REAL INTELLECTUAL PROPERTY Mr Valanzano What is property

REAL & INTELLECTUAL PROPERTY Mr. Valanzano

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

______ 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, _______

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 ___________

Features of Intellectual Property What is protected? Registration required? Duration Examples Prescription drugs; processes to make industrial chemicals Books, poems, songs, paintings, photographs Logos, emblems, catchphrases, slogans

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

______ 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: ◦ ____________________ ◦ _______________________________

Forms of Ownership _____________ owns property by themselves – exists when someone _______ – 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 other’s consent ◦ ____________ – all property acquired by a

Features of Co-Ownership May any number co-own? Tenancy in Common Joint Tenancy by the Entireties Communit y Property Must shares be equal? Is consent of co-owners required for sale? Right of survivorshi p Is marriage required? Can a will replace survivorship ?

Quick Review Answer the following questions on your handout: ◦ 1) A unique word, protected by federal law, that identifies a business’s 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

_________ 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

Transfer of Ownership of realty is usually acquired by ___________. When an ____ is transferred from grantor to grantee by ______, it is called a ________. ◦ _______ – someone’s 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 another’s property given as security for the performance of a __________ Realty may also be transferred through a _____. If owner(s) die

_____ Realty _____ – an agreement in which one party receives ___________ of another’s real property in exchange for _______ Rent – ____________________________ A lease creates a relationship between the person conveying possession of realty (_______) and the person

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

____ Rights and Duties Tenant’s rights: Tenant’s duties: ◦ _____ 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 ◦ _____________________ _________

_____ Rights and Duties Landlord’s 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 Landlord’s 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 ________________________________

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 tenant’s premises C) Both A & B D) Neither A & B

Property and Casualty Insurance _________ – the general type of insurance intended to indemnify for harm to the insured’s 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

_______ and ______ When someone dies ______, a court will use the deceased’s ______ 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)

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

Amending and Special Types of 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,

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 deceased’s property

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 beneficiary’s interest in the subject property from the beneficiary’s creditors ◦ ________ – an implied trust where the entity intended to receive the benefit of an express trust can’t do so ◦ _________ – implied trust created to require a

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