Deck 8: Property

Question 1

A distinction between real property and personal property is that one cannot be moved while the other can.

Answer 1

True

Question 2

Distinguish between real property and other forms of property.

Answer 2

Real property consists of land and the things permanently affixed to it (e.g., buildings, bridges). Personal property consists of tangible, movable things called a chattel or good and various forms of intangibles referred to as a chose in action.There is also intellectual property, another form of intangible personal property.

Question 3

Which of the following statements is correct with respect to the person who is entitled to found property?

A)When a person finds valuable property, he must turn it over to the police, and if the rightful owner is not found, the property goes to the government.
B)When a person finds a valuable watch in a public place, he is entitled to that property over everyone else except the rightful owner.
C)When a person finds a valuable watch in a public place, he is entitled to that property over everyone else including the rightful owner.
D)When an employee finds an item of lost property on the premises of his employer, he is entitled to that lost property if the rightful owner cannot be found.
E)You only have a claim to personal property you find if it is a chose in action.

Answer 3

B

Question 4

Joe was walking in a park and found a watch.He took it to the City's lost and found, but it was not claimed.Three years later, Joe went to this lost and found and asked for the watch and was told that it was a property of the City.Explain Joe's legal position in these circumstances.

Question 5

What is meant by the term bailment?

Question 6

Which of the following statements is correct with respect to personal property that becomes attached to real property?

A)When a tenant attaches tangible personal property to the real property he has rented in order to use it in his trade or profession, those trade fixtures cannot be removed when he leaves.
B)When a person renting a home attaches a mirror to the wall to better use it, he cannot take that mirror with him when he leaves.
C)When tangible personal property becomes attached to the real property, it is unlawful to remove it under any circumstances.
D)When tangible personal property becomes attached, it becomes part of the real property.
E)The owner of real property does not have the right to detach a fixture if he so desires.

Question 7

A finder has no obligation to return found goods to the proper owner.

Question 8

Which of the following is the correct definition of a chattel?

A)Chattel refers to intellectual property such as patents and copyrights.
B)The term chattel is the broad term used to describe any kind of property interest.
C)Chattel is the term used to describe tangible personal property or movables.
D)Chattel is an intangible form of personal property, such as a debt or claim.
E)Chattel is a term used to describe the land registration system in place in the Western provinces.

Question 9

When a house is built on a lot, the house is an example of:

A)A profit à prendre
B)A house is not considered property
C)A chattel
D)An easement
E)Real property

Question 10

Discuss the various obligations of bailees when looking after the property of others.

Question 11

Which of the following is considered real property in legal terms?

A)Chattels
B)Land
C)A claim against someone that has value
D)Intellectual property (ideas and creative work)
E)Intangible property or chose in action

Question 12

Mabel was employed as a waitress at a respectable restaurant in Vancouver.After cleaning up one of the tables, she noticed a valuable broach on the floor beneath the table.Which of the following is correct with respect to her legal claim to the broach?

A)Because of the principle of "finders keepers," Mabel gets to keep the broach even against the original owners who lost it.
B)Mabel must hand the broach to the police, and if the rightful owner does not come forward, the broach becomes the property of the government.
C)Mabel has no claim to the broach no matter where she found it.
D)As the finder of the broach, Mabel is entitled to it.She has a prior claim against all but the rightful owner of the broach.
E)Although Mabel found the broach in a public part of the restaurant, she must give the broach to her employer, who has the right to keep it if the rightful owner is not found.

Question 13

What is meant by a chattel?

Question 14

A voluntary bailment can occur when someone borrows an item from a neighbour.

Question 15

Distinguish between a bailment for value and a voluntary bailment.

Question 16

Distinguish between real and personal property.

Question 17

When a person acquires temporary possession of a chattel by arrangement with the owner, it is known as which of the following?

A)Bailment
B)Fixture
C)Consignment
D)Chose in action
E)Holder in due course

Question 18

Late one night, Mr.Kane found a duffle bag in his front yard.He opened it and discovered that it contained $30 000.He called the police department to report what he had found.The police picked up the bag and the cash.During a thorough investigation, it was determined that the $30 000 was payment for illegal drugs.Who would have legal claim to the money?

