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MIE 305 Final Exam Study Guide/113 Q’s and A’s
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MIE 305 Final Exam Study Guide/113 Q’s and A’s
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MIE 305 Final Exam StudyGuide/113 Q’s and A’s
Possession - -Bundle of Right that is the right to claim title over the property,
one exerts dominion and ultimate power over it
-Control - -Bundle of Right that is the right to decide how the property is to
be used, or employed
-Enjoyment - -Bundle 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 - -Bundle of Right that gives the rights holder the legal ability to
determine who or what is not allowed on the property
-Alienation/Disposition - -Bundle 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 - -Bundle of Right that is the right to encumber the property
(servitudes, easements, mortgages, collateral, etc.)
-Real Property - -The legal interests in land and things attached to or
growing on land
-Chattel Property - -Personal property (car, boat, etc.)
-Tenancy in Common - -Most usual method of 2+ people owning property at
the same time, no formalities required. Do not require equal ownership %
-Joint Tenancy - -Similar to TIC, but interest of a deceased owner
automatically passes to the surviving joint owner(s)
-Life Estate - -Enables landowners to provide for those they desire while
reducing both income and estate taxes by will or deed
-Freehold - -A permanent and absolute ownership of land with freedom to
dispose of it at will
-Leasehold - -The holding of property by lease
-Time - -First unity of joint tenancy, each co-tenant's interested vested or
was acquired at the same time as the others'
, -Title - -Second unity of joint tenancy, each co-tenant acquired his or her
interest in the same deed or will as the others'
-Interest - -Third unity of joint tenancy, each must have identical interests
as to their share and quality of title
-Possession - -Fourth unity of joint tenancy, all co-tenants have rights to
possess the entire undivided property
-Tenancy for a Stated Period - -A type of lease that lasts for a specific time
state in the lease
-Tenancy from Period to Period - -A type of lease that can run year to year
unless terminated by the parties
-Tenancy at Will - -A 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 - -A type of lease that occurs when a tenant holds
over without consent of the landlord
-Eviction - -An action by a landlord to expel a tenant
-Lien - -The right of one person to keep possession or control of the
property of another for the purpose of satisfying a debt
-Distress for Rent - -The taking of personal property of a tenant in payment
of rent
-Patent - -A 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 - -A type of patent granted for a useful innovative item or
process, or an improvement to an existing item
-20 years - -How long utility patents last
-Design Patent - -Provide protection to the appearance of a product
-14 years - -How long design patents last
-Plant Patent - -A patent given to a person who invests or discovers and
then asexually reproduces any distinct and new variety of plant
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