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23 Cards in this Set

  • Front
  • Back
fee simple absolute
Highest form of ownership. The right to own and possess the land against all others without conditions
Condemnational proceeding
Where the govt gets you property for public use over the protest of you.
Eminent Domain
The govt can take your property for public use in exchange for a sastisfactory amount of money.
qualified terminal interest property- allows wife to get estate after husband dies and then control who gets it next.
Lease Holds
possessory, not ownership
Triple net lease
taxes, insurance, and maintenance are paid by the lesee/tenant. many times commercial leases
Condimnation of conominium ownership
rights of the condo owner
"runs wiht the land" right to use somebody elses property for specific purposes.
expressed easement
utility that has to be dug up to fix the pipe system.
prescription easement
by implication. Must be continuous and must be for a statutory period. (getting your trailer off)
a property is landlocked. The owner of the landlocked property can use neighbor's property for entrance and exit.
Tenancy in common
you own a % undivided interest in the whole, and when it is sold you get that % of profit. IF you give it away you have to pay gift tax. Interest can be attached by creditors
Joint tenancy
right of survivorship. Each person get equal amount and when 1st person dies, their share is divide into everybody else.
Tenancy by the entirety
right of survivorship. Must be husband and wife. Can't sell their part. Creditor can threaten to sell tendency by the entirety in order to get debt back.
a deed, used in situations where there was question. Not used often, takes a risk that you might not own the property.
Adverse possession
acquiring ownership of realtyby openly treating it as ones own, with neither protest nor permission from the real owner, or a statutorily established period of time
restrictive covenants
promises by the owner, generally included in the deed, to use or not to use the land in particular ways.
govt restrictions on the use of private property to help growth and development of a community.
consignments, storage, pledge as security
lanham act
what you have to register with in order to sue for trademark damages
trade dress
the overall appearance and image of a product that has acquired secondary meaning.
Trade secret
the process of operation or compilatioin of info that gives one business advantage over another
fair use doctrine
a legal doctrine providing that a portion of a copyrighted work may be reproduced for purposes of teaching, etc