A)The person who lost it
B)The government
C)Mr.Kane (since the duffle bag was located on his property)
D)Mr.Kane and the government
E)Mr.Kane (since he found the duffle bag)

Question 19

When one person leaves tangible personal property with another to look after, the resulting relationship is called:

A)A chattel
B)A choose in action
C)A bailment
D)A fiduciary relationship
E)A fixture

Question 20

The only person who has a better claim to goods that are found is the original owner.

Question 21

Zack, Virgil, and Craig, friends for several years and all worried about the alarming rise in land prices, want to go in together to buy a four-hectare parcel in the country.There is a small cabin on it.They hope that the land value will appreciate, and they want to sell it in a few years to help finance a house of their own.Read each of the following separately and indicate which is true with regard to their ownership of this property.

A)Ownership of the property does not guarantee their right to everything below the surface of their property.
B)Ownership of the property entitles them not only to the surface of the earth between the boundaries, but also to the infinite airspace above and everything below the surface of their property.
C)In Canada, in strict legal terms, the only owner of land is the Crown, and if they buy land free and clear, they are only getting a life estate.
D)Once a decision is made to hold property as joint tenants, that decision cannot be changed.
E)If they buy the land and later use it to secure debt, possession of the property will be transferred to the creditor until the debt is repaid.

Question 22

Which of the following is true with regard to real property law?

A)The essential characteristic of an estate in land is that the owner of the estate, whether it is a fee simple, life estate, or leasehold, has exclusive possession.
B)People gain an interest in land when they are given the right to use or access property for some particular purpose.
C)Restrictive covenants that are negative in nature are not binding on future owners.
D)A profit à prendre is a type of restrictive covenant attaching to all properties within a particular development plan.
E)An easement acquired by prescription must be restrictive in nature to be binding on subsequent purchasers of land.

Question 23

Mario bought a small house in Nelson and was puzzled when he saw the conveyancing documents, which referred to a transfer of a "fee simple." The following statements were made to him to explain the term.Which is correct?

A)The owner of the fee simple has the right to exclusive possession of the land until his death.
B)If the owner of the fee simple dies without a will, his estate reverts back to the Crown.
C)The owner of the fee simple has rights to the surface of the earth and also unlimited use of the airspace above his property.
D)The owner of the fee simple also owns what is below the land, including mineral rights.
E)Technically, only the Crown owns the land, but the fee simple interest is the greatest bundle of rights, other than the Crown's, that a person can own.

Question 24

Real property refers to land only.

Question 25

If someone stores goods on your property without permission, and you exercise no control over those goods, there is no duty to take care of them.

Question 26

Which of the following statements is correct with respect to the creation of a bailment?

A)For a bailment to be created, the property must be given with the understanding that payment would be given for the service.
B)The duty of care imposed on the bailee in a bailment for value is usually that of a reasonable person in the circumstances.
C)A bailment is the process provided for releasing people from jail before trial.
D)A bailment is not created when the transfer of the property is only done incidentally, such as leaving a watch with a watchmaker for repair.
E)Bailments can only be created through contracts.

Question 27

A right of way is an example of an estate in land since it gives the holder of it the right to go across the land.

Question 28

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

A)Today a person's right to the area above his land is restricted to that part of it he can make use of.
B)The maxim "to whomsoever the soil belongs, he owns also to the sky" remains unchanged and is as valid today as ever.
C)You can sue an airplane for trespass for flying at 30 000 feet over your property.
D)Niles and Frasier have rights to the area under their land, including the mineral rights.
E)In law, Niles and Frasier are entitled only to the surface of the earth within the boundaries.

Question 29

The bailee is not liable for damage done to goods while in his or her possession.

Question 30

An estate in the land describes a person's right to the exclusive possession and use of that land.

Question 31

After saving his money for years, Taylor was finally able to buy property with a small house and a lake.Which of the following is false?

A)Taylor's interest is referred to as a fee simple.
B)Taylor owns all of the area above his land and all of the land below it.
C)Taylor can sell part of his interest and create a joint tenancy.
D)Taylor's ownership extends to include "fixtures."
E)Despite the extent of Taylor's interest, the Crown can grant the mineral rights to someone else.

Question 32

With regard to real property law, which one of the following is true?

