Please be thorough and brief with your answers and no copy and paste sentences or paragraphs from other sources ( and please no copy and paste excerpts from other sources), please. Please simplify as much as you can (in other words it is understandable).

Property:Real, Personal, and Intellectual

REAL PROPERTY is land and anything permanently affixed to the land (fixtures). What is the test to determine if property is a fixture?

Compare and contrast the different possessory interests in land:

• Fee Simple - biggest possessory interest in property you can have (ownership); (indefinite in terms of time)
• Life Estate - possessory interest for use of property until death (ends at death; reverts to testator or remainder men)
• Leasehold Estate - fixed period of time - term or periodic leases (possessory interest ends with lease or notice);
• What are some of the common limits on "ownership" of land?(Hint: they're the 'lesser interests' in land.)
• What is an easement? The right to use another person's land for a stated purpose. It can involve a general or specific portion of the property. Easements can be registered on title.
• What is a restrictive covenant? A condition imposed by the seller as to the uses the buyer can make of the land (ie: you must have at least 4 windows that face the street, you must not have a chain link fence etc.)
• What is the system of land registration in Alberta? How does it work? The Registry system (the Torrens System).In Alberta you register certificates of title at the LAND TITLES office.
• What are the different methods of 2 or more persons owning property together? Describe them.

Joint Tenancy:(right of survivorship) - if one party dies, the other party automatically gets the property (usually between family members)

Tenancy in Common: (each party owns his/her share independently and can sell, rent, will etc. as the case may be - mostly used in business deals)