REAL & INTELLECTUAL PROPERTY Mr. Valanzano Business
Law
Slide 2
What is property? __________ something that is _________ or
________, which is subject to _________ and a
________________________ Example: If you own ______ and a _______,
the legal rights you have are: To _________, _______, and enjoy it
Dispose of (by ______ or _____), consume, or ______ it Give it away
by ________ after death _________ your property to a
__________
Slide 3
____________ of Property _______ Property also called
__________; ______ and anything __________________ to the land
_______ Property goods that are _______ or ________ and the
________ to use those goods ________________ Property something a
person ________; also known as _________ property Examples:
___________, patents, ____________, servicemarks,
______________
Slide 4
Intellectual Property Copyright
______________________________________ Owner has right to
_________, sell, _______, or display the work. Examples: books,
paintings, music _______________ the unauthorized copying, sale,
display, or performance of the work _____________ a
_____________________ that identifies a __________ of a particular
manufacturer or merchant Must be ________________________________
the product _______________ a unique word, mark, or symbol that
identifies a service instead of a product ________ the grant of the
exclusive right to make, use, and sell a ________________________
product or process Something no one has ever thought of the product
or process before The product or process can _____________________
________________ commercially valuable information that the owner
attempts to keep a secret
Slide 5
Features of Intellectual Property
Slide 6
How is property acquired? By ___________ property may be
acquired and transferred, or bought and sold, by contract By
__________ to create a valid gift, the donor must do 2 things:
___________________________________________________ By ____________
the right of an owner of property to an increase in that property
By __________________ personal property rights can be acquired by
original production By ________ lost (________________) property
becomes owned by the finder if not claimed within ____ days;
mislaid (________________ ________________) property is required to
be returned to owner By _____________ taking possession of personal
property that belongs to no one else By _______________ real and
personal property can be acquired by inheritance through a valid
will; if no will is left, the state determines how to divide
property among surviving relatives
Slide 7
___________ of Ownership An owner of property is not permitted
to use that property in an ___________ or ____________ manner that
______________. Federal, state, and local governments may adopt
laws to protect the public __________________ _________________,
which may limit ownership and freedom of use. Examples:
________________________________________ __________________
_______________________________________
________________________________________ __________________
Slide 8
Forms of Ownership _________________________ exists when
someone owns property by themselves ______________ when two or more
people have ownership rights in the same property
_______________________ no co-owner can exclude another co-owner
from any physical portion of the property ______________________
allows any co-owner to require the division of the property among
the co-owners Types of Co-ownership: ______________________ the
equal co-ownership of the same property with the right of
survivorship (if one owner dies, their claim is divided equally
among remaining tenants) ________________ shares may be unequal and
there is no right of survivorship (if a co-owner dies, their share
is passed to any heirs) _______________________ form of
co-ownership limited to married couples and has the right of
survivorship; shares are equal and may not be sold without the
others consent _______________________ all property acquired by a
married couple during their marriage is evenly owned by both
people
Slide 9
Features of Co-Ownership
Slide 10
Quick Review Answer the following questions on your handout: 1)
A unique word, protected by federal law, that identifies a
businesss product is called a(n) _________________. 2) True or
False: Copyrights held by authors are protected by federal law for
the life of the author plus 50 years past their death. 3) Property
that is intentionally placed somewhere but then forgotten is: A)
Lost B) Missing C) Mislaid D) Vanished 4) When there is only one
owner of property, they are said to own in ___________. A) Joint
tenancy B) Intestate C) Severalty D) Custody True or False: The
co-ownership forms of community property and tenancy by the
entireties requires that the co- owners be married.
Slide 11
_________________ Real property includes: ________ Things
_________________ to the land Certain ________ to use the land of
others Besides the land itself, the owner has rights to the
____________________________ of that land. When personal property
is permanently attached to realty it is called a _________.
______________ personal property attached to realty by
________________
Slide 12
Transfer of Ownership Ownership of realty is usually acquired
by _____________________. When an ________ is transferred from
grantor to grantee by ______, it is called a ________________.
______________ someones property and any legal rights associated
with that property Deed
_______________________________________________ _________________
giving real property to the government and is effective only if the
government accepts the property ________________ the power of the
government to take private property for public use in exchange for
fair market value ________ a legal right in anothers property given
as security for the performance of a ____________________ Realty
may also be transferred through a _____. If owner(s) die without a
will, their property will be distributed according to state
statutes. Intestate ___________________________________
Slide 13
__________ Realty _________ an agreement in which one party
receives _____________________ of anothers real property in
exchange for _______ Rent ___________________________
____________________________ A lease creates a relationship between
the person conveying possession of realty (_____________) and the
person receiving possession (_____________).