A)An interest in land less than an estate (e.g., an easement) gives its owner exclusive possession of that property for some period of time.
B)Allowing a power, water, or sewer line to permanently cross over or under one property to service another is an example of a right of way.
C)If a father cuts his family out of his will and leaves the property to someone else, there is no legal recourse for the family (i.e., the property is his to dispose of entirely as he wishes).
D)A property owner's land extends vertically only as far as the owner can make use of it.
E)A life estate is an interest in land that necessarily ends when the life of the grantor ends.

Question 33

Which of the following describes involuntary bailment?

A)Someone is forced to provide bail.
B)The bailor sells the goods to compensate for storage costs.
C)Goods have been left without permission.
D)The borrower refuses to return goods.
E)The bailee refuses to claim the stored goods.

Question 34

Jane asked her friend Harry to look after her very valuable Stradivarius violin while she was away on vacation.Which one of the following statements is correct with respect to the legal relationship created?

A)This is an example of a voluntary bailment for the benefit of the bailor only.
B)This is an example of a voluntary bailment for the benefit of the bailee.
C)Because the violin is a Stradivarius, this is an example of a bailment for value.
D)This is an example of an involuntary bailment.
E)Because Harry is doing his friend a favour, he has no legal duty to be careful of the violin.

Question 35

Indicate the extent of ownership above and below land.

Question 36

A gratuitous bailment can occur when someone borrows an item from a neighbour.

Question 37

If Sam buys the fee simple, which of the following is true with regard to his rights?

A)In law, Sam is entitled only to the surface of his property within the boundaries, and not to things attached to the land, such as fences and barns.
B)Sam would have a right to under-surface property that can be used, but under-surface mineral rights and oil and gas rights would be retained by the Crown.
C)The maxim "to whomsoever the soil belongs, he owns also to the sky" remains unchanged and is as valid today as ever.
D)If someone intrudes on his property, the proper cause of action is to sue for the tort of public nuisance.
E)If fumes from the neighbouring processing plant kill Sam's bushes and vegetables, he may be able to sue the neighbour for the tort of trespass.

Question 38

Joe borrowed his neighbour Sam's lawn mower.At the same time, Sam asked Joe to look after a valuable camera for him while he was on vacation.Explain in relation to which of these items Joe has a higher duty to be careful.

Question 39

If a sign in the cloakroom of a restaurant hall warned "not responsible for lost or stolen goods" and the restaurant burned to the ground and all guests' coats and hats are destroyed, the court would likely determine that the restaurant had no responsibility, as the guests' property was lost in the fire and the exculpatory clause would protect the hall.

Question 40

Harry's lawn mower ceased to work, and in order to get the lawn mowed, he borrowed his neighbour's lawn mower.Which one of the following is correct with respect to Harry's responsibility in relation to that lawn mower?

A)Because the lawn mower is valuable, this is an example of a bailment for value.
B)This is a voluntary bailment and, as such, Harry has no legal obligation to look after the lawn mower.
C)This is a voluntary bailment for Harry's benefit and, as such, Harry has a duty to be reasonably careful that no harm or accident comes to that lawn mower.
D)Because Harry has borrowed the lawn mower, he is obligated to return it in the condition it was given and is liable for any damage or loss no matter what the reason.
E)If, when Harry asked his neighbour to borrow the lawn mower, the neighbour was reluctant to loan it to Harry but did so anyway, this is an example of an involuntary bailment.

Question 41

Explain what is held in a life estate.

Question 42

Which one the following is true with regard to real property law?

A)Property includes only the land and not the buildings attached to it.
B)A legal, registered restrictive covenant that is negative in nature "runs with the land" (i.e., it can bind subsequent owners who were not parties to the original contract under which it arose).
C)A person who owns an interest less than an estate (e.g., a right of way) has a right to exclusive possession of that property.
D)The "leasehold estate" interest in land is the greatest interest that can be granted and bestows the rights to use or sell the property.
E)If two people own land as tenants in common, the surviving joint owner takes the interest of the deceased co-owner.

Question 43

Life estate means that the land is leased to a tenant for the period of his or her life.

Question 44

Distinguish between an easement and a right of way.

Question 45

Old Uncle Isaac has a cold and has become very morbid, talking continuously about funerals, death, and wills.Now he asks about life estates and wills; should he give his wife, Juliet, a life estate? Which of the following is a true statement about wills and life estates?

