Property Week 7 Quiz

The doctrine of estates includes the following types of esates:

• freehold

• freehold and life estate

• freehold, life estate and leasehold

• life estate and leasehold

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

• true

• false

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

• true

• false

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

• true

• false

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

• their death

• a certain event happens

• their death, or a certain event happens

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

• true

• false

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?

• yes

• no

• phone a friend

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

• true

• false

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.

• true

• false

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

• true

• false