REAL & INTELLECTUAL
PROPERTY
Mr. Valanzano
Business Law
What is property?

__________ – something that is _________
or ________, which is subject to _________
and a ________________________

Example:
◦ If you own ______ and a _______, the legal rights
you have are:




To _________, _______, and enjoy it
Dispose of (by ______ or _____), consume, or ______ it
Give it away by ________ after death
_________ your property to a __________
____________ of Property

_______ Property – also called __________;
______ and anything __________________
to the land

_______ Property – goods that are _______
or ________ and the ________ to use those
goods

________________ Property – something a
person ________; also known as _________
property
◦ Examples: ___________, patents, ____________,
servicemarks, ______________
Intellectual Property

Copyright – ______________________________________
◦ Owner has right to _________, sell, _______, or display the work.
◦ Examples: books, paintings, music
◦ _______________ – the unauthorized copying, sale, display, or
performance of the work

_____________ – a _____________________ that identifies
a __________ of a particular manufacturer or merchant
◦ Must be ________________________________ the product
◦ _______________ – a unique word, mark, or symbol that identifies
a service instead of a product

________ – the grant of the exclusive right to make, use, and
sell a ________________________ product or process
◦ Something no one has ever thought of the product or process
before
◦ The product or process can _____________________

________________ – commercially valuable information that
the owner attempts to keep a secret
Features of Intellectual Property
What is
protected?
Registration
required?
Duration
Examples
Prescription
drugs;
processes to
make industrial
chemicals
Books, poems,
songs,
paintings,
photographs
Logos,
emblems,
catchphrases,
slogans
How is property acquired?

By ___________ – property may be acquired and transferred, or bought
and sold, by contract

By __________ – to create a valid gift, the donor must do 2 things:
___________________________________________________

By ____________ – the right of an owner of property to an increase in
that property

By __________________ – personal property rights can be acquired by
original production

By ________ – lost (________________) property becomes owned by
the finder if not claimed within ____ days; mislaid (________________
________________) property is required to be returned to owner

By _____________ – taking possession of personal property that
belongs to no one else

By _______________ – real and personal property can be acquired by
inheritance through a valid will; if no will is left, the state determines how
to divide property among surviving relatives
___________ of Ownership

An owner of property is not permitted to use that
property in an ___________ or ____________
manner that ______________.

Federal, state, and local governments may adopt
laws to protect the public __________________
_________________, which may limit ownership
and freedom of use.

Examples:
◦ ________________________________________
__________________
◦ _______________________________________
◦ ________________________________________
__________________
Forms of Ownership

_________________________ – exists when someone owns
property by themselves

______________ – when two or more people have ownership
rights in the same property
◦ _______________________ – no co-owner can exclude another
co-owner from any physical portion of the property
◦ ______________________ – allows any co-owner to require the
division of the property among the co-owners

Types of Co-ownership:
◦ ______________________ – the equal co-ownership of the same
property with the right of survivorship (if one owner dies, their
claim is divided equally among remaining tenants)
◦ ________________ – shares may be unequal and there is no right
of survivorship (if a co-owner dies, their share is passed to any heirs)
◦ _______________________ – form of co-ownership limited to
married couples and has the right of survivorship; shares are equal
and may not be sold without the other’s consent
◦ _______________________ – all property acquired by a married
couple during their marriage is evenly owned by both people
Features of Co-Ownership
May any
number
co-own?
Tenancy in
Common
Joint
Tenancy
Tenancy by
the
Entireties
Community
Property
Must
shares
be
equal?
Is consent of
co-owners
required for
sale?
Right of
survivorship
Is
marriage
required?
Can a will
replace
survivorship?
Quick Review

Answer the following questions on your handout:
◦ 1) A unique word, protected by federal law, that identifies a
business’s product is called a(n) _________________.
◦ 2) True or False: Copyrights held by authors are protected by
federal law for the life of the author plus 50 years past their
death.
◦ 3) Property that is intentionally placed somewhere but then
forgotten is:
A) Lost B) Missing C) Mislaid D) Vanished
◦ 4) When there is only one owner of property, they are said
to own in ___________.
A) Joint tenancy B) Intestate C) Severalty D) Custody
◦ True or False: The co-ownership forms of community
property and tenancy by the entireties requires that the coowners be married.
_________________

Real property includes:
◦ ________
◦ Things _________________ to the land
◦ Certain ________ to use the land of others

Besides the land itself, the owner has rights
to the ____________________________
of that land.

When personal property is permanently
attached to realty it is called a _________.
◦ ______________ – personal property attached
to realty by ________________
Transfer of Ownership

Ownership of realty is usually acquired by _____________________.

When an ________ is transferred from grantor to grantee by ______,
it is called a ________________.
◦ ______________ – someone’s property and any legal rights associated with
that property

Deed – _______________________________________________

_________________ – giving real property to the government and is
effective only if the government accepts the property

________________ – the power of the government to take private
property for public use in exchange for fair market value

________ – a legal right in another’s property given as security for the
performance of a ____________________

Realty may also be transferred through a _____. If owner(s) die without
a will, their property will be distributed according to state statutes.
◦ Intestate – ___________________________________
__________ Realty

_________ – an agreement in which one
party receives _____________________
of another’s real property in exchange for
_______

Rent – ___________________________
____________________________

A lease creates a relationship between the
person conveying possession of realty
(_____________) and the person receiving
possession (_____________).
Leasehold Estates

