M1U2S2

Question 1

List and describe 5 characteristics of land

Answer 1

Immobility- can’t be moved. Durability- is indestructible and will remain forever. Uniqueness- no two are the same. Scarcity- physical supply of land is fixed. Rigidity- investments/improvements to the land are permanent.

Question 2

What are 3 different types of ownership?

Answer 2

1. fee simple
2. life estate
3. leasehold sale

Question 3

What are the rights that come with fee simple estate

Answer 3

Use, possession, enjoy, sell

Question 4

What legislation governs the two systems of land registration used in Manitoba?

Answer 4

1. The Registry Act, put in place in 1870

2. The Real Property Act, utilizing a guaranteed title system under the Torrens System.

Question 5

What are 3 major purposes of the Torrens System?

Answer 5

1. Indefeasibility of Title
2. Requirement of Registration
3. Priority

Question 6

Discuss easements and restrictive covenants

Answer 6

Easement- a right enjoyed by one landowner over the rights of another landowner.
Restrictive- a contrast between two landowners by which the person obtaining the promise acquires the right to restrain the promiser from putting their land to certain specific uses.

Question 7

What are 4 powers of government that limit ownership rights?

Answer 7

1. The power of taxation
2. The power of eminent domain
3. Police power
4. The power of escheat

Question 8

What are the two common types of shared ownership?

Answer 8

Joint tenants and tenants in common

Question 9

What is the most common ownership for married couples?

Answer 9

Joint tenants