Exam 2 Flashcards
Copyright
- Gives the creator of an original work exclusive rights to the work (including works in creative, intellectual, or artistic forms) for a limited time
- does not cover idea and information themselves, only the form or manner in which they are expressed
Patent
Grants an inventor exclusive rights to make, use, sell, and import an invention for a limited period of time, in exchange for the public disclosure of the invention
Trademark
A recognizable sign, design or expression which identifies products or services of a particular source
Trade secret
A formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertain able, by which a business can obtain an economic advantage over competitors or customers
Purpose of intellectual property laws
•objective is to promote progress
-protect people who invest their time and money to creativity, invention, etc.
- by allowing exclusive rights for disclosure of inventions and creative works, an incentive is created for inventors, artists and authors to create and disclose their works
- in theory, society and the intellectual property right owner mutually benefit
Intellectual property rights include:
1) patents
2) copyright
3) industrial design rights
4) trademarks
5) trade secrets
TRANSFER OF REAL PROPERTY
1) VOLUNTARY TRANSFER
- selling it, as part of an estate, etc.
- by deed or land contract
- at death through probate
2) INVOLUNTARY TRANSFER
- foreclose, eminent domain, etc.
- adverse possession: property lines shift and float based on use
•adverse possession (open, notorious, continuous, statutory time)
-statutory time in Michigan: 15 years
•eminent domain- condemnation proceedings
VOLUNTARY TRANSFER
1) by deed or land contract
2) at death through probate
Selling property, as part of an estate, etc.
INVOLUNTARY TRANSFER
1) adverse possession (open, notorious, continuous, statutory time)
•property lines shift and float based on use
•statutory time:15 years in Michigan
2) eminent domain - condemnation proceedings
•condemnation proceedings= process for determining what the value would be
•land can be converted to private use, overall must serve public purpose
Intellectual property rights
- Property rights of the mind
- ALL FEDERAL LAW, regulated at national level
- protection is usually for a limited time period
Township
Units of government important for all real property issues
- 36 sections each, each section is one square mi.
- townships are 6 sq. mi. on each side
Register of Deeds
Keeps track of what people have interest in real property
govt needs to keep track of who owns property:
- to prevent disputes
- taxes (real property taxes continuously, not like personal property which is taxed once at purchase)
Mortgage
Security of a loan to purchase property
-allows lender to foreclose if borrower defaults
- Mortgages used to help people buy property
- Use real property they are purchasing as the collateral to secure the loan, this is the mortgage from the bank
2 types of property
1) real
Land and everything permanently affixed to it
ie, real estate, farm land, etc
2) personal
Anything other than real property
ie, tangible, intellectual, etc.
Real property
Person does not technically “own” land, but owns certain rights for the land
2 types of value/interest held for properties
1) present estate- entitles owner to immediate possession of real or personal property
•right of possession, ownership estate, right to use home, right to exclude other from using it, etc
2) future interest- does not currently entitle owner to legal possession but may become a present estate in the future
5 types of estates
1) fee simple
2) conditional
3) life
4) lease hold
5) easement
3 freehold estates= fee simple, conditional, and life
-distinction between them is based on duration
Fee simple estate
Ownership of property without any conditions placed upon the titles to the property
- freehold estate whose duration is potentially infinite
- most common form of “ownership”, broad and simple allowing owner to do almost anything that’s legal on/with the property
•most common form is fee simple absolute
Conditional estate
Estate lasting forever as long as specific conditions are met/maintained.
If one or more of conditions is breached, property reverts to grantor
Life estate
Designates ownership for the duration of the owners lifetime
-duration measured by life span of one or more specified persons
Leasehold estate
An estate in property of a limited duration
Easement
The right to use the real property of another without possessing the property
*possession - ability to use and exclude others from the use of the property
Possession
Ability to use property AND exclude others from the use of the property
Title
Ownership of real property
-title condition- restriction on ownership placed on property by previous owner
Title condition
Restriction on ownership placed on property by previous owner
2 ways to hold property
1) hold it yourself, you only
2) held jointly
- tenancy in common
- joint tenancy w/ rights of survivorship
- tenancy by the entirety
Concurrent estate
When 2 or more persons simultaneously own a present estate in real or personal property
-each hold a right to concurrent possession
Tenancy in common
Multiple ownership where each owner is entitled to pass their share onto their heirs upon death
Joint tenancy with rights of survivorship
Multiple ownership wherein if one partner dies, the other(s) get the property
Tenancy by the entirety
- Joint ownership between spouses
- same as joint tenancy but requires owners to be married
- upon death of one spouse, other spouse receives their share of property
Deed
Written document that gives ownership from seller to buyer
Balloon clause
Item that calls for the ENTIRE AMOUNT of a loan to be paid at a specific time
-lump sum amount due
Land contract
An arrangement for selling property
- seller act as the financier
- purchaser takes possession of the property and pays the seller off over time
- seller retains deed to property until the loan is paid off
Zoning ordinances
Government regulations about how real property within a jurisdiction can be used
- ensure land is being used in accordance with the jurisdictions master plan
- residential, commercial, industrial, agricultural
- idea is to ensure that an owners enjoyment of their property isn’t infringed upon by someone else’s use of their property
Adverse possession
Allows for involuntary transfer of real estate to eliminate or limit property line disputes
4 elements (must all be present)
1) open- openly use the property not owned
2) continuous- continuously use it
3) notorious- notoriously use it
4) statutory- use it for a statutory amount of time (15 years in Michigan)
- govt can do this to individuals, but individuals can’t do this to govt
- can acquire easements through adverse possession
Eminent domain
Authority of government to take possession of private property involuntary, so that it may better serve a police purpose
- must pay owner “fair compensation” that is usually way higher than what it’s worth
- end use does not have to be a public project, but purpose of land must be for good of public
Condemnation proceedings
Process used by government when they take a property for public purpose
-determines what the value should be
