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Questions and Answers
What is a necessary condition for a lease agreement to be considered a leasehold estate?
What is a necessary condition for a lease agreement to be considered a leasehold estate?
What right does Joshua Watson retain in the example given?
What right does Joshua Watson retain in the example given?
What is the term used to describe ownership by more than one legal person?
What is the term used to describe ownership by more than one legal person?
What type of estate does Cindy Anderson hold in the example?
What type of estate does Cindy Anderson hold in the example?
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What is a characteristic of joint tenants?
What is a characteristic of joint tenants?
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What does the term 'real property' include?
What does the term 'real property' include?
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What type of property is a purse or a vehicle?
What type of property is a purse or a vehicle?
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Who ultimately owns all land in Alberta?
Who ultimately owns all land in Alberta?
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What is the best type of estate in land?
What is the best type of estate in land?
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How many basic rights can one have in relation to land?
How many basic rights can one have in relation to land?
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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.
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Description
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.
