BUS225_U3_Review_BrittanyPearson.docx

Chapter 14 3 what is real property real property is

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when it comes to the reproduction of that idea. Chapter 14 3. What is real property? Real property is land and anything that maybe permanently attached to it. “Attached” means that if removal of the item would cause damage to the property then the court sees it as attached. 4. What is personal property? This includes all other properties that aren’t real properties. These may bee tangible or intangible. 5. Explain the difference between tangible and intangible property. Give one example of each.
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Pearson 3 Tangible properties are physical objects that are movable. Intangible properties are objects that can’t be touched (not physical) and are normally writings. 6. Briefly explain two ways of involuntarily transferring real property. (1) Adverse possession is were someone openly treats the property as their own for a certain period of time. This is done without permission or protest of the true owner. (2) Condemnation happens when the government seizes a private property for the pubic use even if the owner protests. 7. Briefly explain the steps in a voluntary transfer of real property. Transferring of real property voluntary can be done through proper procedures (execution, delivery, acceptance, and recording). Chapter 15 8. What is intellectual property? It is the protection of mental creativity or ideas. This can include things such as trademarks, patents, and copyrights. 9. What is a patent? Why is patent protection important? A patent allows for the holder to produce and replicate the product and protect this process for 20 years. This protection allows for the holder(s) to have exclusive rights to the product and the ability to sell to others. 10. What criteria must be satisfied in order to get patent protection? In order for the criteria to be met the object of the patent has to be new, useful and nonobvious.
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  • Summer '17
  • R. Dunham
  • Brittany Pearson

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