A)The owner of the fee simple can grant a life estate only while he is alive.
B)If Isaac doesn't make out a will, his property will revert back to the Crown.
C)The holder of a life estate must not harm the value of the reversionary interest.
D)A life estate can only be created by contract.
E)The life tenant is entitled to exclusive possession of the property for his or her remaining life and can extend the life tenancy by including the property in his or her will.

Question 46

When a person has the right to go across land to get to another location, this is referred to as what?

Question 47

What is meant by a reversionary interest in a life estate?

Question 48

Explain what right is conveyed by an easement.

Question 49

If a person wanted to build a log cabin in a new subdivision.what might prevent him or her from doing so?

A)Restrictive covenant
B)Federal statute
C)Prescription
D)Easement
E)Strata regulations

Question 50

If I grant my grandma a life estate and she asks about her rights and duties as a life tenant, which of the following is true?

A)If I make no indication of who the property is to go to when she dies, the property reverts back to my estate.
B)The life tenant, after 20 years, can establish an easement interest in the property.
C)The life tenant is not responsible to make repairs to keep the property in good condition, only the fee simple owner has that responsibility.
D)Grandma, as life tenant, holds a reversion interest in the property.
E)The life tenant can transfer the fee simple to someone in her will.

Question 51

When a person buys property but under the title is prevented from building certain types of structures or carrying on certain types of activities at that location, this is called what?

Question 52

Life estates are another way of describing landlord and tenant relationships.

Question 53

Brenna owns two adjacent lakeside lots.She sells one lot to Burt and Ernie, with the provisions that they agree not to develop any commercial facilities on the land and to plant a row of rose bushes between the properties.The covenants are registered in the appropriate land title office.Which of the following is true?

A)If Burt and Ernie do not plant the bushes as agreed, Brenna could sue them for private nuisance.
B)If Burt and Ernie sell the property, the new owner would not have to plant the row of rose bushes as provided in the original contract.
C)If Burt and Ernie sell the property, the new owner would have to plant the row of rose bushes as provided in the original contract.
D)The registration of a covenant guarantees that it is valid interest that runs with the land.
E)If Burt and Ernie sell their lot to Holly, Holly would not be bound by the covenant to refrain from developing commercial facilities.

Question 54

A right of way is an example of a leasehold estate that is specified for a period of time.

Question 55

Explain what is meant by a fee simple interest.

Question 56

Interests in land "run with the land." This means that:

A)All interests in land give the owner of that interest the right to exclusive possession
B)The interest in land is tied to the property itself and is therefore binding on subsequent owners of the land
C)The fee simple and life estate are types of freehold estates
D)A leasehold estate is a type of freehold estate
E)Contracts for interests in land are governed by the privity of contract rule (i.e., the contract affects only the parties to the contract)

Question 57

In 2004, Ned bought two hectares in Richmond.In 2014, he subdivided the property, keeping Lot A for himself and selling Lot B to Weerdt.Ned also retained a right of way along one side of Lot B to permit access to the road.Another term of the contract required Weerdt to plant a row of poplar trees along the boundary with Lot A within two months of the sale.Both covenants were registered.Weerdt took possession and soon built a small motorcross course near Ned's lot where he and his friends practised on their unmuffled dirt bikes, during which times Ned was unable to use his backyard because of the noise.Weerdt hauled the cycles around in his truck, which he often parked either on Ned's property or in the right of way, blocking Ned's passage.Weerdt never did plant the trees.Based on these facts, which one of the following is false?

A)Ned could sue Weerdt for the tort of nuisance.
B)Ned could secretly place strips of spikes on his property to deflate the tires of those who trespassed on his property.
C)Ned could ask for an injunction as a remedy.
D)Ned could sue Weerdt for interference with his right of way.
E)Ned could sue Weerdt for breach of contract.

Question 58

Soon after marrying, John and Mary purchased a home in a new development.After living there for a number of years, they wanted to distinguish their home from others on the street by changing the roofing material and colour and installing old-fashioned light poles in the front of the house.When they shared their plans with neighbours, they were told that they would not be allowed to make such changes even though they owned the home.In checking their original home purchase documents, they discovered a building scheme that addressed roofs and outdoor lighting, among other things, leaving them very disappointed.Explain what is meant by a building scheme and how it compares with a restrictive covenant.

Question 59

Distinguish between a tenancy in common and a joint tenancy.

