REM 300 Midterm Test
Different Types of Estates correct answersLife, Future, Lease, Fee Simple
Fee Simple Estate correct answersMost complete bundle of rights. The typical type of Canadian Property.
NAFTA Property Rights correct answersMexico and USA have property rights but Canadian citizens don't
Included in the Bundle of Rights correct answersUse of Property,
Sell or lease,
inheritance of property
Deed correct answersLegal Document through which rights are transfered
Leasehold Estate correct answersAn interest in land for a definite period. The owner can create a lease
that grants a tenant the right to use the property for a limited time ftame in exchange for payment
Life Estate correct answersA bundle of property rights that includes use and possession, but not disposal.
This terminates when the holder dies. The owner of a life estate cannot designate who inherits the land
and cannot sell it. If the holder dies, the estate passes to the beneficiary of the previous owner.
Future Estate correct answersArises with the life estate. It is an estate that entitles the owner to take
possession sometime in the future.
Freehold-Leasehold correct answersFee simple for an intermediate period
Concurrent Ownership correct answersA property that can be owned by more than one person at a
given time.
,Types of Concurrent Ownership correct answersJoint Tenancy, Tenancy in Common.
Tenancy in Common correct answersA shared tenancy in which each holder has a distinct, separately
transferable interest. Your heir inherits your share.
Joint Tenancy correct answersthe holding of an estate or property jointly by two or more parties, the
share of each passing to the other or others on death.
Survivorship correct answersCo-owner gets your share when you die not your heirs.
Matrimonial Home correct answersproperty occupied by a person and that persons spouse as their
family residence and in which either or both of them have a property interest other than a leasehold
interest. The share of the property automatically transfered to spouse upon death.
Condominum correct answersenables one to share in ownership and operation of residential or
commercial building with negotiable title to a specified unit
Description correct answersIncludes plan of survey showing the perimeters of the land buildings.
Architectural building plans., structural plans, boundaries of all units
Declaration correct answersThe constitution of the condo board.
Other forms of co-ownership correct answersCo-operative, partnerships, limited partnerships
Co-operative correct answersProperty is owned by corporation, members have right to visit a unit. Equity
(shared capital). Non-Profit (Without Shared capital)
Partnerships correct answersContractual Relationship
Limited Partnership correct answersLiability limited to investment amount
, Real Estate correct answersTangible lot and building
Real Property correct answersTangible and Intangible. Rights in land and its permanent structures, plus
whatever grows upon or is affixed
Limits to real property correct answersSurface of the earth and improvements, riparian rights, air-space,
beneath the earth
Personal Property correct answersPersonal and household goods that are movable. Also intellectual
property.
Fixtures correct answersReal property that formerly was personal property
Air Rights correct answersThe rights to use space above the physical surface of the land
Surface Rights correct answersRight to use and alter the surface of real property
Mineral Rights correct answersRight to remove minerals from beneath the soil
Riparian Rights correct answersRights of owners of lands on banks of water
Profit a Pendre correct answersThe right to enter property and take something from it. May pass with
title in some instances
Easements correct answersRight enjoyed by one landowner of a dominant parcel of land over adjacent
land
Runs with the Land correct answersRights and obligations are inseprable from the parcels involved
Different Types of Estates correct answersLife, Future, Lease, Fee Simple
Fee Simple Estate correct answersMost complete bundle of rights. The typical type of Canadian Property.
NAFTA Property Rights correct answersMexico and USA have property rights but Canadian citizens don't
Included in the Bundle of Rights correct answersUse of Property,
Sell or lease,
inheritance of property
Deed correct answersLegal Document through which rights are transfered
Leasehold Estate correct answersAn interest in land for a definite period. The owner can create a lease
that grants a tenant the right to use the property for a limited time ftame in exchange for payment
Life Estate correct answersA bundle of property rights that includes use and possession, but not disposal.
This terminates when the holder dies. The owner of a life estate cannot designate who inherits the land
and cannot sell it. If the holder dies, the estate passes to the beneficiary of the previous owner.
Future Estate correct answersArises with the life estate. It is an estate that entitles the owner to take
possession sometime in the future.
Freehold-Leasehold correct answersFee simple for an intermediate period
Concurrent Ownership correct answersA property that can be owned by more than one person at a
given time.
,Types of Concurrent Ownership correct answersJoint Tenancy, Tenancy in Common.
Tenancy in Common correct answersA shared tenancy in which each holder has a distinct, separately
transferable interest. Your heir inherits your share.
Joint Tenancy correct answersthe holding of an estate or property jointly by two or more parties, the
share of each passing to the other or others on death.
Survivorship correct answersCo-owner gets your share when you die not your heirs.
Matrimonial Home correct answersproperty occupied by a person and that persons spouse as their
family residence and in which either or both of them have a property interest other than a leasehold
interest. The share of the property automatically transfered to spouse upon death.
Condominum correct answersenables one to share in ownership and operation of residential or
commercial building with negotiable title to a specified unit
Description correct answersIncludes plan of survey showing the perimeters of the land buildings.
Architectural building plans., structural plans, boundaries of all units
Declaration correct answersThe constitution of the condo board.
Other forms of co-ownership correct answersCo-operative, partnerships, limited partnerships
Co-operative correct answersProperty is owned by corporation, members have right to visit a unit. Equity
(shared capital). Non-Profit (Without Shared capital)
Partnerships correct answersContractual Relationship
Limited Partnership correct answersLiability limited to investment amount
, Real Estate correct answersTangible lot and building
Real Property correct answersTangible and Intangible. Rights in land and its permanent structures, plus
whatever grows upon or is affixed
Limits to real property correct answersSurface of the earth and improvements, riparian rights, air-space,
beneath the earth
Personal Property correct answersPersonal and household goods that are movable. Also intellectual
property.
Fixtures correct answersReal property that formerly was personal property
Air Rights correct answersThe rights to use space above the physical surface of the land
Surface Rights correct answersRight to use and alter the surface of real property
Mineral Rights correct answersRight to remove minerals from beneath the soil
Riparian Rights correct answersRights of owners of lands on banks of water
Profit a Pendre correct answersThe right to enter property and take something from it. May pass with
title in some instances
Easements correct answersRight enjoyed by one landowner of a dominant parcel of land over adjacent
land
Runs with the Land correct answersRights and obligations are inseprable from the parcels involved