Leasehold Estate – ___________________
_________________________________

Types of leasehold estates:
◦ _______________ – the lease is for a renewable
period of time with rent due at stated intervals
◦ _______________ – when a lease is for a definite
period of time; could be months or years
◦ _______________________ – when a tenant
remains in possession after a lease has expired
◦ ______________ – if a party possesses land with
the owner’s permission but without an agreement
as to the term of lease or amount of rent
________ Rights and Duties

Tenant’s rights:
◦ __________ of the property starting at _______in the
______ agreement and be _______ of all other persons
◦ ______ of the leased property in the ______________
by the lease
◦ __________ the lease or ________ the premises
◦ Landlords generally do not have a right to enter the
leased property for inspection unless this right is given in
the lease
◦ _____________ – when the landlord blocks the tenant
from possession of all the real property

Tenant’s duties:
◦ ________________
◦ _________________________
◦ __________________________________________
_________________
__________ Rights and Duties

Landlord’s rights:
◦ ___________________ agreed upon in lease
◦ Take ____________ and/or _______ the tenant if they
______ to pay the rent
◦ Regain possession of the ____________ and any ________
added at the end of the lease

Landlord’s duties:
◦ ____________________________
◦ ____________________________
◦
◦
◦
◦
 Exposed wires, roof leaks, screens on outside doors and windows,
private bathrooms in each unit, ceilings and walls must be smooth,
free of loose plaster, and be easily cleanable
Responsible for others in ________________________
___________________________
Comply with the _______________________
_________________________________________
Quick Review

Answer the following questions on your handout:
◦ 1) True or False: Land is the only component of real estate.
◦ 2) True or False: An estate is a particular bundle of legal
rights in real property.
◦ 3) Which type of lease does not have an ending date
indentified in it?
A) Periodic tenancy B) Tenancy for years
C) Tenancy at sufferance D) Tenancy at will
◦ 4) In a tenancy, the right of possession is owned by the
_______________.
◦ 5) The landlord is responsible for all repairs for:
A) Common areas B) The tenant’s premises
C) Both A & B D) Neither A & B
Property and Casualty Insurance

__________________ – the general type of insurance
intended to indemnify for harm to the insured’s
personal or real property brought about by perils such
as fire, theft, or severe weather
◦ Indemnify – ____________________________________
◦ Beneficiary – ___________________________________

____________________ – the type of insurance that
indemnifies for losses resulting from accident, chance, or
negligence
◦ ___________________ – a type of casualty insurance that
indemnifies against personal injury or property damage
claims for which the insured is legally responsible

Any exception to what is covered in an insurance policy
is called an __________ and must be ____________
__________ in the policy.
_______ and ___________

When someone dies ____________, a court
will use the deceased’s ______ to pay all debts.

The remainder of the property will be ______
______________________________.

_______ – a legal expression, ____________,
by which a person directs how their property is
to be distributed after death
◦ Testate – ______________________
◦ _______________ – make of the will (male/female)
◦ __________________ – a personal representative
named by the deceased to carry out the directions in
the will (male/female)
Creation and Execution of a Valid Will

The basic requirements in almost every state
are:
◦ The person creating the will must have __________
_______ (clear intention to make a will) and not be
___________ into signing the document
◦ The signer must not be ________ into thinking the
document is something _________________
◦ The testator/testatrix must have _______________
_________ (must know in at least a general way the
kind and extent of the property involved, who stands
to benefit, and they are making arrangements to
dispose of their property after death)
◦ Must be in ________ and be _________ at the end
of the document in front of ___________ who will
_____________ under the will
Amending and Special Types of Wills

Wills may be changed as often as the
_____________ wants to change it.

In most states, changes must be made using a
__________, which is a ______________
_________________ amendment.

Special types of wills:
◦ Holographic Will – ______________________
____________________________________
◦ _____________________ – an oral, witnessed
will that is often limited to controlling the
distribution of personal property
Distribution of an Estate

Procedure for estate resolution:
◦ _____________________________________ the assets
of the estate and collect the debts owed to it
◦ Give public notice of the estate and the necessity for filing
claims within the statutory period
◦ ____________________________________
◦ Distributing the ____________________ according to the
_______ or ____________

______________ will dictate how an __________ is
distributed when there is ____________________.

If there _____________, its terms are to be followed.

If there are no inheritors, the deceased’s property
______________ (is given to the state).
Trusts

When the transferee of property is a separate entity under
law, a __________ has been created.
◦ Trustee – _________________________________________
◦ Settlor – _______________________

Types of trusts:
◦ _________________ – an express trust made during the lifetime
of the settlor
◦ _________________ – express trust created after the death of
the settlor in accordance with the will
◦ ________________ – an express trust created for the fulfillment
of an unselfish purpose
◦ Private – __________________________________________
◦ _____________ – an express trust that protects the beneficiary’s
interest in the subject property from the beneficiary’s creditors
◦ ________________ – an implied trust where the entity intended
to receive the benefit of an express trust can’t do so
◦ _________________ – implied trust created to require a person
holding property to transfer it to another because retention of the
property would be a wrongful and unjust enrichment of the holder
Quick Review

Answer the following questions on your handout:
◦ 1) What type of casualty insurance helps to protect the
insured party for an injury they are legally responsible for?
A) Indemnity B) Liability C) Property D) Automobile
◦ 2) A trust created by the will of a deceased settlor is known
as a(n) ____________ trust.
◦ 3) True or False: Those who die without a valid will are legally
termed to have died intestate.
◦ 4) True or False: The insertion of a codicil on a will does not
have to be witnessed.
◦ 5) Which of the following is an example of an expressed
trust?
A) Resulting B) Constructive C) Charitable D) None of
the above