8-1 Property Law

What does property law govern?

• The enforcement of criminal law

• The creation of new laws

• The ownership, use, and transfer of legally owned assets

• The regulation of international trade

What is ownership?

• The ability to borrow property from others

• The obligation to pay taxes on property

• The legal right to possess, use, alter, transfer, and/or destroy property

• The right to use property without owning it

What is real property?

• Legally owned land and any attached permanent or immovable structures

• Any tangible movable asset

• Intellectual creations of the mind

• Temporary structures on land

What is personal property also known as?

• Chattel

• Real estate

• Intellectual property

• Fixtures

What is intellectual property protected by?

• Patents, copyrights, and trademarks

• Zoning laws

• Deeds and contracts

• Eminent domain

How is ownership transferred via sale?

• Through a purchase agreement, a deed, and the closing

• By simply handing over the property

• By writing a letter to the local government

• Through a verbal agreement

What is a quitclaim deed used for?

• Documenting a business transaction

• Protecting intellectual property

• Establishing zoning laws

• Transferring a property owner's interest in real estate without warranties

What is eminent domain?

• A type of intellectual property

• The government's power to take private property for public use with fair compensation

• A legal document for transferring property

• A method of transferring ownership via gift

What is a will?

• A type of intellectual property

• A contract for selling real property

• A legal document that outlines a person's desires regarding the distribution of their assets upon death

• A zoning law regulation

What is a common cause of property disputes?

• The sale of personal property

• The creation of new intellectual property

• The enforcement of zoning laws

• Disagreements over boundaries