The Law of Property

Question 1

True or false, both the leasehold and freehold are realty?

Answer 1

False, freehold land is the only type of property that is realty

Question 2

What happens if a tenant dies when a property is co-owned by under a joint tenancy?

Answer 2

Their interest in the co-owned property passes to the surviving joint tenants

Question 3

True or false, to be enforceable, a patent must be registered?

Answer 3

True

Question 4

True or false, the maximum duration of a patent is 70 years?

Answer 4

False

Question 5

True or false, the legal interest in the property is more valuable than the equitable interest?

Answer 5

False, the legal title is of no intrinsic value. Value lies in equitable interest.

Question 6

What are the recognised forms of co-ownership in common law?

Answer 6

Joint tenancy alone is recognised as a form of co-ownership in common law

Question 7

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?

Answer 7

The registered shares are choses in action and for the purposes of inheritance tax they are located in London

Question 8

What can property be classed as?

Answer 8

Realty or personality

Question 9

What is leasehold land classified as?

Answer 9

Personality, further classified as a chattel real

Question 10

How long does the protection last of a registered patent?

Answer 10

20 years

Question 11

True or false, legal and equitable interest in a property can be held by different persons?

Answer 11

True

Question 12

What are the recognised forms of co-ownership in equity?

Answer 12

Both a joint tenancy and a tenancy in common of property

Question 13

What does a tenancy in common enable an individual to do?

Answer 13

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

Question 14

In what category do chattels real fall under?

Answer 14

Personality

Question 15

True or false, a patent is categorised as an intangible chattel?

Answer 15

False

Question 16

True or false, patents must be registered for rights to be protected?

Answer 16

True

Question 17

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?

Answer 17

Lou would own the entire property but the property may be sold if Lou agrees to this

Question 18

Liam and Noel own a house together as tenants in common. If Liam died without having made a will, what would happen?

Answer 18

His share of the property would pass according to the itestacy rules

Question 19

True or false, tenants in common mean the property is owned in undivided shares?

Answer 19

True

Question 20

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?

Answer 20

No

Question 21

If a tenant in common died having made a will, how would the property pass?

Answer 21

In accordance with the will

Question 22

In property law, how would a person’s collection of jewellery be classified?

Answer 22

Choses in possession

Question 23

How may a joint tenancy be converted into a tenancy in common?

Answer 23

By mutual agreement of the joint tenants or by unilateral notice

Question 24

True or false, a trademark is categorised as a a chose in action?

Answer 24

True

Question 25

How can the name of a business be protected?

Answer 25

By a registered trademark

Question 26

When does copyright run from?

Answer 26

The moment the property is created