1. ES 6 UNDERSTAND SALES, CONSUMER, PROPERTY AND CYBER LAWS Objective 6.02 Understand property law BB30 Business Law 6.02Summer 2013

2. Real vs. Personal Property  Land and anything permanently attached, including:  Buildings, structures, fixtures  Water, water rights  Minerals on and below the surface of the earth.  Trees & crops  Air space above the surface  Anything other than real property, including:  Clothing, jewelry, furniture, appliances in a home  Automobiles, ATVs, lawnmowers  Equipment & machinery used in business  Copyrights, patents, trademarks  Software, stocks, loans, mutual funds  Must be delivered in order to transfer ownership.  May be tangible or intangible. BB30 Business Law 6.02Summer 2013  Real Personal

3. Is it legal to destroy all the trees on your property? BB30 Business Law 6.02Summer 2013

4. Is it legal to build a bridge over your property? BB30 Business Law 6.02Summer 2013

5. Who owns the tree? BB30 Business Law 6.02Summer 2013

6. Who owns the oil under your house? What if you neighbor pumps oil under his/her property, but the oil comes from under your house? BB30 Business Law 6.02Summer 2013

7. Riparian Rights BB30 Business Law 6.02Summer 2013

8. Real Property Rights BB30 Business Law 6.02Summer 2013  Surface Rights  Occupy, develop, waste, or destroy land.  Rights to Air Space  Air space above you property is part of home.  Mineral Rights  Right to dig or mine the earth below your property.  Water Rights  Water on the surface and under are owned (unless states have specific laws)

9. Can power companies run power lines through your neighborhood? BB30 Business Law 6.02Summer 2013

10. Can neighborhoods restrict property owners from painting their house any color they want or parking too many cars in your yard? BB30 Business Law 6.02Summer 2013

11. Can the city restrict the use of your property? BB30 Business Law 6.02Summer 2013

12. Duties Owed to Entrants on Land BB30 Business Law 6.02Summer 2013 Owner should take reasonable steps to prevent harm to those entering their land.  – occurs when a person is on the land without a right to be there  – person whom the possessor of real property has permitted to be on the property  Delivery persons, social guests, etc.  – either a public invitee or a business invitee

13. TRANSFER OF OWNERSHIP BB30 Business Law 6.02Summer 2013  Title is to an automobile as a __________ is to a home. What are the different types?

14. TRANSFER OF OWNERSHIP BB30 Business Law 6.02Summer 2013 Adverse Possession  Adversely, open, notorious, and continuously possess another’s property North Carolina Adverse Possession Statute: http://www.ncleg.net/EnactedLegislation/Statutes/PD F/ByArticle/Chapter_1/Article_4.pdf

15. Dedication and Eminent Domain BB30 Business Law 6.02Summer 2013  Dedication – giving real property to the government for use as a park or roadway  Eminent domain – power of the government to take private property for public use if it is for the public good.  Owners are paid the fair market value of the property, but they cannot refuse to release property.  Examples?

16. Foreclosure BB30 Business Law 6.02Summer 2013  Repossession is to an automobile as _________ is to a home.  Right of mortgage holder to seize property for payment of debt that is past due  Comparable to repossession of personal property

17. LEASING OF REAL PROPERTY BB30 Business Law 6.02Summer 2013  Types of Leases  Periodic tenancy  Tenancy for years  Tenancy at sufferance  Tenancy at will

18. Types of Leases BB30 Business Law 6.02Summer 2013  Periodic tenancy – renewable period of time with rent due at stated intervals  Week to week, month to month, etc.  Tenancy for years –definite period of time stated, including stated ending date. Can be for less than one year

19. Types of Leases BB30 Business Law 6.02Summer 2013  Tenancy at sufferance – remaining in possession of rented property after the lease has expired  Tenancy at will – possessing land without an agreement as to the term of the lease or the amount of rent

20. Rights and Duties of Tenant BB30 Business Law 6.02Summer 2013  Rights:  Right of possession  Right to use property  Right to assign the lease or sublet the premises  Duties:  Duty to pay rent  Duty to take care of the property  Duty of care to those who enter the property

21. Rights and Duties of Landlord BB30 Business Law 6.02Summer 2013  Rights:  Receive rent  Right to evict tenant if lease is violated  Right to regain possession of property at end of lease  Duties:  Duty to provide habitable premises  Duty to conform to governmental requirements