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REM 300 Midterm Test Study Guide Solutions Different Types of Estates - ANSWER-Life, Future, Lease, Fee Simple Fee Simple Estate - ANSWER-Most complete bundle of rights. The typical type of Canadian Property. NAFTA Property Rights - ANSWER-Mexico and USA have property rights but Canadian citize...

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  • November 11, 2024
  • 17
  • 2024/2025
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REM 300 Midterm Test Study Guide

Solutions


Different Types of Estates - ANSWER✔✔-Life, Future, Lease, Fee Simple


Fee Simple Estate - ANSWER✔✔-Most complete bundle of rights. The typical type of Canadian Property.


NAFTA Property Rights - ANSWER✔✔-Mexico and USA have property rights but Canadian citizens don't


Included in the Bundle of Rights - ANSWER✔✔-Use of Property,


Sell or lease,


inheritance of property


Deed - ANSWER✔✔-Legal Document through which rights are transfered


Leasehold Estate - ANSWER✔✔-An 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 - ANSWER✔✔-A 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 - ANSWER✔✔-Arises with the life estate. It is an estate that entitles the owner to take

possession sometime in the future.


Freehold-Leasehold - ANSWER✔✔-Fee simple for an intermediate period



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Concurrent Ownership - ANSWER✔✔-A property that can be owned by more than one person at a given

time.


Types of Concurrent Ownership - ANSWER✔✔-Joint Tenancy, Tenancy in Common.


Tenancy in Common - ANSWER✔✔-A shared tenancy in which each holder has a distinct, separately

transferable interest. Your heir inherits your share.


Joint Tenancy - ANSWER✔✔-the 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 - ANSWER✔✔-Co-owner gets your share when you die not your heirs.


Matrimonial Home - ANSWER✔✔-property 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 - ANSWER✔✔-enables one to share in ownership and operation of residential or

commercial building with negotiable title to a specified unit


Description - ANSWER✔✔-Includes plan of survey showing the perimeters of the land buildings.

Architectural building plans., structural plans, boundaries of all units


Declaration - ANSWER✔✔-The constitution of the condo board.


Other forms of co-ownership - ANSWER✔✔-Co-operative, partnerships, limited partnerships


Co-operative - ANSWER✔✔-Property is owned by corporation, members have right to visit a unit. Equity

(shared capital). Non-Profit (Without Shared capital)


Partnerships - ANSWER✔✔-Contractual Relationship

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Limited Partnership - ANSWER✔✔-Liability limited to investment amount


Real Estate - ANSWER✔✔-Tangible lot and building


Real Property - ANSWER✔✔-Tangible and Intangible. Rights in land and its permanent structures, plus

whatever grows upon or is affixed


Limits to real property - ANSWER✔✔-Surface of the earth and improvements, riparian rights, air-space,

beneath the earth


Personal Property - ANSWER✔✔-Personal and household goods that are movable. Also intellectual

property.


Fixtures - ANSWER✔✔-Real property that formerly was personal property


Air Rights - ANSWER✔✔-The rights to use space above the physical surface of the land


Surface Rights - ANSWER✔✔-Right to use and alter the surface of real property


Mineral Rights - ANSWER✔✔-Right to remove minerals from beneath the soil


Riparian Rights - ANSWER✔✔-Rights of owners of lands on banks of water


Profit a Pendre - ANSWER✔✔-The right to enter property and take something from it. May pass with

title in some instances


Easements - ANSWER✔✔-Right enjoyed by one landowner of a dominant parcel of land over adjacent

land


Runs with the Land - ANSWER✔✔-Rights and obligations are inseprable from the parcels involved




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