The Law of Property Flashcards
True or false, both the leasehold and freehold are realty?
False, freehold land is the only type of property that is realty
What happens if a tenant dies when a property is co-owned by under a joint tenancy?
Their interest in the co-owned property passes to the surviving joint tenants
True or false, to be enforceable, a patent must be registered?
True
True or false, the maximum duration of a patent is 70 years?
False
True or false, the legal interest in the property is more valuable than the equitable interest?
False, the legal title is of no intrinsic value. Value lies in equitable interest.
What are the recognised forms of co-ownership in common law?
Joint tenancy alone is recognised as a form of co-ownership in common law
Alpha Ltd is a company that is incorporated in South Africa and is resident in the ROI. Its share register is kept in London. What kind of choses are the shares and where are they located for the purpose of IHT?
The registered shares are choses in action and for the purposes of inheritance tax they are located in London
What can property be classed as?
Realty or personality
What is leasehold land classified as?
Personality, further classified as a chattel real
How long does the protection last of a registered patent?
20 years
True or false, legal and equitable interest in a property can be held by different persons?
True
What are the recognised forms of co-ownership in equity?
Both a joint tenancy and a tenancy in common of property
What does a tenancy in common enable an individual to do?
Enables individuals to own notional, unequal (undivided) shares in property.
Property that is co-owned in this way will give rise to income which belongs to the individuals in unequal shares
In what category do chattels real fall under?
Personality
True or false, a patent is categorised as an intangible chattel?
False
True or false, patents must be registered for rights to be protected?
True
Lou and John co-own a flat as joint tenants. John wants to sell his share to Andy. If John were to die, what would happen to the property?
Lou would own the entire property but the property may be sold if Lou agrees to this
Liam and Noel own a house together as tenants in common. If Liam died without having made a will, what would happen?
His share of the property would pass according to the itestacy rules
True or false, tenants in common mean the property is owned in undivided shares?
True
If the sale of one tenant in common’s share took place, would the other tenant’s share have to be sold at the same time?
No
If a tenant in common died having made a will, how would the property pass?
In accordance with the will
In property law, how would a person’s collection of jewellery be classified?
Choses in possession
How may a joint tenancy be converted into a tenancy in common?
By mutual agreement of the joint tenants or by unilateral notice
True or false, a trademark is categorised as a a chose in action?
True
How can the name of a business be protected?
By a registered trademark
When does copyright run from?
The moment the property is created
