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Real Estate > Chapter Three > Flashcards

Chapter Three Flashcards

1
Q

What is real property?

A

land and whatever is erected, growing upon or affixed to the land, along with the rights that are related or derived from the land

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2
Q

What is personal property?

A

everything else and generally includes any right or interest that one has in moveable objects

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3
Q

When we talk about private ownership of real property, we are referring to:

A

Ownership of an estate

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4
Q

What is an estate?

A

A right to possess and use the land for a period of time, during which time the estate holder has the full “bundle of rights” respecting the land

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5
Q

What is the “Doctrine of Escheat”?

A

If an owner of an estate in fee simple dies without providing for the transfer of their property by way of will, and if there are no known heirs, the property will revert or “escheat” back to the crown

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6
Q

The document to transfer a fee simple estate to another is known as a

A

“Freehold Transfer Form” (Form A)

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7
Q

The Doctrine of Tenure vs Estate

A

Tenure showed the terms under which land was held
Estate describes the duration for which the land is held under a particular tenure

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8
Q

What is the definition of a Life Estate?

A

An interest in land that lasts for the lifetime of the holder

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9
Q

What is the fee simple owner called in a life estate transaction?

A

The Reversioner

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10
Q

What is a remainderman?

A

When the holder creates a life estate in favour of another person and makes the remainder of the fee simple interest go to another person

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11
Q

What is Pur Autre Vie?

A

If she disposes of her life estate in the first property to another person, the new purchaser is known as an estate pur autre vie
In other words, an estate based on the life of another person
When Mrs. Jones dies, the purchaser will be forced to vacate as the son now owns the home in fee simple

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12
Q

What are the three categories of waste?

A

Voluntary, Permissive and Ameliorating

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13
Q

What is voluntary waste?

A

Direct, positive acts that result in damage to property.
Liable to the remainderman or reversioner for this type of waste
Ex: Demolishing a separate garage on the property

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14
Q

What is permissive waste?

A

Allowing a property to deteriorate without any positive acts
Ex: Failing to keep the roof in good repair

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14
Q

What is permissive waste?

A

Allowing a property to deteriorate without any positive acts
Ex: Failing to keep the roof in good repair

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15
Q

What is ameliorating waste?

A

Ameliorating:
Direct, positive acts that improve rather than destroy
Ex: Building a deck

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16
Q

What is equitable waste?

A

Equitable:
Flagrantly or maliciously damaging or destroying the property
Ex: Burning it down to reduce the value

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17
Q

What is equitable waste?

A

Equitable:
Flagrantly or maliciously damaging or destroying the property
Ex: Burning it down to reduce the value

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18
Q

Interests in land are said to:

A

“run with the land”.

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19
Q

What are the three main interests in land that do not amount to an estate?

A

Easements, Restrictive Covenants and Profits a Prendre

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20
Q

What are the three main interests in land that do not amount to an estate?

A

Easements, Restrictive Covenants and Profits a Prendre

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21
Q

What is an easement?

A

An easement is a right, acquired by a landowner, to use a neighboring property in a specific way (without possessing it) for the benefit of the holder’s land.

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22
Q

What is an easement?

A

An easement is a right, acquired by a landowner, to use a neighboring property in a specific way (without possessing it) for the benefit of the holder’s land.

23
Q

The land receiving the benefit of an easement is known as the

A

Dominant Tenement

24
Q

The land receiving the benefit of an easement is known as the

A

Dominant Tenement

25
Q

The lands over which the right is exercisable in an easement is called the

A

Servient Tenement

26
Q

In Order to Constitute a Valid Easement, Three Requirements Must be Met:

A

There Must be Both a Dominant and a Servient Tenement, The Easement Must Accommodate the Dominant Tenement, The Easement Must be Capable of Forming the Subject Matter of a Grant (The easement must be capable of reasonably exact definition (one must be able to identify its boundaries))

27
Q

In Order to Constitute a Valid Easement, Three Requirements Must be Met:

A

There Must be Both a Dominant and a Servient Tenement, The Easement Must Accommodate the Dominant Tenement, The Easement Must be Capable of Forming the Subject Matter of a Grant (The easement must be capable of reasonably exact definition (one must be able to identify its boundaries))

28
Q

What is a “Statutory Rights of Way” or “Easement in Gross”

A

Section 218 of the Land Title Act allows the crown, municipalities, or other designated persons to create easements without dominant tenements.

