Welcome to Assignment 7
This assignment covers property law — the legal rules governing ownership, possession, and transfer of both personal property (movable things) and real property (land and buildings). You will learn how property is acquired, transferred, secured, and restricted, all of which are foundational to understanding insurance coverage.
Exam Alert!
Key exam topics: bailment types and duty of care, the 3 requirements for a valid gift, joint tenancy vs. tenancy in common (survivorship!), deed types ranked by protection, 4 requirements for adverse possession, and easements vs. licenses.
What You Will Learn
1. The difference between ownership, title, and possession
2. How bailments work and the three levels of duty of care
3. Intellectual property rights (copyrights and patents)
4. Types of real property estates and concurrent ownership
5. How deeds transfer title and why recording matters
6. Mortgages, trust deeds, liens, easements, and zoning
Assignment Parts
Personal Property
Ownership vs. possession, intellectual property, accession, confusion, bailments (3 types), liens, and gifts (3 requirements).
Real Property
Estates (fee simple, life estate), concurrent ownership, co-ops vs. condos, deeds (4 types ranked), warranties of title, and recording priorities.
Mortgages, Easements, Licenses & Zoning
Mortgages, trust deeds, land contracts, mechanics' liens, adverse possession, fixtures, easements, licenses, zoning, eminent domain, and landlord-tenant law.
Quick Reference Summary
Property
Legal rights over a thing, not the thing itself. Real = land. Personal = everything else.
Bailment
Transfer of possession (not ownership). 3 types based on who benefits. Duty of care varies.
Gift Requirements
Donative intent + Delivery + Acceptance. Once complete, irrevocable.
Joint Tenancy vs. TIC
Joint tenancy = survivorship. Tenancy in common = NO survivorship (heirs inherit).
Deed Rankings
General warranty (best) > Special warranty > Bargain-and-sale > Quit-claim (worst).
Adverse Possession
Exclusive + Open + Hostile + Continuous for statutory period. Permission defeats it.