Question 60

About 10 years into their marriage, Eric and Bev had saved enough money to buy an investment property.First they bought a duplex, which they held as joint tenants, and later they bought a building lot in Surrey, which they held as tenants-in-common.Eric's will provided that his interest in the duplex would go to their daughter, Lisa, and that his interest in the Surrey lot would go to their son, Max.Indicate the statement that accurately describes who will take what upon Eric's death.

A)Lisa will get his interest in the duplex and Max will get the interest in the Surrey lot, just as the will states.
B)Bev will get Eric's interest in the duplex but Max will take Eric's interest in the Surrey lot.
C)Bev will get Eric's interest in the Surrey lot but Lisa will get his interest in the duplex.
D)Bev will get both properties because she and Eric co-owned both.
E)As the oldest son, Max will get Eric's interest in both properties.

Question 61

Jack and Joan got married.It was the second marriage for both of them, and each brought one teenage child to the family.They bought a house in Langley as joint tenants.They worked very hard to create a loving home, but when the children had disputes it affected the relationship between Jack and Joan because of their loyalty to their own child.Joan now thinks that it was a mistake to buy the house as joint tenants and wants her share in the house to go to her child in the event of her death.Which of the following will bring about such a change?

A)Joan could have a will drawn up by which her share in the house would be left to her child.
B)Joan could lease her interest in the house.
C)Joan could sell her interest in her house to her uncle and have him sell it back to her.
D)Joan could purchase an option agreement to lease her interest in the house to herself.
E)Jack and Joan cannot sever the joint tenancy.

Question 62

A husband and wife own Lot A as joint tenants and Lot B as tenants in common.The husband's will reads: "I leave Lot A to my son, John, and Lot B to my daughter, Mary." Who takes what when the husband dies?

A)The son, John, gets Lot A and the daughter, Mary, gets Lot B, just as their father wished and designated in his will.
B)Mary will get her father's interest in Lot B, but John will get no interest in Lot A.
C)Mary will get all of Lot B but John will not get Lot A because it was co-owned with the mother in joint tenancy, so the mother takes Lot A as the surviving joint tenant.
D)Mary will get her father's interest in Lot B, but John will only get a life tenancy in Lot A.
E)John will get Lot A but Mary will not get Lot B because it was co-owned with the mother as tenants in common, so the mother takes Lot B as the other tenant in common.

Question 63

A right of way can be acquired by prescription when a person's habitual use of land is not interfered with by the owner.

Question 64

When people have a tenancy in common and one of them dies, his or her share in the property goes to the survivor.

Question 65

The separation or division of joint ownership is referred to as severance.

Question 66

If a person habitually crosses property over a number of years with the permission of the owner, he can, in some provinces, acquire a right to cross that property even though there has been no actual documented grant of such a right.Acquiring such a right is this manner is called:

A)Profit à prendre
B)A dominant tenement
C)Prescription
D)An estate in land
E)Adverse possession

Question 67

Jane had two teenage sons.Her husband died when the boys were ages 14 and 16.She met Jack, who had a son and daughter by his first marriage.He was divorced from both a first and a second wife.Jane and Jack decided to marry.Once married, they bought a house as co-owners.Which of the following is true with regard to co-ownership?

A)If Jane and Jack took the property as joint tenants and Jane decides that she does not want the "right of survivorship," she cannot change that type of ownership without Jack's permission.
B)Even under joint tenancy, when one dies, the other will face inheritance taxes and probate fees.
C)If Jane and Jack co-own the property as joint tenants, Jane could control what happens to her share upon her death through a well-crafted will.
D)A joint tenancy cannot be severed by one party selling his or her interest.
E)If it is a joint tenancy and no changes are made, if Jane dies first then Jack gets the whole property.

Question 68

Mr.Bucks owned a 10-hectare property in Langley.He subdivided the land into two 5-hectare lots.He decided to keep lot A for himself and to sell lot B.His friend and neighbour, Ms.Goode, wanted lot B, so they made the following deal: For lot B, Goode would give Bucks $100 000, her car, a right of way of three metres along the east side of lot B to provide access to the highway, her promise not to remove any of the cedar trees (a row of which benefits lot A by blocking the view of a factory), and her promise to plant a 5-metre-long laurel hedge to block Bucks' view of her driveway.All promises were registered.Which one of the following is true?

