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Real Estate > Lesson 3 > Flashcards

Lesson 3 Flashcards

1
Q

What are the 3 main sources of Laws?

A
  1. Equity
  2. Common Law
  3. Statutes
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2
Q

What is Equity in the context of law?

A

Equity is a body of law that focuses on fairness and justice, providing remedies that Common Law may not offer.

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3
Q

How do equitable rules function in relation to Common Law?

A

Equitable rules are applied to mitigate the harshness of Common Law.

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4
Q

What is Common Law?

A

Common Law is a body of unwritten laws based on judicial precedents; it is developed through decisions made by judges in individual cases.

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5
Q

What is the principle governing the relationship between Common Law and Equitable Rules?

A

Common Law principles prevail over Equitable Rules.

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6
Q

What are Statutes?

A

Statutes are written laws enacted by legislative bodies, such as Acts of Parliament.

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7
Q

What is the significance of statutory provisions in relation to Common Law and Equity?

A

Statutory provisions prevail over Common Law and Equity.

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8
Q

What is Case Law?

A

Case Law refers to law established based on judicial decisions and precedents set by previous court cases.

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9
Q

Can you provide examples of statutes relevant in the real estate context?

A

Examples include the Estate Agents Act and the Planning Act.

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10
Q

What is the Common Law definition of land?

A

Land includes fixtures, hereditaments and estate.

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11
Q

What are fixtures in real estate?

A

Fixtures are items that were originally movable but have become permanently attached to a property, making them part of the real estate.

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12
Q

What are hereditaments?

A

Hereditaments refer to any property that can be inherited, encompassing both real and personal property.

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13
Q

What are the 4 key statutes defining land in Singapore?

A
  1. Land Title Act
  2. Land Title Strata Act
  3. State Land Act
  4. Conveyancing and Law of Property Act.
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14
Q

What is meant by limited airspace in the context of land?

A

Limited airspace refers to the space above the land that the proprietor can use and enjoy.

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15
Q

How deep does land ownership extend below the surface?

A

Ownership extends 30 meters underground into the subterranean space.

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16
Q

How does the Land Title Strata Act define land with respect to air-space or subterranean space?

A

The Act states it can include any defined parcel of air-space or subterranean space, whether or not held apart from the surface of the earth.

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17
Q

What describes Real Property?

A

Immovable

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18
Q

What describes Personal Property?

A

Movable

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19
Q

What is Personal Property commonly known as in real estate?

A

Chattels or Fittings. Chattels = Personal Possession

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20
Q

What are corporeal hereditaments?

A

Corporeal hereditaments are physical assets, including land and houses.

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21
Q

What are incorporeal hereditaments?

A

Incorporeal hereditaments are non-physical property rights or interests in property.

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22
Q

What are non-tangible assets in the context of real estate?

A

Personal Rights

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23
Q

What are proprietary rights?

A

Property Rights = Proprietary Rights. Proprietary rights refer to interests in land, encompassing all property interests related to land.

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24
Q

Can proprietary rights affect third parties?

A

Yes, rights are capable of affecting third parties; not just the people who originally agreed to it

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25
Q

What happens when someone buys a property interest?

A

Interests bind future owners, and the rights associated with those interests must be honored by subsequent owners.

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26
Q

What are personal rights?

A

Personal rights are rights that are typically created through a contract and affect only the persons who originally established those rights.

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27
Q

How do personal rights differ from proprietary rights in terms of enforceability?

A

Personal rights are enforceable against specific persons (those who created the rights) but not against third parties.

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28
Q

What does personal property encompass?

A

Personal property refers to rights to use land for a specific purpose that is personal to the owner and does not bind future purchasers of the land.

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29
Q

What are the 2 main types of incorporeal hereditaments?

A
  1. Bundle of rights over own land
  2. Proprietary rights over other person’s land
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30
Q

What does the term “bundle of proprietary rights” refer to?

A

The bundle of proprietary rights is often described as a “bundle of sticks,” where each stick represents an individual right or interest in land.

