Patent

Definition of "Patent"

Exclusive right granted by the government to a company or person to use, manufacture, and sell a product or process for a 17-year period without interference or infringement by other parties. As a practical matter, the useful life is usually less than 17 years because of changes in the market place and new technology. If a patent is assigned to others, royalties may be obtained.

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Related Real Estate Glossary terms

In Propria Persona

Appearing in person. In propria personal is a formal judicial request to appear personally before th ...

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Coverage under which the face value, premiums, and plan of insurance can be changed at the discretio ...

Specific Stop Loss Insurance

Coverage that goes into effect when an individual's claim reaches a specific threshold selected by t ...

Paid-up Policy Reserve

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A roof having two slopes on each side. The second slope is longer than the first part of the roof an ...

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A sales contract is the contract you draw up when you want to make an offer on a home. ...

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A CD, or Certificate of Deposit, is an investment usually made for a given period of time at a fixed ...

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A home warranty is a guarantee for certain features of a new home-for instance, the materials and wo ...

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Flood insurance is insurance that compensates for the physical property damage resulting from rising ...

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Basic points relates to changes in the interest rate for your home. ...

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