Flashcards in Chapter 6 Deck (20)
What is included in real estate property?
Anything attached to land such as fences and buildings.
What is it called when you have exclusive rights to possess a property for a period of itme?
For what duration does an estate last?
For their lifetime.
What is joint tenancy?
When two or more people have an undivided interest in the property with the right of survivorship.
When is joint tenancy severed?
When one party sells their stake, becomes bankrupt or murders the other.
What is the right of survivorship in terms of shared ownership?
When one dies the other gets their share.
What is a co-operative?
Entire building is owned by a group or corporation.
The right to enter land owned by another for a specific purpose is called what?
What is a restrictive covenant?
A promise to refrain from certain conduct on, or use of land.
What is it called when a person can extract and retain something of value from another's property?
What is a profit a prendre?
Gives right to take something of value such as timber or berries.
What is it called when a tenant continues to possess the premises at the end of a fixed-term tenancy without the landlord's permission?
Tenancy at sufferance.
What is a distress remedy to breach of contract?
Right to seize assets of tenants on the premises and sell them for rent.
What protects words, symbols or designs?
Copyright are given for what?
Ideas that are expressed.
What stops someone from making, using or selling an invention?
What protection offers the longest protection in terms of years?
Trademarks can be renewed every 15 years indefinitely.
What is the remedy of delivering up?
Requires the infringer to turn over the goods to the rightful owner for intellectual property.
What is adverse possession?
Exclusive open possession of another land