Download Term 1: Legal and Property Definitions and Concepts and more Quizzes Hospitality and Tourism in PDF only on Docsity!
Administrative Law:
Rule Making Power (Procedural, Interpretive, legislative) TERM 2
Estates in Real Property:
DEFINITION 2 An interest in real property, each of the below estates all you to use real property. To possess property is to use property and to exclude others from using the property TERM 3
Fee Simple:
DEFINITION 3 complete ownership without prior reservation in what and how you can use property. Own title to property, may own property but lease to someone else. Ownership time period is almost infinite TERM 4
Conditional Estates:
DEFINITION 4 an estate lasting forever as long as one or more of the conditions does not occur. If condition is breached, property reverts to the grantor. TERM 5
Life Estates:
DEFINITION 5 a freehold estate whose duration is measured by the lives of one or more specific persons.
Leasehold Estate:
an estate in property of limited duration. TERM 7
Easement:
DEFINITION 7 the right to use real property of another without possessing the property TERM 8
Possession:
DEFINITION 8 the right to use property AND to exclude others from the use of the property TERM 9
Title:
DEFINITION 9 Legal basis of the ownership of property TERM 10
Deed:
DEFINITION 10 written document stating the owner of said property. All sales of property has a deed, all deeds are recorded in the register of deeds.
Balloon Clause:
provisions within mortgages that call for the full amount of debt or amount owed to be due at a certain time, normally the end. TERM 17
Adverse Possession:
DEFINITION 17 the involuntary transfer of real estate to eliminate or limit property line disputes, change of ownership based on use of the land. TERM 18
Eminent
Domain:
DEFINITION 18 the power of the government to take property and use it a public land with reasonable compensation to the previous owner TERM 19
Condemnation Proceedings:
DEFINITION 19 the process of how the government will pay for eminent domain TERM 20
Zoning Ordinances:
DEFINITION 20
- Restrictions on ownership placed on property by previous owner- Zoning describes the control by authority of the use of land, and of the buildings thereon.- Technique of land-use planning as a tool of urban planning used by local governments.1) Agricultural Zoning 2) Residential Zoning 3) Commercial Zoning 4) Industrial Zoning
Differences in Real and Personal Property
Real property is the land and anything permanently affixed to it thereto.Personal Property: movable property; belongings exclusive of land and buildings TERM 22
Patent:
DEFINITION 22 grants an inventor exclusive rights to make, use, sell, and import an invention in exchange for the public disclosure of the invention, life: 20 years TERM 23
Trademark:
DEFINITION 23 recognizable sign, design, or expression which identifies products of services of a particular source TERM 24
Trade Secret:
DEFINITION 24 Formula, practice, or design that is not known by which a business can obtain an economic advantage over competitors TERM 25
Copyright:
DEFINITION 25 gives the creator of original work exclusive rights to the work for limited time, protects the expression of an idea but not the idea itself; life: 50 years
Different types of Joint Ownership: (3)
Tenancy by the entirety:
abolished in several states. Created in a husband and wife situation, requires for unities and a fifth of marriage. Only terminated by divorce, mutual agreement, or spouse death. TERM 32
Intellectual Property:
DEFINITION 32 property of the mind for which property rights are recognized, objective is to promote progress; patents, copyrights, trademarks, trade secrets TERM 33
Transfers of Real Property: 1.) Voluntary
Transfer:
DEFINITION 33 (A) By deed or land contract (B) at death through probate TERM 34
Transfers of Real Property: 2.) Involuntary
Transfer:
DEFINITION 34 (A) Adverse Possession (open, notorious, continuous, statutory time) (B) Eminent Domain Condemnation Proceedings
