1601 – Real Property & Personal Property
1. Ownership of real property is called an ‘Estate’ in property. The type of ‘estate’ with
INDEFINITE, EXCLUSIVE possession, and the right to mortgage and sell is called:
Fee Simple estate.
2. Another ‘estate’ in land with a time limited right to possession is called:
Leasehold estate
3. A lease for a 1 year period is called a:
‘Term Lease’
4. A lease for a non specific period where you simply pay rent every month and the lease
automatically renews monthly is called:
A ‘periodic lease’
5. Real Property is defined as?:
land and everything permanently attached to the land, the air above and the ground
below. A house, trees, vegation, buildings are permanently attached. Everything inside
the building (widows, furnace, doors, cabinets) which are attached are called a fixture
and are also part of the ‘real property’ or ‘land’.
6. If an items is bolted to the ceiling or to the floor and cannot be removed without doing
damage to the building (leaving a hole) is this a fixture or a chattel?
It is a fixture and is part of the real property.
7. Items inside a house which are not attached to the building are called:
‘chattels’ or personal property.
8. A person can have an interest in land which is less than an ‘estate’ in land. This does not
give them exclusive possession but does give them a specified right to use the land for a
specific permitted purpose. An example of this is: Right of Way (for utilities to be
supplied to a property), Easement (to allow a neighbour to drive across your land).
9. Land can be owed by more than one person. The two methods of co-ownership are:Tenants in Common
Joint Tenancy
10. The essential difference between these 2 methods of co-ownership is what happens
when one individual dies. Explain these differences.
Joint Tenancy has the Right of Survivorship. Tenants in Common: the proportionate
interest in the property passes under the dead owner’s Will.
11. If Harry owns land (called Whiteacre) with Jenny as Joint Tenants and Jenny dies, who
will be the owner(s) of Whiteacre upon Jenny’s death?
Harry will be the sole owner by survivorship. He continues to own the whole.
12. If Harry owns land (called Blackacre) with Mary and Mark all as Joint Tenants and Mark
dies, who will be the owner(s) of Blackacre upon Mark’s death?
Owners would then be Harry and Mary by survivorship.
13. If Harry owns land (called Whiteacre) with Jenny as Joint Tenants.
Harry also owns property (Blackacre) with Mark as Tenants in Common in equal shares.
In his Will Harry says that his wife Mary shall ‘inherit all his property’. Upon Harry’s
death who will be the owner(s) of Whiteacre and Blackacre?
Whiteacre: Harry and Jenny owned at Joint Tenants, where the doctrine of survivorship
operates at the moment of death of any of the Joint tenants. The Will of the deceased
has NO influence on property owned by Joint Tenants. Therefore on Harry’s death,
Jenny becomes the sole owner by survivorship.
Blackacre: Harry and Mark own this as Tenants in Common. His interest passes
according to his Will. His will says that Mary shall inherit everything. Therefore on
Harry’s death, Mary will inherit Harry’s interest in Blackacre. Because Harry owns half of
Blackacre, Mary now is the owner of half of Blackacre along with Mark.
14. Personal Property. Ownership of personal property is dictated by:
Possession, subject to the interest of anyone with a prior right. Where property is lost
and found, this ‘prior right’ is that of the owner who lost the property, or the person on
whose land you found it, or if you are working – your employer, or if you find something
on someone else’s land, the possessory rights of that land owner. Items found on public
land are subject only to the rights of the person who lost it.
15. If you find lost property what is your obligation?:
To take reasonable care of this item. There is no legal obligation to turn lost items into
the police.
16. Revise the types f insurance coverages which can be purchased and what these insure
against.
17. Can you insure something that you do not own or have an interest in? (eg your
neighbour’s property?)
NO
18. If you leave personal property with someone else, does this person now become the
owner?
No, they will be a ‘bailee’ of the property and must take reasonable care of it until they
return it to you.
19. Delivering your clothes to the dry cleaner is called:
A bailment