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RETS > Assignment 2 (Chapter 3 & 4) > Flashcards

Assignment 2 (Chapter 3 & 4) Flashcards

1
Q

Joint Tenancy

A

A form of property ownership where all joint tenants have equal shares and rights, and upon death, the interest transfers to surviving tenants.

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2
Q

Tenants in Common

A

A form of property ownership where each owner has a distinct, separate share that does not automatically transfer upon death.

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3
Q

Life Estate Without Impeachment

A

A life estate where the life tenant is not liable for common law categories of waste but can still be liable for equitable waste.

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4
Q

Equitable Waste

A

Waste caused by the life tenant out of spite or malice, which the life tenant can still be held liable for, even if they have an estate without impeachment.

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5
Q

Land Title Act

A

A conveyance does not need to be registered to be enforceable between parties, but registration is needed for protection against third-party claims.

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6
Q

Good Faith Purchaser

A

A buyer who purchases property without knowledge of prior claims or issues, typically protected under the Land Title Act if they register their interest.

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7
Q

Building Scheme

A

A group of restrictive covenants attaching to multiple lots in a development, requiring equal application to all lots and the same seller for all buyers.

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8
Q

Restrictive Covenant

A

A legal obligation imposed in a deed by the seller upon the buyer to do or not do something in relation to the property.

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9
Q

Registration

A

Required for protection against third-party claims but not necessary to validate a conveyance between the parties to the transfer.

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10
Q

Fee Simple Interests

A

Interests in land that are indefinite in duration, freely transferable, and the most extensive interest one can have in land under common law.

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11
Q

Joint Tenancy vs. Tenants in Common

A

Joint tenancy allows equal shares and right of survivorship; selling a share severs the joint tenancy only for the seller’s portion.

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12
Q

Severance of Joint Tenancy

A

Occurs when one joint tenant sells or transfers their interest, converting that share to a tenancy in common with remaining joint tenants.

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13
Q

Easement

A

An interest in land owned by another that entitles its holder to a specific limited use or enjoyment, such as access to a lake.

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14
Q

Licence

A

A contractual right to enter or use someone else’s land for a specific purpose, but it is not an interest in land.

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15
Q

Fraudulent Transfer

A

A transfer of property obtained through deceit or false pretenses, which can be nullified, removing the fraudulent party from the title.

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16
Q

Assurance Fund

A

A fund established to compensate individuals who lose their interest in land due to errors or frauds in the land registration system.

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17
Q

Right of Survivorship

A

The right by which, upon the death of a joint tenant, the deceased’s interest automatically passes to the surviving joint tenants.

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18
Q

Severance of Joint Tenancy

A

Occurs when one joint tenant sells or transfers their interest, which converts that share into a tenancy in common with the remaining joint tenants.

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19
Q

Life Tenant

A

A person who has the right to use and occupy real estate for their lifetime but does not own the property outright.

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20
Q

Permissive Waste

A

Occurs when a life tenant fails to maintain the property, leading to its deterioration.

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21
Q

Voluntary Waste

A

Deliberate damage or changes made by the life tenant that can devalue or alter the property beyond normal wear and tear.

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22
Q

Unregistered Conveyance

A

A transfer of property that is not recorded in the land title office but is still enforceable between the original contracting parties.

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23
Q

Priority of Registered Interests

A

A principle under the Land Title Act where registered interests take priority over unregistered interests if there is a conflict.

24
Q

Equal Application of Building Scheme

A

For a building scheme to be valid, the restrictions must apply equally to all lots in the development.

25
Q

Original Seller Requirement

A

In a valid building scheme, all initial buyers must acquire their lots from the same seller to maintain the enforceability of the covenants.

26
Q

Indefeasible Title

A

A title that cannot be challenged or voided, typically referring to fee simple interests that are registered and protected against claims.

27
Q

Trust Notations on Title

A

Trusts can be noted on the certificate of title, indicating a fiduciary relationship regarding the property.

28
Q

Actual Occupation

A

Refers to the physical presence on and use of the property, which can impact the enforceability of unregistered leases under certain conditions.

29
Q

Permission to Dispose of Interest

A

In a joint tenancy, a joint tenant can freely dispose of their interest without needing permission from the other joint tenants.

30
Q

Impact of Selling Joint Tenancy Interest

A

Selling a joint tenancy interest converts the sold share into a tenancy in common while the remaining shares continue as a joint tenancy.

31
Q

Leasehold Interest

A

An interest in land for a specific term or period, typically less than a freehold estate, such as a lease or life estate.

32
Q

Remainder Interest

A

A future interest in property that becomes possessory when a life estate or other prior estate terminates.

33
Q

Estate Pur Autre Vie

A

A life estate measured by the life of someone other than the life tenant.

34
Q

Forged Transfer

A

A fraudulent document transferring property ownership without the true owner’s consent, which can be nullified in court.

35
Q

Impact on Mortgage Validity

A

A mortgage obtained by fraud is not valid, and the lender cannot enforce it if the underlying transfer is voided due to fraud.

36
Q

Restoration of Title

A

The process of restoring the true owner’s title to the property when it has been fraudulently transferred.

37
Q

Unity of Title

A

One of the four unities required for joint tenancy, meaning all joint tenants acquire their interest through the same document.

38
Q

Unity of Time

A

One of the four unities required for joint tenancy, meaning all joint tenants acquire their interest at the same time.

39
Q

Unity of Interest

A

One of the four unities required for joint tenancy, meaning all joint tenants have equal and identical interests in the property.

40
Q

Impeachment for Waste

A

Refers to the liability of a life tenant for waste, meaning they must not commit voluntary or permissive waste, except where specified otherwise.

41
Q

Conveyance

A

The act of transferring ownership of property from one party to another.

42
Q

Bona Fide Purchaser

A

A person who purchases property in good faith and for value, without notice of any other claims or defects in title.

43
Q

Registered Land Title

A

The official record of ownership of a property, maintained by the land title office, which includes all registered interests and encumbrances.

44
Q

Subdivision Plan

A

A plan that divides a large piece of land into smaller lots, often including provisions like building schemes or covenants to maintain certain standards.

45
Q

Fee Simple Interests

A

Interests in land that are indefinite in duration, freely transferable, and the most extensive interest one can have in land under common law.

46
Q

Indefeasible Title

A

A title that cannot be challenged or voided, typically referring to fee simple interests that are registered and protected against claims.

47
Q

Trust Notations on Title

A

Trusts can be noted on the certificate of title, indicating a fiduciary relationship regarding the property.

48
Q

Actual Occupation

A

Refers to the physical presence on and use of the property, which can impact the enforceability of unregistered leases under certain conditions.

49
Q

Permission to Dispose of Interest

A

In a joint tenancy, a joint tenant can freely dispose of their interest without needing permission from the other joint tenants.

50
Q

Impact of Selling Joint Tenancy Interest

A

Selling a joint tenancy interest converts the sold share into a tenancy in common while the remaining shares continue as a joint tenancy.

51
Q

Leasehold Interest

A

An interest in land for a specific term or period, typically less than a freehold estate, such as a lease or life estate.

52
Q

Remainder Interest

A

A future interest in property that becomes possessory when a life estate or other prior estate terminates.

53
Q

Estate Pur Autre Vie

A

A life estate measured by the life of someone other than the life tenant.

54
Q

Impact on Mortgage Validity

A

A mortgage obtained by fraud is not valid, and the lender cannot enforce it if the underlying transfer is voided due to fraud.

55
Q

Restoration of Title

A

The process of restoring the true owner’s title to the property when it has been fraudulently transferred.

RETS (18 decks)

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