Exam 2

Question 0

Copyright

Answer 0

• 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

Question 1

Patent

Answer 1

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

Question 2

Trademark

Answer 2

A recognizable sign, design or expression which identifies products or services of a particular source

Question 3

Trade secret

Answer 3

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

Question 4

Purpose of intellectual property laws

Answer 4

•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

Question 5

Intellectual property rights include:

Answer 5

1) patents
2) copyright
3) industrial design rights
4) trademarks
5) trade secrets

Question 6

TRANSFER OF REAL PROPERTY

Answer 6

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

Question 7

VOLUNTARY TRANSFER

Answer 7

1) by deed or land contract
2) at death through probate

Selling property, as part of an estate, etc.

Question 8

INVOLUNTARY TRANSFER

Answer 8

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

Question 9

Intellectual property rights

Answer 9

• Property rights of the mind
• ALL FEDERAL LAW, regulated at national level
• protection is usually for a limited time period

Question 10

Township

Answer 10

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

Question 11

Register of Deeds

Answer 11

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)

Question 12

Mortgage

Answer 12

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

Question 13

2 types of property

Answer 13

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.

Question 14

Real property

Answer 14

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

Question 15

5 types of estates

Answer 15

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

Question 16

Fee simple estate

Answer 16

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

Question 17

Conditional estate

Answer 17

Estate lasting forever as long as specific conditions are met/maintained.

If one or more of conditions is breached, property reverts to grantor

Question 18

Life estate

Answer 18

Designates ownership for the duration of the owners lifetime

-duration measured by life span of one or more specified persons

Question 19

Leasehold estate

Answer 19

An estate in property of a limited duration

Question 20

Easement

Answer 20

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

Question 21

Possession

Answer 21

Ability to use property AND exclude others from the use of the property

Question 22

Title

Answer 22

Ownership of real property

-title condition- restriction on ownership placed on property by previous owner

Question 23

Title condition

Answer 23

Restriction on ownership placed on property by previous owner

Question 24

2 ways to hold property

Answer 24

1) hold it yourself, you only 2) held jointly - tenancy in common - joint tenancy w/ rights of survivorship - tenancy by the entirety

Question 25

Concurrent estate

Answer 25

When 2 or more persons simultaneously own a present estate in real or personal property -each hold a right to concurrent possession

Question 26

Tenancy in common

Answer 26

Multiple ownership where each owner is entitled to pass their share onto their heirs upon death

Question 27

Joint tenancy with rights of survivorship

Answer 27

Multiple ownership wherein if one partner dies, the other(s) get the property

Question 28

Tenancy by the entirety

Answer 28

- 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

Question 29

Deed

Answer 29

Written document that gives ownership from seller to buyer

Question 30

Balloon clause

Answer 30

Item that calls for the ENTIRE AMOUNT of a loan to be paid at a specific time -lump sum amount due

Question 31

Land contract

Answer 31

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

Question 32

Zoning ordinances

Answer 32

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

Question 33

Adverse possession

Answer 33

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

Question 34

Eminent domain

Answer 34

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

Question 35

Condemnation proceedings

Answer 35

Process used by government when they take a property for public purpose -determines what the value should be