Real and Personal Property and Regulation of the Environment

Question 1

Real property

Answer 1

Land and anything permanently attached to it

Question 2

Personal property

Answer 2

Chattels (goods): tangible personal property that is moveable and can be weighed and measured

Question 3

Estates in land

Answer 3

The right of possession to land granted by the crown

Question 4

Fee simple

Answer 4

The right to use and sell land subject only to local restrictions

Question 5

Life estate

Answer 5

Upon the death of a life tenant, property reverts back to original owner

Question 6

Leaseholder estates

Answer 6

Land leased to a tenant for a specific amount of time

Question 7

Easements

Answer 7

Gives person right to use a portion of another’s land for a specific purpose but doesn’t give possession

Question 8

Right of way

Answer 8

Right to cross another’s land

Question 9

Tenancy in common

Answer 9

Two or more people share an undivided interest in property with each owning a designated portion

Question 10

Joint tenancy

Answer 10

Two or more people own the entire property

Question 11

Agreement of purchase and sale

Answer 11

Contract for the purchase of commercial or residential real property

Question 12

Land titles system

Answer 12

Certificate of title is conclusive evidence in any court that the person named on the certificate is the holder in fee simple of that property

Question 13

Leasehold estates

Answer 13

-landlord retains revisionary interest in property
-lessee gets exclusive possession during term of lease

Question 14

Term lease

Answer 14

Stipulated to run for a specific period of time

Question 15

Landlord rights/obligations

Answer 15

-make sure premises are ready for occupancy
-must not interfere with tenants use of property
-give proper notice for termination

Question 16

Chattels

Answer 16

Moveable things such as electronics, clothes, animals, and vehicles

Question 17

Fixtures

Answer 17

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

Question 18

Exceptions

Answer 18

Trade fixtures and things that have not been incorporated into the structure of the building

Question 19

Finders keepers

Answer 19

-finder gets the good title against all but the original owner
-rights depend on where item was found: public(the finder), private(the owner of the place)
-finder has obligation to return found goods to proper owner when possible

Question 20

Bailment

Answer 20

When a person acquires temporary possession of personal property owner by another