29
Q

What is a “Statutory Right of Way” or “Easement in Gross”

A

Section 218 of the Land Title Act allows the crown, municipalities, or other designated persons to create easements without dominant tenements.

30
Q

On the title for the dominant lands, the easement will appear under the section

A

Legal Notations

31
Q

What is a Restrictive Covenant?

A

A restrictive covenant imposes a restriction on the use one person’s land for the benefit of another piece of land

32
Q

What is an easement?

A

An easement is a right, acquired by a landowner, to use a neighbouring property in a specific way (without possessing it) for the benefit of the holder’s land.

33
Q

What is a Restrictive Covenant?

A

A restrictive covenant imposes a restriction on the use of one person’s land for the benefit of another piece of land

34
Q

The Restrictive Covenant must be ________ in nature (meaning something cannot be done)

A

Negative

35
Q

The person who imposes the covenant is called the and

A

Covenantee (the Servient Tenement)

36
Q

the person who agrees to be bound by the restrictive covenant is the

A

Covenantor (Dominant Tenement)

37
Q

The person who imposes the covenant is called the C and

A

Covenantee (the Servient Tenement)

38
Q

the person who agrees to be bound by the restriction is the

A

Covenantor (Dominant Tenement)

39
Q

What are the five requirements of a valid Restrictive Covenant?

A

It must be negative in nature
It must benefit or enhance the value of the covenantee’s land in some way
Both the benefited and the burdened land must be precisely identified in the document
The burden of the restriction must have intention to bind the land, not just a personal promise
If the original covenator has transferred their land, the new owner must have had notice of the agreement before acquiring the land

40
Q

What is a building scheme?

A

Refers to a set of restrictive covenants imposed on two or more lots within a particular subdivision

41
Q

What are some examples of what a building scheme can do?

A

Can restrict size, type, style, colour, and a number of buildings on land that is subject to the scheme

42
Q

What three obligations does a Building Scheme have to meet?

A

Obligations imposed must be negative in nature
Must be land which benefits from the building scheme and land which is burdened by it, both must be clearly defined
Each lot is burdened by the restrictions imposed on it and benefitted by the restrictions imposed on the other lots
The title to the land affected by the covenant must be registered under the Land Title Act

43
Q

What is Profits a Prende?

A

A right to enter onto the land of another person and to take some profit from the land (minerals, oil, stones, trees, turb, fish, game, etc.) for the use of the owner of the right

44
Q

What is a license (in reference to interests in land)?

A

A licence is a contractual right or privilege to do something that exists between two or more persons or legal entities
In the context of real property, a licence may entitle a person to entor upon and use the grantor’s land in a certain manner or for a certain purpose

44
Q

Does a licence (in terms of land interest) run with the land?

A

No

45
Q

What rights do owners have over the airspace of their property?

A

A landowner now owns or has rights in the airspace above their property only to the extent that the landower can make effective use of it.

46
Q

Can airspaces be subdivided?

A

Yes

47
Q

What is a common use of an airspace?

A

The developer may wish to have both residential and commercial strata lots in the same building and keep the two components separate

48
Q

What is the Density or Floor Space Ratio (FSR)

A

Under zoning bylaws, a person is limited to how many square meters of building can be built per square meter of land

49
Q

What is Subsurface?

A

When granting Crown land, the Province reserves all minerals, coal, gas, fossils and petroleum products for its own use
This is set out in Section 50 of the Land Act

50
Q

What is the purpose of the water sustainability act?

A

Purpose of this act is to manage the use of water in a manner that addresses climate change, populations growth, and increasing pressure on water resources to ensure a sustainable supply of water that meets the needs of BC residents

51
Q

A landowner or tenant wishing to use water on their property must:

A

obtain a water license and pay annual fees (paid through the “Water Sustainability Fees, Rentals and Charges Tariff Regulation”)

52
Q

A water license typically shows:

A

Max amount of usable water
Purpose it is used for
Time of year when it can be used

53
Q

What is the Right to Support:

A

Every parcel of land has a natural legal right to receive both vertical and later support from the adjacent soil
If a neighbor excavates up to the boundary line and as a result of this, the adjoining lot subsides or collapses, the neighbor will be liable in damages for depriving the adjoining owner of the right to support
Buildings on the land do not have the natural right of adjacent support at law given to the land itself, so it is necessary for an owner to acquire an easement of support in order to protect the buildings

Real Estate (2 decks)

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