Module 1

Question 1

What is real property?

Answer 1

The study of buying, selling, financing and other dealings with land and buildings for residential and commercial use

Question 2

What is free hold estate

Answer 2

A person who holds land, free from interference by others

Question 3

What is Lease hold estate

Answer 3

A lease gives a person the right to the possession of the real property for a specific number of years, in return for rent

Question 4

Fee simple estate

Answer 4

• Main type of real property ownership
• person has the freedom to dispose of it at will
• free to use the property, sell, rent or leave it to someone at will

Question 5

What is life estate?

Answer 5

A person has the right to possess, occupy, use and deal with real property during their lifetime
- they do not have the right to sell
- if the fee simple owner has passed away, the real property would go to a beneficiary of the owner

Question 6

What is real property titles ?

Answer 6

Title refers to a document that contains information about the legal owner of a piece of property

Question 7

Define one individual (sole ownership) or corporation

Answer 7

Only that specific individual or corporation owns the property owns the property

Question 8

Define joint tenants

Answer 8

Two or more people hold title entirely together as joint tenants
- each tenant has equal, undivided ownership
- one joint tenant cannot deal in any way with the real property without the agreement of the other joint tenants

Question 9

Define tenants in common

Answer 9

People hold separate (undivided) interests in real property, but they are not exactly equal
- when interests are unequal, the title must indicate the percentages that each tenant owns
- each may deal with their interest without the agreement of the other tenants
- no consent required to sell, lease, however all tenants must agree to sell the entirety of the real property

Question 10

What is an easement?

Answer 10

The right of one real property owner to temporarily use part of the real property belonging to another owner for a specific purpose

Question 11

What is a right of way

Answer 11

Gives a person the right to cross another persons real property
-common in rural areas/cottage country
- easements and right of ways agreements are registered as a notice of interest in land on the other persons title

Question 12

What is a caveat?

Answer 12

Notice of interest on someone else’s land

Question 13

What is right of way by prescription?

Answer 13

Created by law when persons have undisputedly used a right of way, uninterrupted for twenty years
- users must prove that the owner knew of this use and did not stop it

Question 14

What is encroachment?

Answer 14

Exists when one owners property rests or overhangs another real property
- the owner who’s property is encroaching should obtain permission from the owner of the other real property in writing

Question 15

What happens when permission is not granted for an encroachment agreement?

Answer 15

The owner may do the following:
1. Demand the encroachment be removed
2. Remove it themselves
3. Ask for compensation

Question 16

What do you do when there is encroachment on public property?

Answer 16

Owner may seek a licence from the public authority to permit the encroachment to continue to exist
- would require a nominal annual fee

Question 17

Define mineral rights

Answer 17

An owner of real property that contains mines/minerals may deal with them separately
- owner may sell/profit, subject to the crown reserving the rights for these minerals

Question 18

Define water rights - sitting rights

Answer 18

Owner of property which contains water or on which exists water, but does not “own” the water
- owner may use

Question 19

Define water rights - flowing water

Answer 19

Owner of property which water flows may not take or use all of the water
- riparian owner
- water may be used for their own needs but they cannot dam, block, divert etc