Property

Question 1

What is property

Answer 1

Real (land)
Personal (Not land)
Chooses in action (Transferrable)
Intellectual (Trademark, copyright, patents)

Question 2

Real property

Answer 2

Land + things attached to it (fixtures)

Question 3

Estates

Answer 3

Fee simple (Highest estate, lasts forever, full ownership)
Leasehold (Exclusive possession, specified time)
Life estate (Returned to remainder upon death)

Question 4

Leaseholds details

Answer 4

Specified time
Contractual + Property rights
Commercial and residential treated differently

Question 5

Joint tenants

Answer 5

Same property, rights,& time.

Question 6

Tenants in common

Answer 6

Same property, rights differ, time can differ

Question 7

Condominiums

Answer 7

Vertical stacking (Fee simple and common property), mid-point of walls/floor/ceilings is border

Question 8

Conveyances

Answer 8

Updating registry to reflect sale
Forms submitted to land title registry

Question 9

Personal property

Answer 9

Movable, tangible (goods/chattels), intangible (IP), Personality, virtual things

Question 10

Bailment

Answer 10

Giving possession but not title to someone else.