MKT 100 Study Guide - Fee Simple, Life Estate, Concurrent Estate

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Jennifer Fraser

Document Summary

Chapter 15: real property: interests and leases: real property: includes land and anything attached to land. Interests in land: a right that a person can enforce with respect to a particular piece of land: two sets of rights and obligations when buying a piece of land, contract, right of land. Whenever you possess land, you must avoid committing torts such as occupiers" liability, nuisance, and the rule in rylands v fletcher. Use of land is subject to various forms of regulation, ex. Property may be expropriated: occurs when the govt takes property for a public purpose. Co-owners do not have to have exactly the same interests. More significantly, co-owners do not enjoy the right of survivorship: losing right of survivorship: Severance: occurs when a joint tenant deals with the property in a way that is inconsistent with joint ownership. Individual ownership of particular unit; resemble fee simple except you don"t have the exclusive right to possess a piece of ground.