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31
Q

How can the rights in the bundle be used?

A

Rights can be used separately, concurrently, or multiple at the same or different times.

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32
Q

Can the bundle of proprietary rights be divided?

A

Yes, the bundle can be divided into different rights, such as in the case of Real Estate Investment Trusts (REITs).

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33
Q

Are bundles of rights absolute?

A

No, bundles of rights are not absolute; they are subject to government policies, rules, and regulations.

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34
Q

What is the right to exclusive possession?

A

The right to exclude others from entering the property, including even the landlord.

35
Q

What do rights to quiet enjoyment entail?

A

These rights allow the owner to occupy, use, and exert control over the property without disturbance.

36
Q

What are the rights to alienation?

A

Alienation refers to the voluntary act of a property owner transferring property interests to another party.

37
Q

What can property owners do with the rights to alienation?

A

Property owners can craft various interests in land through gifts, succession, and other means.

38
Q

What are the 3 main rights in the bundle of rights over own land?

A
  1. Rights to exclusive possession
  2. Rights to quiet enjoyment, use and control
  3. Rights to alienation
39
Q

What are the 3 main rights in the proprietary rights over other person’s land?

A
  1. State rights to minerals
  2. Easement
  3. Restrictive covenants
40
Q

What do state rights to minerals entail?

A

These rights allow the government or relevant authority to claim ownership or access to minerals found beneath the surface of privately owned land.

41
Q

What is an easement?

A

An easement is a legal right granted to a person or entity to use a portion of another person’s land for a specific purpose, such as access to a road or utility lines.

42
Q

What are restrictive covenants?

A

Restrictive covenants are legally binding conditions placed on the use of land that restricts the owner from engaging in certain activities or uses that could affect other properties in the area.

43
Q

What are fixtures?

A

Fixtures are items that are attached to land; they lose their characteristic as chattels and become part of the building, forming part of the land.

44
Q

What happens to fixtures in the absence of a prior agreement?

A

Fixtures are handed over to the buyer upon the sale of the property.

45
Q

How do fixtures relate to mortgages?

A

Fixtures form part of the entitlement of the mortgagee (lender), as they are considered part of the property.

46
Q

What are the 2 tests to determine if an item is a fixture or chattel?

A
  1. Degree of annexation
  2. Purpose of annexation
47
Q

What are the 2 degrees of annexation and what are the results?

A

If it is affixed - presume fixture ie. toilet bowl. If it rests on its own weight - presume chattel ie. sofa

48
Q

What are the 2 purpose of annexation and what are the results?

A

If it is affixed -> Can be a chattel as well (ie. tenant’s fixture or trade fixture). If it rests on its own weight, can presume fixture if intended to enhance the property’s functionality or value.

49
Q

What are trade or tenant’s fixtures?

A

Trade or tenant’s fixtures are affixed items that are installed for business operations, such as air conditioning units, machinery, and equipment.

50
Q

What happens to trade or tenant’s fixtures upon lease expiry?

A

These fixtures must be removed within a reasonable time; otherwise, they will be retained as property of the landlord.

51
Q

What should sellers and buyers agree on regarding property transactions?

A

Sellers and buyers should agree on what items are included in the sale and purchase of the property.

52
Q

How should the agreed items be documented between the seller and buyer?

A

All agreed items, including chattels, should be written clearly in the Inventory List.

53
Q

Why is a final inspection of the property important?

A

A final inspection should be arranged to verify that all items in the Inventory List are present before completion of the sale.

54
Q

What are the 2 doctrines in land ownership?

A
  1. Doctrine of Tenure
  2. Doctrine of Estate
55
Q

What does the Doctrine of Tenure state?

A

All land belongs to and are held ultimately be the State. We hold lands as “tenants” of the State

56
Q

What does the Doctrine of Estate state?

A

Proprietors in land own a period of time during which they exercise the proprietary rights. We own Estate in Land. Allows parties to hold various interests in a property - concurrently (present interests) and successively (future interests)

57
Q

What does Estate refer to?

