2. Property Types Realty Land Use
Ownership Acquisitions Restrictions
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400

3.  Intellectual Property Rights

4.  What is the legal entitlement attached
to the expressed form of an idea or of
other intangible subject matter?
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5.  A property right granted by the U.S.
government

6. What are:
 Patent (17 years)
 Copyright (95 yrs from publication, 120 years
from creation)
 Eminent Domain (this right to seize property
can also be done by state and local
governments)
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7.  Patent

8.  What is an intangible property right
granted by the U.S. government to an
inventor or application for a limited time
period to exclusively own and control a
new, useful, and nonobvious invention.
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9.  Includes rights to water, minerals, and
things attached

10.  What is real property?
 Realty includes land, structures on the
land, rights attached to the land like
water, mineral, trees, fixtures, the right to
pass to the land of another
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11.  Two types of estate, or ownership interest
in real property

12.  What are
1. Fee Simple Estate (full ownership,
unconditional disposal)
2. Life Estate (possession & income for
quality or Time, e.g. HI, Palm Springs,
Mexico). Does not pass at death.
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13.  Concurrent Estates

14.  What are
1. Joint Tenancy (concurrently owned & undivided
interest)
2. Tenancy in the entirety (undivided interest but a sale or
contract to sell does not sever the tenancy, individual
creditors of the other spouse cannot attach the
property to a claim, neither party owns individually a
portion than can be mortgaged)
3. Tenancy in common (no survivorship, can be unequal
shares, need not be on same deed from same grantor)
4. Community Property (each spouse has undivided one-
half interest)
Tenancy: possession or ownership or
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15.  Cooperative Ownership

16.  What is ownership by a corporation, the
stockholders of which receive long-term
proprietary leases to a portion of the
property and a proportional vote in its
affairs based on the number of shares
owned.
 It differs from a condominium
ownership which has individual
ownership of a unit, or separate Home
defined area and which has an
undivided interest in common or
public areas

17.  Elements of a Contract of Sale

18. What are:
 Vendor (seller)/Grantor (conveys property
to another)
 Vendee (purchaser)/Grantee buyer after
deed execution)
 Must be in writing
 Must list essential terms to sufficiently identify
the property and the price
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19.  An increase or addition to property

20.  What is Accession?
e.g. a coat of paint, additions &
improvements, an animal birthing,
transformation of raw material to a finished
good (lumber)
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21.  Gifts

22.  What is the voluntary and gratuitous
transfer of property without
consideration.
 Donee—recipient of gift
3 Necessary Element:
1. Donative Intent
2. Delivery
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3. Acceptance

23.  Adverse Possession

24.  What is the claim of ownership of land by
possession that is exclusive, open, hostile,
unpermitted, and continuous for a
statutory period?
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25.  Two types of Acquisitions that involve
liens

26.  Trust Deed
 Mortgage
 Contract of Sale
 Land Contracts
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27.  Four types of seller’s restrictions on Land
use

28.  What are
1. Cost of homes to be built
2. Minimum/maximum size of buildings
3. Types of contruction
4. Use of the land (conservation)
Generally for a period of 30 to 40 years
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29.  Ways Easement can be created

30.  What are by express words, by
implication, or by prescription
› This nonpossessory right uses another
person’s property for a particular purpose.
› must benefit adjacent land
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31.  A right or privilege to enter another’s
land and take away something of value
from its soil or from the products of its soil

32.  What is Profit a’ Prendre?
› Coal, sand, gravel, trees
› e.g. IL supplies the fracking sand for other
states
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33.  4 Land Use Restrictions

34.  What are incorporeal Interests?
1. Easement
2. Profits a’ Prendre
3. Sellers’ Restrictions
4. Lease Situatons
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