Ch.13: Real, Personal, and Intellectual Property Flashcards
What is real property?
Land and anything permanently attached to it.
What is personal property?
Tangible (chattels) and intangible items.
What is intellectual property?
Property from mental effort like copyrights, trademarks, etc.
What is fee simple?
Complete ownership of land, subject to local restrictions. (highest level of interest u can have in land in BC)
What is a life estate?
Right to property for a lifetime; reverts after death.
What is a leasehold estate?
Temporary possession through lease.
What is an easement?
Right to use part of another’s land.
What is adverse possession?
Gaining title by long-term, unauthorized occupation.
Tenancy in common vs joint tenancy?
TIC: divided ownership; JT: undivided with survivorship.
What is equity of redemption?
Right to reclaim property by repaying mortgage.
What is a bailment?
Temporary possession of personal property by arrangement.
What is a gratuitous bailment?
Only one party benefits; higher duty for bailee.
What is a trade fixture?
A fixture used in business that can be removed.
What is copyright?
Right to copy a work—literary, musical, artistic, etc.
How long does copyright last in Canada?
Author’s life + 50 years.
What is a patent?
Exclusive right to an invention for 20 years.
What is a trademark?
Symbol or name identifying a product or company.
What is an industrial design?
Registered shape/pattern/or design lasting 5 years.
What is a trade secret?
Confidential info giving a business advantage.
What is a restrictive covenant in real property law?
A condition placed on land restricting how it can be used, often found in subdivision plans.
What is a profit à prendre?
A right to enter someone else’s land to remove natural resources (e.g., timber, minerals).
What is prescription in property law?
A legal right gained through long-term public use of private land without the owner’s objection.
What is the Land Titles System?
A government-run system that certifies land ownership and guarantees title through a certificate.
What is the purpose of the Interim Agreement in a real estate transaction?
It temporarily binds the parties before the final Agreement of Purchase and Sale is signed.
