10 Questions
What is a necessary condition for a lease agreement to be considered a leasehold estate?
The lease is for a period of 3 years or more
What right does Joshua Watson retain in the example given?
Right to sell
What is the term used to describe ownership by more than one legal person?
Co-ownership
What type of estate does Cindy Anderson hold in the example?
Leasehold estate
What is a characteristic of joint tenants?
Right of survivorship
What does the term 'real property' include?
Minerals below the land, air above the land, and anything relatively permanently attached to the land
What type of property is a purse or a vehicle?
Personal property
Who ultimately owns all land in Alberta?
The Government of Alberta
What is the best type of estate in land?
Fee simple estate
How many basic rights can one have in relation to land?
Three
Study Notes
Land and Real Property
- Land is referred to as "real property" in law.
- A person who sells land is called a "Realtor".
- Real property includes:
- Minerals below the land
- Air above the land
- Anything permanently attached to the land (e.g., house, fence, trees, detached garage)
- Unless excluded on the title, ownership of these is retained by the Crown (Government of Alberta).
Personal Property
- Personal property is any property that is not real property.
- Personal property can be both tangible (e.g., purse, boat, furniture, vehicle, jewelry, food, cell phone) and intangible (e.g., intellectual property: copyrights, patents, trademarks).
Land Ownership in Alberta
- When a person owns a house or land, they have a legal estate in land.
- The best type of estate in land is a fee simple estate.
- All land in Alberta is ultimately owned by the Government of Alberta.
- People "own" an "estate" in land, which gives them a bundle of rights in relation to the land.
Estate Rights
- Three basic rights in relation to land:
- Possession (unlimited, limited, or qualified)
- Grant legal rights over the land (e.g., easement, mortgage)
- Sell the land or gift it as an inheritance
Legal Estates in Land
- Three basic estates in land recognized in Alberta:
- Fee Simple Estate
- Leasehold Estate
- Life Estate
- Each estate has a different combination of rights.
Leasehold Estate
- A leasehold estate must be for 3 years or more to be registered at the Land Titles Office.
- Exclusive possession can only be held by one type of estate holder at a time.
Example of Estate Rights
- Joshua Watson grants his brother Roger Watson a life estate in the Springville home.
- Roger Watson grants Cindy Anderson a lease of 3 years and 1 day.
- Throughout the example, Joshua Watson retains the right to sell and grant legal interests in the property.
Co-Ownership
- Ownership by more than one legal person is called "co-ownership".
- Co-ownership can be shared in one of two ways:
- Joint Tenants (JT) - all owners together own the whole land - right of survivorship.
This quiz covers the definition and components of real property, including land, minerals, air, and attachments. It also touches on legal aspects, such as title exclusions and rights in Alberta.
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