A)If Ms.Goode sells lot B to Mr.Ho, Mr.Ho could cut down the cedar trees because the promise was part of the contract between Mr.Bucks and Ms.Goode to which Mr.Ho was not privy, and which therefore does not affect him.
B)This kind of deal for land is not possible because it is too complicated.
C)Ms.Goode would have to comply with all terms of this contract except for the part about the laurel hedge, because that is a positive covenant.
D)If the right of way is properly registered in the land title office, it would bind subsequent purchasers of either lot A or lot B even though they were not privy to the original contract.
E)With regard to the right of way, lot B is the dominant tenement and lot A is the servient tenement.

Question 69

A joint tenancy can be changed to a tenancy in common in a will.

Question 70

What is the major advantage of the land titles system over the traditional land registry in Canada?

Question 71

With regard to interests in land, which one of the following statements is true?

A)An easement in land is characterized by giving the owner of the estate exclusive possession of that property for some time.
B)If Carol and Mary buy land and later use it to secure debt, possession of the property will be transferred to the creditor until the debt is repaid.
C)If a joint tenant severs the joint tenancy, he can then will his interest in the land to whomever he chooses, and on his death the person named will take his interest.
D)Tenancy in common is often used by families to get around inheritance taxes and probate fees.
E)A joint tenant can sever the joint tenancy by bequeathing his interest in the property in a will, naming a third person as beneficiary.

Question 72

Explain what is meant by a person obtaining a right of way by prescription.

Question 73

An option to purchase agreement is:

A)A contract by which an offeree promises to buy the property offered at a later date set in the contract
B)A contract by which the offeror of property promises to hold his offer open for a period of time during which the offeree can accept the offer and the property can't be sold to another
C)A contract that provides that a debtor will transfer title in property to a creditor as security for repayment of the debt
D)A contract transferring the fee simple to a new owner
E)A contract that provides that a seller will retain the title in the property until the buyer has made all of the required payments

Question 74

In January 2012, Adam sold his farm to his three sons: Bert (age 36), Charles (age 33), and Darwin (age 31), all married.The transfer of estate in fee simple form named them as joint tenants.Bert sold his interest to his younger sister, Eileen (age 27) in June 2012.In August 2012, Charles and Darwin were killed in a car accident.They died instantaneously.The law presumes that the older brother, Charles, died first.Which of the following is false? Read each separately.

A)After the sale of Bert's interest to her, Eileen became a tenant in common in relation to her brothers Charles and Darwin.
B)After the sale of Bert's interest to her, Eileen became a joint tenant in relation to her brothers Charles and Darwin.
C)After the purchase of Bert's interest in the farm, Eileen would be free to bequeath her interest to her heirs in her will.
D)After the accident, Eileen is a co-owner with Darwin's heirs.
E)If Eileen becomes a tenant in common, she cannot identify the portion of the property that will belong to her exclusively.

Question 75

Distinguish a condominium from a cooperative in terms of ownership.

Question 76

An option to purchase agreement is:

A)A contract by which the offeror of property promises to hold his offer open for a period of time during which the offeree can accept the offer and the property can't be sold to another
B)A contract that provides that a seller will retain the title in the property until the buyer has made all required payments
C)A contract by which an offeree promises to buy the property offered at a later date set in the contract
D)A contract transferring the fee simple to a new owner
E)A contract that provides that a debtor will transfer title in property to a creditor as security for repayment of the debt

Question 77

Discuss the principle of the equity of redemption as developed by the Court of Chancery, and indicate its importance in the field of mortgage law today.

Question 78

A mortgagor finances the purchase of property, holds title to it until it is paid for, and can take possession in the event of default.

Question 79

With respect to the land titles system of registering interests in land, which one of the following is true?

A)This registration system is the same throughout Canada because the procedure has been set by the federal government to ensure a uniform method of registration.
B)Mortgages, judgments, and easements need not be registered to protect those interests against third-party claims.Registration of such interests is voluntary and won't affect one's interest.
C)When land is registered under the land titles system, it provides the advantage of guaranteed title and conclusive evidence of who has title to the property in any court.
D)Most provinces in Canada have moved away from the land titles system in favour of the land registry system.
E)The system exists to safeguard the documents; the government is not guaranteeing title.

Question 80

Explain what is meant by the equity of redemption in a mortgage transaction.