Chapter 13

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Management and Organizational Studies
Management and Organizational Studies 2275A/B
Philip King

Chapter 13 Real Personal and Intellectual Property Saturday December 10 2011546 PMTypes of Property Real Property land and anything permanently attached to it Personal property moveable itemsTangible property or chattelsThings that can be weighed and measuredIntangible property or chose in actionIncorporeal rights that have value Intellectual PropertyIdeas and creative workForm of person property Real Property Legal interests in landFee simplethe right to use land subject only to local restrictions ownership Life estate upon the death of a life tenant property reverts back to original owner Leasehold Estates land leased to a tenant for a definite period of time Lesser Interests in LandEasementsright to use a portion of anothers land for a particular purposeRight of wayright to cross anothers landLicensegives a person permission to use anothers land Prescriptionpublic use of private land gives right to accessAdverse Possessionflagrant possession tolerated by legal owner Profit a prendreright to remove trees gravel etc from land Restrictive Covenantsdesignated restrictions on how the land can be used Tenancy in Common and Joint TenancyTenancy in common two or more people share an undivided interest in property with each owning a designated portion of titleJoint Tenancy two or more people own the entire property with a right of survivorshipOther InterestsOption agreement right to purchaseAgreement for sale includes right to retake possession if person buying land fails to pay instalmentsAgreement of Purchase and Sale contract for the purchase of commercial or residential real property Transfer and Registration of Interest in Land Registration systemdocuments related to land transactions create an accurate title trail Land Titles systemCentral registry prepares certificate of title which determines interestBinding evidence of transactionGovernment guarantees titleassurance fund to pay claims Condominiums and CooperativesCondominiumsAllows for combination of individual and joint ownershipCondominium association is governing incorporated body CooperativesReal property owned in common or by corporation with shareholdersNo member owns individual titleLandlordTenant Relationship Landlord retains reversionary interest in property Lessee is entitled to exclusive possession during term of the lease Contract law appliesLease must be evidenced in writing over 3 years Chapter 13 and 14 Page 1
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