Slide 14
Leasehold Estates Leasehold Estate ___________________
_________________________________ Types of leasehold estates:
_______________ the lease is for a renewable period of time with
rent due at stated intervals _______________ when a lease is for a
definite period of time; could be months or years
_______________________ when a tenant remains in possession after a
lease has expired ______________ if a party possesses land with the
owners permission but without an agreement as to the term of lease
or amount of rent
Slide 15
________ Rights and Duties Tenants rights: __________ of the
property starting at _______in the ______ agreement and be _______
of all other persons ______ of the leased property in the
______________ by the lease __________ the lease or ________ the
premises Landlords generally do not have a right to enter the
leased property for inspection unless this right is given in the
lease _____________ when the landlord blocks the tenant from
possession of all the real property Tenants duties:
________________ _________________________
__________________________________________ _________________
Slide 16
__________ Rights and Duties Landlords rights:
___________________ agreed upon in lease Take ____________ and/or
_______ the tenant if they ______ to pay the rent Regain possession
of the ____________ and any ________ added at the end of the lease
Landlords duties: ____________________________ Exposed wires, roof
leaks, screens on outside doors and windows, private bathrooms in
each unit, ceilings and walls must be smooth, free of loose
plaster, and be easily cleanable Responsible for others in
________________________ ___________________________ Comply with
the _______________________
_________________________________________
Slide 17
Quick Review Answer the following questions on your handout: 1)
True or False: Land is the only component of real estate. 2) True
or False: An estate is a particular bundle of legal rights in real
property. 3) Which type of lease does not have an ending date
indentified in it? A) Periodic tenancy B) Tenancy for years C)
Tenancy at sufferance D) Tenancy at will 4) In a tenancy, the right
of possession is owned by the _______________. 5) The landlord is
responsible for all repairs for: A) Common areas B) The tenants
premises C) Both A & B D) Neither A & B
Slide 18
Property and Casualty Insurance __________________ the general
type of insurance intended to indemnify for harm to the insureds
personal or real property brought about by perils such as fire,
theft, or severe weather Indemnify
____________________________________ Beneficiary
___________________________________ ____________________ the type
of insurance that indemnifies for losses resulting from accident,
chance, or negligence ___________________ a type of casualty
insurance that indemnifies against personal injury or property
damage claims for which the insured is legally responsible Any
exception to what is covered in an insurance policy is called an
__________ and must be ____________ __________ in the policy.
Slide 19
_______ and ___________ When someone dies ____________, a court
will use the deceaseds ______ to pay all debts. The remainder of
the property will be ______ ______________________________. _______
a legal expression, ____________, by which a person directs how
their property is to be distributed after death Testate
______________________ _______________ make of the will
(male/female) __________________ a personal representative named by
the deceased to carry out the directions in the will
(male/female)
Slide 20
Creation and Execution of a Valid Will The basic requirements
in almost every state are: The person creating the will must have
__________ _______ (clear intention to make a will) and not be
___________ into signing the document The signer must not be
________ into thinking the document is something _________________
The testator/testatrix must have _______________ _________ (must
know in at least a general way the kind and extent of the property
involved, who stands to benefit, and they are making arrangements
to dispose of their property after death) Must be in ________ and
be _________ at the end of the document in front of ___________ who
will _____________ under the will
Slide 21
Amending and Special Types of Wills Wills may be changed as
often as the _____________ wants to change it. In most states,
changes must be made using a __________, which is a ______________
_________________ amendment. Special types of wills: Holographic
Will ______________________ ____________________________________
_____________________ an oral, witnessed will that is often limited
to controlling the distribution of personal property
Slide 22
Distribution of an Estate Procedure for estate resolution:
_____________________________________ the assets of the estate and
collect the debts owed to it Give public notice of the estate and
the necessity for filing claims within the statutory period
____________________________________ Distributing the
____________________ according to the _______ or ____________
______________ will dictate how an __________ is distributed when
there is ____________________. If there _____________, its terms
are to be followed. If there are no inheritors, the deceaseds
property ______________ (is given to the state).
Slide 23
Trusts When the transferee of property is a separate entity
under law, a __________ has been created. Trustee
_________________________________________ Settlor
_______________________ Types of trusts: _________________ an
express trust made during the lifetime of the settlor
_________________ express trust created after the death of the
settlor in accordance with the will ________________ an express
trust created for the fulfillment of an unselfish purpose Private
__________________________________________ _____________ an express
trust that protects the beneficiarys interest in the subject
property from the beneficiarys creditors ________________ an
implied trust where the entity intended to receive the benefit of
an express trust cant do so _________________ implied trust created
to require a person holding property to transfer it to another
because retention of the property would be a wrongful and unjust
enrichment of the holder
Slide 24
Quick Review Answer the following questions on your handout: 1)
What type of casualty insurance helps to protect the insured party
for an injury they are legally responsible for? A) Indemnity B)
Liability C) Property D) Automobile 2) A trust created by the will
of a deceased settlor is known as a(n) ____________ trust. 3) True
or False: Those who die without a valid will are legally termed to
have died intestate. 4) True or False: The insertion of a codicil
on a will does not have to be witnessed. 5) Which of the following
is an example of an expressed trust? A) Resulting B) Constructive
C) Charitable D) None of the above