COML201 WK11 L21-22 Property Law

Question 1

What is property?

Answer 1

Property is something someone owns or is capable of being owned.
Property must be definable, identifiable, and have some degree of permanence.

Question 2

What are the three characteristics of property?

Answer 2

1. Definable
2. Identifiable
3. A degree of permanance

Question 3

What is the difference between a property object and property right?

Answer 3

Property object is the property itself, whereas property right is the right to act in a certain way in relation to a property object, or the right to stop others from acting in a certain way in relation to the property object.

Question 4

What is the difference between ownership and possession?

Answer 4

Possession means physically having something, whereas ownership means that that something belongs to you and you have the rights to it

Question 5

What are the two main categories of property?

Answer 5

1. Real property
2. Personal Property

Question 6

What is real property?

Answer 6

Real property is land, including anything attached to land, such as buildings and fixtures

Question 7

What are the two forms of personal property?

Answer 7

1. Tangible property
2. Intangible property

Question 8

What is tangible property?

Answer 8

Tangible property is property that has a physical form, can be held and/or touched, and is capable of physical possession, however, it excludes land

Question 9

What is intangible property?

Answer 9

Intangible property is property that does not have a physical form, cannot be held or touched, and is not capable of physical possession.
Ownership of intangible property is a set of rights which do not relate to something with a physical form/something intangible which requires legal action to be realised.