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23 Cards in this Set
- Front
- Back
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fee simple absolute
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Highest form of ownership. The right to own and possess the land against all others without conditions
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Condemnational proceeding
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Where the govt gets you property for public use over the protest of you.
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Eminent Domain
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The govt can take your property for public use in exchange for a sastisfactory amount of money.
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QTIP
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qualified terminal interest property- allows wife to get estate after husband dies and then control who gets it next.
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Lease Holds
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possessory, not ownership
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Triple net lease
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taxes, insurance, and maintenance are paid by the lesee/tenant. many times commercial leases
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Condimnation of conominium ownership
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rights of the condo owner
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easement
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"runs wiht the land" right to use somebody elses property for specific purposes.
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expressed easement
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utility that has to be dug up to fix the pipe system.
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prescription easement
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by implication. Must be continuous and must be for a statutory period. (getting your trailer off)
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Necessity
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a property is landlocked. The owner of the landlocked property can use neighbor's property for entrance and exit.
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Tenancy in common
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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
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Joint tenancy
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right of survivorship. Each person get equal amount and when 1st person dies, their share is divide into everybody else.
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Tenancy by the entirety
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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.
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Quitclaim
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a deed, used in situations where there was question. Not used often, takes a risk that you might not own the property.
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Adverse possession
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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
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restrictive covenants
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promises by the owner, generally included in the deed, to use or not to use the land in particular ways.
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zoning
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govt restrictions on the use of private property to help growth and development of a community.
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bailment
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consignments, storage, pledge as security
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lanham act
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what you have to register with in order to sue for trademark damages
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trade dress
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the overall appearance and image of a product that has acquired secondary meaning.
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Trade secret
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the process of operation or compilatioin of info that gives one business advantage over another
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fair use doctrine
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a legal doctrine providing that a portion of a copyrighted work may be reproduced for purposes of teaching, etc
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