A

Refers to the length of time for enjoyment of land

58
Q

What does Tenure refer to?

A

Refers to terms & condition of holding and enjoying the land

59
Q

What are the 2 types of estate?

A
  1. Freehold (indeterminable period)
  2. Leasehold (determinable period)
60
Q

What are the 3 types of freehold estates?

A
  1. Estate in Fee Simple
  2. Estate in Perpetuity
  3. Life Estates
61
Q

Describe Estate in Fee Simple.

A

Most complete and unrestricted form of property ownership. The owner does not have to pay rent to anyone. The owner can pass the property on to their heirs (successors) when they die, making it a transferable estate. While the owner has broad rights, those rights can still be limited by government regulations regarding how the property can be used or developed (like zoning laws, environmental laws, etc.), and by taxes that the owner must pay.

62
Q

Describe Estate in Perpetuity.

A

Created under State Lands Act. Grant subject to terms and conditions as agreed upon in absence of express terms. Subject to terms & conditions set out in the statute.

63
Q

Describe Life Estate

A

Granted for the natural lifespan of grantee.

64
Q

What do the State Land Rules state about leasehold estates?

A

The lease shall be for a term not less than 10 years and not exceeding 99 years.

65
Q

What is an exception to the term length for leasehold estates?

A

The exception applies when the land is not capable of independent development and is required for development alongside the applicant’s adjacent land. Title to be issued may be the same as applicant’s land

66
Q

What can a leasehold estate be carved out of?

A

A leasehold estate can be carved out of a freehold estate to create a term of years.

67
Q

What is a short-term lease commonly known as?

A

A short-term lease is commonly known as a tenancy.

68
Q

What can also be carved out of a leasehold estate?

A

A short-term lease or tenancy can be carved out of a leasehold estate.

69
Q

What does a long-term lease or short-term tenancy represent?

A

A long-term lease or short-term tenancy is an interest in land.

70
Q

What rights does a lessee or tenant exercise during the lease or tenancy period?

A

The lessee/tenant exercises the bundle of rights during the lease or tenancy period.

71
Q

What types of interests can exist in a parcel of land?

A

Interests can be classified as present interests or future interests.

72
Q

What are 3 types of present interests in land?

A
  1. Mortgage
  2. Charge
  3. Tenancy
73
Q

What are 2 types of future interests in land?

A
  1. Reversion
  2. Remainder
74
Q

What is a reversion?

A

Reversion occurs when a property owner makes an effective transfer of property to another person but retains some future right to the property.

75
Q

What happens when a grantor transfers property?

A

The grantor gives a present interest (the right to possession and use) to one person (X) for either life or a set period and also gives a future interest to another person (Y).

76
Q

What is the future interest called that a grantor gives to another person?

A

The future interest is called a remainder

77
Q

Can reversions or remainders be transferred?

A

Yes, reversions or remainders can be conveyed to a third party like any other interests in land.

78
Q

How are proprietary interests described in terms of revocability?

A

Proprietary interests are irrevocable, meaning they cannot be removed once established.

79
Q

Are proprietary interests legally binding?

A

Yes, they are legally binding and enforceable against successors in title.

80
Q

What happens to the benefits and burdens of proprietary interests?

A

Benefits and burdens associated with proprietary interests pass to successors in title.

81
Q

What are some 4 examples of interests in land?

A
  1. Possession
  2. Enjoyment
  3. Control
  4. Grant of an easement
82
Q

What happens to rights and interests in land when property is sold?

A

Rights and interests associated with the property bind third parties, meaning those rights continue to apply even if the property changes hands.

83
Q

What is a bona fide purchaser?

A

A bona fide purchaser is an innocent party who buys property without notice of any other party’s claim to the title of that property.

84
Q

What does it mean for a property right to be “good against the whole world”?

A

It means that the rights associated with the property are enforceable against everyone, not just the parties involved in the transaction.

Real Estate (19 decks)

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