Actually, it can be much more open-ended than what you might think...
This was sent to me in an email from "The Right Way to Travel" site
Here’s the statement straight from Facebook’s website:
“You grant us a non-exclusive, transferable, sub-licensable,
royalty-free, worldwide license to use any IP content that you post on
or in connection with Facebook ("IP License"). This IP License ends
when you delete your IP content or your account unless your content
has been shared with others, and they have not deleted it.”
Translation: If you post your photos on Facebook, you give Facebook
the rights to those photos. *They can use them however they want,
whenever they want, anywhere in the world they want… even if you
delete your account. *They can even sell them without your knowledge
and there’s nothing you can do about it. *Photos posted on Facebook
are now Facebook property. *Period.