Chapter 14 - Real Property Flashcards

1
Q

What are the two types of property?

A
  • Real Property
  • Personal Property
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2
Q

What is real property?

A

LAND and anything permanently attached to it

  • Only the portion that can be permanently used or occupied
  • Air – no right to the airspace
  • Subsurface – no rights unless specific grant
  • Mineral rights usually separate from surface rights and covered
    by their own body of law
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3
Q

What is personal property?

A

Two Categories:

A. Chattels (goods): tangible personal property that is moveable and can be weighed and measured (i.e. a boat)

B. Chose in action: An intangible right is a claim one person has against another (as a claim for debt, share certificates, bonds)

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4
Q

Estates in Land

A

The right of possession to land granted by the Crown

  1. Fee Simple: (ownership) the right to use and sell land subject only to local restriction - the greatest interest you can have
  2. Life Estate: right to use of the property for one’s lifetime
    - Upon the death of a life tenant property reverts back to original owner
  3. Leasehold Estates: land leased to a tenant for a specific period of time
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5
Q

Lesser interests in land

A

Do not convey the right to exclusive possession of the property

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6
Q

Easements

A

gives person right to use a portion of another’s land for a particular
purpose but does not give possession

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7
Q

Easement by prescription

A

right to land acquired by use - Landowner must exercise control periodically. i.e. walking across a piece of land home every day.

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8
Q

Adverse Possession

A

a right to actual land possession through long-term
use tolerated by legal owner

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9
Q

Restrictive Covenants (Land)

A

designated restrictions on how the land can be used
and bind all subsequent holders

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10
Q

Tenancy in Common

A

two or more people share an undivided interest in property with
each owning a designated portion of title

undivided interest, ownership transfers to heirs

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11
Q

Joint Tenancy

A

two or more people own the entire property

Right of survivorship, can be severed

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12
Q

Registration system

A
  • Registrar of Alberta Land Titles
  • Registration is imposed to assist in ascertaining title
  • Documents related to land transactions create an accurate title trail
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13
Q

Mortgages

A

Mortgage involves the debtor borrowing money and giving the creditor a claim against their property (land and buildings) as added security in the event of default

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14
Q

Fixtures

A

a chattel when it is attached to the land and becomes part of the real property

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15
Q

Law of finders

A

Finder gets good title against all but the original owner

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16
Q

Bailment

A

when a person (bailee) acquires temporary possession of personal property owned by another (bailor)

17
Q

Bailment for value

A

a mutual benefit or consideration flowing between the
parties

18
Q

Gratuitous bailment

A

when only one party receives a benefit (i.e. borrowing goods)

19
Q

Involuntary bailment

A

when goods have been left without permission