Chapter 9 - Property And Specialized Practice Areas

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Property

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A tangible object or a right or ownership interest.

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Real property

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Also known as real estate; land and items growing on or permanently attached to that land

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Personal property

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All property that is not real property.

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Tangible property

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Personal property that can be touched and moved

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Intangible property

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Personal property that cannot be touched.

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Intellectual property

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Intangible assets, such as trademarks, copyrights, patents, and trade or service marks.

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Joint tenancy

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Ownership by two or more persons who have equal rights in the use of the property.

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Tenancy in common

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Ownership by two or more people. Ownership shares do not have to be equal, but each has a undivided interest in the property. When that person dies, their share passes either by will or by intestate statue.

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Tenancy by the entirety

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A special type of joint tenancy applicable only to married couples.

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Restrictive covenant

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A provision in a deed that prohibits specified uses of the property.

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Easement

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A right to use property owned by another for a limited purpose.

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Quiet enjoyment

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The tenant's right to be free from interference from the landlord with respect to how the property is used.

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Implied warranty of habitability

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A requirement that property be fit for the purpose for which it is being rented. Owners are required to repair and maintain the premises at certain minimum levels.

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Constructive evictiion

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An act by a landlord that makes the premises unfit or unsuitable for occupancy.

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Earnest money

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The money the buyer turns over to the real estate agent to be applied to the purchase price of the property.

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Real estate closing

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A meeting at which the buyer and the seller or their representatives sign and deliver a variety of legal documents associated with the sale and transfer of the property.

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Foreclosure

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The process by which a creditor who holds a mortgage or some other form of a lien on real property can force the sale of that property in order to satisfy the debt to the mortgagee or lien holder.

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Power of sale clauses

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A clause authorizing a private foreclosure sale that does not require court action.

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Homestead exemption

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A provision in state or local law that provides homeowners with specified types of protection from creditors or special tax deductions.

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Eminent domain

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The power of government to take provate property for public purposes.

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Adverse possession

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A transfer of real property rights that occurs after someone other than the owner has had actual, open, adverse, and exclusive use of the property for statutorily determined number of years.

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Bailment

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A temporary transfer of personal property to someone other than the owner for a specified purpose.

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Sole proprietorship

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A business owned by a single owner

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Partnership

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A business run by two or more persons as co-owners.

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Agent

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Someone who has the power to act in the place of another.

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Principal

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A person who permits or directs another person to act on the principal's behalf.

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Corporation

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A business entity formed by an association of shareholders.

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Limited Liability Company (LLC)

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A new form of business ownership that gives small businesses the advantage of liability limited to the amount of the owner's investment along with single taxation.

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Limited Liability Partnership (LLP)

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A form of business ownership similar to a general partnership except the partners do not have unlimited personal liability for the wrongful acts of other partners. Unlike LLC, however, the partners remain liable for other business debts, such as rent and utilites.

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Bankruptcy proceeding

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A process governed by federal law whereby a debtor unable to pay its debts seeks protection.

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Intellectual property

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Intangible assests, such as trade secrets, copyrights, patents, and trade or service marks.

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Trade secret

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A formula or process that has not been patented and is known by a limited number of individuals working for the company that uses it.

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Patent

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A right to exclude others from making, using, or selling one's invention.

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Copyright

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An author's or artist's right to control the use of his or her works. Intangible assests, such as trademarks, copyrights, and patents.

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Trademark

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A name, combination of letters or numbers, or logo that identifies a particular product.

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Service mark

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A mark used to identify a service-oriented business.

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Living will

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Also known as a medical directive; a document expressing a person's wishes regarding the withholding or withdrawal of life-support equipment and other heroic measures to sustain life if the individual has an incurable or irreversible condition that will cause death.

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Health care proxies

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A document in which an individual delegates legal authority to make medical or financial decisions for that person if he or she is too incapacitated to make such decisions; alos known as a durable power of attorney.

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Trustee

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The person appointed to administer a trust.

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Probate

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The process of court supervision over the distribution of a deceased person's property.

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Respondeat superior

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The tort theory that an employer can be sued for the negligent acts of its employees.

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Family law

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The area of the law that covers marriage, divorce, and parent-child relationships