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real property final exam review > final review > Flashcards

final review Flashcards

1
Q

what is a condominium

A

divisions of parcels of land into units and common elements

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2
Q

which Act governs condominiums?

A

The Condominium Act governs the law and rights and responsibilities for condominiums

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3
Q

differences between units and common elements for condo owners

A

unit: condo owners own their unit, and owners can make modifications to the interior of their unit
Common elements: exterior of unit is considered a common element and cannot be modified by owners

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4
Q

examples of common elements

A

yards
hallways
stair wells
garages
swimming pools
gym
walkways
fences

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5
Q

how is a condominium created

A

plan

declaration

condominium operation is automatically created upon registration of declaration and plan

a master title is issued in the name of the condo corporation

a unit title is issued in the name of each unit holder

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6
Q

what is automatically created upon registration of plan and declaration documents?

A

the Condominium Operation is automatically created

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7
Q

how many titles are created when a condominium has been created?

A

2 titles are created, a master title and a unit title

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8
Q

differentiate between a master title and a unit title

A

master title: contains realty in building or complex, not individual units

unit title: includes the unit owner number, the owners percentage of interest on common elements and the master title number

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9
Q

how many titles will you need to search for a condo sale and purchase file and why?

A

you will need to search for 2 titles for a condo sale and purchase file

because the purchaser should know of any encumbrances registered against the condos, as some encumbrances registered against the master title may affect the unit title

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10
Q

what is the purpose of a Condominium Corporation?

A

Condo Corporation controls, manages and overseas the corporation common elements and assets in accordance with the Condominium Act

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11
Q

how are condominiums managed and what documents are created? which docs may or may not be applicable?

A

directors are elected from the unit holders by unit owners to sit on a condo board

directors manage the condo corp. and common elements whether directly or through property management company

A disclosure certificate may be applicable (sets out certain matters, as they related to the condo building and as a particular unit)

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12
Q

what might a condo owner have the inclusive and exclusive right of use to?

A

inclusive rights:
- right to personal privacy
- personal parking spaces
- changes to their personal unit

exclusive rights:
- pools
- stair wells
- garages

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13
Q

what are some things that a condo board may budget for in a year?

A

snow removal
lawn care
housekeeping
hydro
water
insurance premiums for common elements
reserve funds

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14
Q

what is the purpose of a reserve fund

A

reserve funds contain funds that the condo board has set aside for any future expenses that may arise with the condo building or complex

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15
Q

how are common element fees (condo fees) calculated?

A

square footage of owners unit / (divided by) total square footage of all units X (multiplied by) annual common elements budget / (divided by) 12

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16
Q

how does a condo form of OTP differ from a regular residential OTP?

A

a condo for of OTP contains “right of cancellation” clauses, which are not in standard residential OTP

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17
Q

what is the purpose of a 7-day cooling off period?

A

a 7-day cooling off period means that the purchase has right to cancel the Agreement within 7 days

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18
Q

what is the purpose of a material change clause?

A

the purpose of a material change clause is to give the purchaser the right to cancel the agreement if a material change occurs in relation to an agreement

19
Q

what adjustments must be made on a Statement of Adjustments? does the possession date matter in any of the situations?

A

adjustments that must be made that are different is that there will be adjustments made for monthly condo fees and rent, and if there is a current tenant occupying the unit

possession date would matter if there was still a current tenant occupying the unit, as payments must be made if the current tenant has made prepaid rents

20
Q

differentiate between mortgage sale and mortgage foreclosure

A

mortgage of sale is the selling of the property

mortgage foreclosure is becoming the owner of the real property

21
Q

what is a power of sale?

A

a power of sale allows the mortgagee to sell the mortgage property without resorting to the courts

22
Q

how long does a mortgagor have to be in default for Power of Sale to be implemented?

A

a mortgagor has to be in default for one month

23
Q

what is the purpose of a Notice of Exercising Power of Sale?

A

the purpose of a notice of exercising Power of Sale is to provide details about the property in default, details about the debt and how it is not being paid and how to bring the mortgage back to good standing

24
Q

if the mortgagor continiues to default on their mortgage after the NEPS has been filed and served, what is the next step the mortgage may take?

A

mortgagor may proceed with an Application for Order for Sale

25
Q

what are two ways a mortgage property could be sold?

A

a public auction and a private sale

26
Q

what must an Auction Advertisement contain?

A

it must contain:
a civic address for the property being auctioned off
location for the auction sale
propertys title number
approx. square footage
number and type of ammenities

27
Q

if the purchaser successful in offering the highest bid at a public auction for sale of a mortgaged property, how much down payment must they immediately provide?

A

a down payment of 20% must be made

28
Q

what happens if a public auction and private sale have been unsuccessful, and the mortgagor continues to be in default?

A

a notice of intention to sell by private contract must be made and served on all persons who were also served with the NEPS

29
Q

what is a request used for?

A

it is used as a request to make all applications in mortgage sale and foreclosure proceedings

30
Q

what is a transfer used for under Power of Sale? who signs this?

A

a transfer is used under Power of Sale when the mortgaged property is sold under auction or privately, when the mortgagee takes title through foreclosure, the mortgagee signs the transfer

31
Q

what is a transmission under Power of Sale used for? who signs this?

A

a transmission accompanies a transfer form when transferring title to purchaser
the purchaser of mortgagee signs

32
Q

what is an Affidavit of Bona Fides of mortgage?

A

an Affidavit Bona Fides is signed by the mortgagee advising that they are not connected to the purchaser of the property being sold

33
Q

what is an Affidavit Bona Fides of purchaser?

A

An Affidavit of Bona Fides of purchase is signed by the purchaser advising that they are not connected to the mortgagee of the property being sold

34
Q

be familiar with rules regarding the witnessing of Land Titles Office forms

A

lawyers entitled to practice law in the province where the document is signed

any competent adult person, provided they swear and Affidavit of subscribing witness

both may act as a witness

35
Q

caveat

A

registered with the LTO by a person (or corporation) claiming an interest in land

36
Q

Amending Agreement

A

used to correct typographical or other errors made in an original mortgage or encumbrance document, which changes the original document

37
Q

Postponement of Registration

A

allows the order of priority of charges on property to be altered, if there is agreement between all parties involved

38
Q

memorandum of lease

A

used to provide notice and specifics of a tenants lease on title, if a landlord will not allow the tenant to register the lease against title

39
Q

builders lien

A

when a person or company makes improvement to real property by performing work on providing service on a title, they have the rights to register a lien to protect their ability to collect money owed to them

40
Q

schedule

A

may be used with another LTO form where there is not enough space in a box in a form to add all relevant information

41
Q

easement agreement

A

agreement between parties involving the right of one property owner to temporarily use part of another owners property for a specific purpose

42
Q

non-disturbance agreement

A

an agreement between a tenant and the landlords mortgagee where the mortgagee agrees not to disturb, and permits the tenants occupancy not to be disturbed in the event foreclosure proceedings commence against the landlord

43
Q

differentiate original titles vs duplicated titles

A

an original title is a paper document on file in a book at the Land Titles Office

a duplicate title is a document which reflect all of the information that was contained in the original titles

real property final exam review (1 decks)

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