Land

Question 1

Land title system

Torrens System

Answer 1

• Government guaranteed
• priority of Chronological registration
• one online central Registration System

Question 2

Crown land

Answer 2

not registered to torren system

Question 3

Life Estate

Answer 3

Ownership on a defined time

Question 4

Lease hold

Answer 4

ends a certain period

Question 5

Joint tenancy

Answer 5

equal ownership

right of survivorship

Question 6

tenancy in common

Answer 6

need not be equal

no right of survivorship

Question 7

Encumbrance

Answer 7

charges
registered in land title office
exception privity

Question 8

Easement

Answer 8

binding to all future owners access right to a joining property requires 2 things
Dominant tenement-benefits
Subservient tenement- gives up benefit

Question 9

statutory right of way

Answer 9

access right
no dominant tenement
utilities and government

Question 10

Restrictive Covenant

Answer 10

restiction on house

Cant use for renting

Question 11

option to purpose

Answer 11

buy the right to buy

Question 12

Right of first refusal

Answer 12

price match has to offer to other person before another person

Question 13

mortgage

Answer 13

secured debt

Question 14

assignment of rent

Answer 14

Rent if failed to pay can be given to the mortgage giver

Question 15

Agreement for sale

Answer 15

someone is financing a loan for the property

Question 16

Lease

Answer 16

less then 3 years doesnt need to be registered
more then 3 years needs to be registered
right to renew needs to be registered

Question 17

Mineral rights

Answer 17

Natural gas and stuff

Question 18

Land use contract

Answer 18

land can only be used for specific things ie farming

Question 19

Caveat

Answer 19

60 day freeze on selling land

Question 20

Certificate of pending litigation

Answer 20

long term freeze

Question 21

Land spouse protection act

Answer 21

claim longterm freeze

shakey marriages

Question 22

Land spouse protection act

Answer 22

claim long term freeze

shakey marriages

Question 23

Builders Lien

Answer 23

work/ matierial
45 days of completion of the project
hold 10% for 55 days

Question 24

notice of community charter violation

Answer 24

grow op

Question 25

Notice of civil forfeiture

Answer 25

seizing assets that are gains of crime

Question 26

Mortgages

Answer 26

• secured debt
• covenatn to pay
• pledge of land
• payments of interest
• term
• prepayment penalty
• property rates
• insurance
• first loss payee
• good repair
• no illegal operations

Question 27

Foreclosure

Answer 27

Notice of intention to realize security
-demand petition of foreclosure 
- file -fee -serve
Order Nisi of foreclosure
-Judgement
-setting of redemption period 6 months

Question 28

Order for conduct of sale

Answer 28

Court ordered sale
Sale proceeds in order
-property taxes
-realtor comissions
-mortgages with interest or cost
-surplus to owner (owner owes shortfall)

Question 29

Leases

Answer 29

3 types of rent
1 Base rent -Square footage rent
2 Grass rent percentage rent 7% of sales
3 Additional Rent -operating cost property taxes building insurance

Question 30

Terms for leasing a place

Answer 30

right to renew term
usage
non competion

Question 31

Assignment of lease

Answer 31

Sublease
parking spot
signage
repairs
tenant improvements
who pays
what is allowed
who retains

Question 32

Distraint

Answer 32

shutting down store (Baliff)

Question 33

PErsonal Banruptcy act

Answer 33

federal law
insolvent
petitioned into bankruptcy
voluntary assignment into bankruptcy

Question 34

Trustee in Banruptcy

Answer 34

all assets
all debts
exemptions

Question 35

Debt you cant get rid of through bankruptcy

Answer 35

Fraud
Child abuse
child support or spousal alimonies
student loans under 6 years

Question 36

General Creditors

Answer 36

suppliers, banks , credit cards

Question 37

Preffered creditors

Answer 37

govt lawyers, lease , wages

Question 38

Secure Creditors

Answer 38

lender that takes collateral for the extension of credit, loan or bond issuanc