to others Per stripes - If someone in a generation had died, any descendent takes that deceased person's share Future Interest - A right to receive either real or personal property Right of entry - future interest retained by the transfer to divest a fee simple subject to condition subsequent Deed - Conveyance of land inter vivos, transfer of land is automatic at the time of death Devise - Taking property per a will Intestate - How property is divided when someone dies without a will Esheat - In IL, when someone dies without an heir, no one can be found through intestate succession, property reverts to the county in which the decedent was a resident at the time of death Defeasible Fees - When real property is granted and a condition is placed on the grant; if the condition is violated, the property ownership could be stripped from the grantee. FSD and FSSCSFee Simple Determinable - If the grantor did not indicate option to re-take, if the condition is violated there is an automatic reverter of the property. If the grantee doesn't move, the grantor has seven years to bring the ejectment action Fee Simple Subject to Condition Subsequent - If the language indicates that the grantor has the option to retake the land within seven years, right to re-enter; Grantor must affirmatively act to reclaim Life Estate - Property which O conveys to A for A's lifetime Life Tenant - If O conveys to A for A's lifetime, life tenant is A Reversion - The return to the grantor (or his heirs) of real property after all interests in the property given to others is terminated Remainder - The interest in real property that is left after a life estate Testamentory Conveyance - Conveyance of property in a will Rules of Construction - Guiding principles for interpreting the terms of a conveyance Suit in Waste - A cause of action addressing the change in condition of real property brought about by a current tenant that damages or destroys the value of the property Elements of a gift - Donative Intent; Delivery (manual, constructive, symbolic); Acceptance Tenancy in Common - Two or more people with ownership (in Fee simple) in a piece of real property; right to seek partition if there are irreconcilable differences--either sold or physical division (each getting their fractional interest). Can convey fractional interest inter vivos; creditor could obtain debtor's portionJoint Tenancy - "not in tenancy in common but in joint tenancy" (IL Law). If there is a conveyance inter vivos, the joint tenancy is severed, new tenant and old will have tenancy in common; creditor can reach; right of survivorship Tenancy by Entirety - Recognized in Illinois; grantees must be spouses; "tenants by the entirety"' can only apply to principle residence; right of survivorship; neither spouse alone can transfer inter vivos' no creditor can reach any individual portion; upon divorce they become tenants in common