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33 Cards in this Set

  • Front
  • Back

Property includes

Real



Personal: tangible (chattels)


intangible

Chattels are not


They are often

Unique


Reproducible

Real property refers to



Unlike personal property, land is (. ) which means

Land and anything that is affixed to it



Unique.


Not two pieces are the same and no more land is being produced

Under English law, if you owned the land, your ownership included



But now it is limited to


everything above your land and everything below



Useable air space

Build anything overhangs onto an adjoining property will be considered

Trespass because it would be infringing on the owner's useable airspace

Sales of land and minerals



Who owns all mines and minerals in AB

Sales of land includes all minerals underlying the land unless specifically exempted



The government of AB



Except where land was homesteader before 1905

It is rare to own both ( ) rights



Conflicts may arise when a mineral owner attempts to



Parties can apply to to adjudicate the issue

Surface right and mineral rights; they can be transferred separately



Access mines or minerals



Government Surface Rights Board

Real property generally includes 3

Surface of the land


Reasonable amount of space above


Fixtures: anything attached to the surface


Tests for fixture 3

-to what degree attached to building or land



-the amount of damage


if removed



-the purpose of the item placed on property: for better use of land or better use of the chattel



-there must be something more than gravity to hold the chattel in place

The greatest interest of land one can have- closet to



Rights include

Fee interest


Ownership of property



Possession right:


Disposition right


Possession right


Disposition right

Hold the land for an indefinite time



Dispose of the land during lifetime or following death to whom you wish

Most common estate under Land Titles System

Fee simple

When an owner of a fee simple separate the use of the property from the ability to dispose it



The AB Land Titles Office will

The two fee simple interests are split and a life interest is created



Issue a separate title to the life interest

It is possible to create a life estate for a person to () , to (), (), and () , but they cannot

Use the property


Live on it


Rent it out


Profit from the rent



Sell or give away the simple fee estate

Life estate grant a ( ) to exclusive


but not

exclusive possession



the right to dispose of the property after death

Life estate our autre Vie

Possible to grant a life estate for the duration of the lifetime of another person

The owner of a fee simple that is subject of a life estate has the ( ) interest



Definition

reversionary or remainder interest



If the fee simple owner is not the person who granted the life estate, they have the remainder that the owner had to give away after granting the life estate .

Remainder or reversionary interest

Possession reverts back to the owner

Upon the death of life interest owner, the person who holds the remainder interest now has ( )



Before the death of the life interest owner, the reversionary interest holder only has the right to and subject to


.

Fee simple interest: right to possession and disposition



disposition


Life interest

Life tenant's obligation



Rrmainderman's obligation

Repair and maintenance and property tax



Major structure repair and property damage insurance

Leasehold estate



The owner of fee simple ( ) gives another person ( ) the right to ( ) for a fixed period of time ( ).

Landlord


Tenant


To exclusive possession of the property ( demised premises)

Holder of leasehold interest has no right of



and only has the right of for the length

Disposition


Possession for the length of the term of the lease

Tenants usually have the right to but new tenant would be subject to

assign their leasehold interest



All terms of the lease

Land Title Office can issue a separate title which is called



for leasehold interest only the lease is



This is very. No is issued.

Certificate of leasehold title



More than 3 years



Rare. No new title is issued

Two forms of co ownership

Joint tenancy


Tenancy in common

Joint tenancy


two or more person own property as



Characteristics 2

Joint tenants



All owners own all of the property



Right of survivorship

Tenancy in common



Two or more people can hold the property as

Tenants in common and not jointly



Each owns a percentage that does not pass upon death



No right of survivorship- interest passes through estate

For tenancy in common, the court will assume interest is divided unless specified

50-50


Joint tenancy



4 same

Have the same interest of the land


Commencing from the same time



Have the same right of possession



Arise out of the same documents or conveyance

A surviving joint tenant can go to the Land Titles Office with a _____ of the deceased joint tenant owner, swear an _____and the Land Titles Office will ______



The property does not pass via the ____ of the deceased joint tenant owner.

Certificate of Death of the deceased tenant



Affidavit that he or she is the surviving joint tenant,



transfer title into the name of the surviving joint



Will or the Estate

Transfer of Land executed by Vendor must indicate that the property is held by the Purchaser as ____.



If not indicated, purchasers will be

Joint tenants



Tenants in common

It is possible to have more than ______on a title



Tenants in common don't have to acquire the property at ____



There can be combination of____

two tenants in common or joint tenants



the same time




Tenancies on a title

A joint tenant can _____the tenancy if he doesn't want to have consent to dispose his half interest

Severe