Property Week 7 Quiz

The doctrine of estates includes the following types of esates:

The term "fee simple" refers to an individual's absolute ownership of land.

The life tenant has the right to sell, lease, license and mortgage their property as they wish.

When the life tenant dies, the estate will vest in the remainder who is entitled to the future interest in the land.

The life tenant has the right to possession and enjoyment of property until:

The life tenant must pay council and water rates in relation to the property during their life tenancy.

Tom and Sam have managed a business successfully for 3 years. They wish to expand their business by buying out a competitor in the area. Sam, who has a life interest in a house, intends to use the property as collateral to raise funds from his bank. Will the bank grant a loan on the life interest he has in the property?

An equitable interest arises where there is an interest in property, but no legal title exists.

The biggest difference between the old system title (or general law system) and the Torrens title system, is that the Torrens system establishes ownership through a chain of titles.

The Torrens Title system revolutionised the method of recording and registering land ownership.