Property 2

What is the legal definition of property?

Property is concerned with the relationship of individuals to things and the extent of their rights or obligations in respect to enforcement.

What are the classifications of property?

Main classifications include real property, personal property, and intellectual property.

What is real property?

Real property generally refers to land and anything permanently attached to it.

What is personal property?

Personal property, or chattels, refers to movable items such as furniture, cars, and shares.

What does the term 'chattels real' refer to?

Chattels real are personal property with characteristics of real property, often involving a legal interest in land, such as leasehold interests.

What is intellectual property?

Intellectual property refers to intellectual creations such as ideas and artistic works that are protected by law.

What distinguishes private property from public property?

Private property is owned by individuals or corporations, while public property is owned collectively or by the state, such as parks or rivers.

What does the term 'bundle of rights' refer to in property law?

It refers to the rights associated with property ownership, including the right to use, enjoy, exclude others, and transfer the property.

What historic case acknowledged native title in Australia?

Mabo v Queensland (No. 2) recognized native title in Australia.

What are proprietary rights?

Proprietary rights are rights enforceable against the whole world, unlike personal rights that are enforceable only between contracting parties.

Define 'possession' in property law.

Possession is physical occupation and control of property, establishing a legal claim to exercise rights over it.

What are the two necessary elements of possession?

Occupation (physical possession) and control.

What is the duration for claiming adverse possession in Victoria?

The time limit for adverse possession claims is 15 years of continuous possession.

What does 'indefeasibility of title' mean in the Torrens system?

It means the title of a registered proprietor is immune from challenge, unless affected by statutory exceptions.

What is a leasehold estate?

A leasehold estate is a proprietary interest in land for a definite period, granted by a lease.

What is the difference between a remainder and a reversion?

A remainder is a future interest granted to a new person, while a reversion is a future interest that returns to the original grantor after the termination of an estate.

What is the rule against perpetuities?

It is a common law rule stating that interests in land must vest within a certain period to avoid indefinite delays.

What is the significance of the Doctrine of Fixtures?

It determines when a personal property item becomes part of real property due to its attachment to land.

What are the main types of freehold estates?

The three types of freehold estates are fee simple, fee tail, and life estate.

What characterizes fixed-term leases?

Fixed-term leases have a definite duration and grant exclusive possession for that period.

What is the implication of adverse possession on land title?

After a period of adverse possession, the original owner's right to recover the land may be extinguished.