Chapter 14: Flashcards
Real and Personal Property and Protection of the Environment
1
Q
Real Property
A
Land and anything permanently attached to it
2
Q
Chattels
A
Tangible personal property that is moveable
3
Q
Who grants the right of possession of land?
A
The Crown
4
Q
Fee Simple
A
The right to use and sell land subject only to local restrictions
5
Q
Life estate
A
upon death of a life tenant property reverts back to the original owner
6
Q
Joint tenancy
A
2 or more people own the entire property
7
Q
What is the order of priority
A
Condominium act, Declaration, by-laws, and the rules of the corporation
8
Q
Mortgages
A
debtor borrows money and giving the creditor a claim against their property
9
Q
Mortgage defaults
A
Contractual power of sale, judicial sale, foreclosure
