Module 3

Question 1

Define Concurrent ownership

Answer 1

two or more persons hold ownership of a property simultaneously. Concurrent ownership interests normally fall into two primary categories, joint tenancy and tenancy in common.

Question 2

Distinguish between joint tenancy and tenants in common

Answer 2

Concurrent ownership is of two types, joint tenancy and tenants in common. Joint tenancy involves ownership of land by two or more persons whereby, upon the death of one, the surviving tenant or tenants acquire the whole interest in the property. Joint tenancy contains four unities: title, time, possession, and interest. This right of survivorship means that if one joint tenant dies, their interest does not pass to their estate but directly to the surviving joint tenant. In joint tenancy, all the owners have an equal and undivided interest in the property.
Tenants in common involves ownership of land by two or more persons. However, unlike joint tenancy, there is no right of survivorship.

Question 3

Describe ownership alternatives

Answer 3

Fractional ownership is shared ownership( cottage owned by 5 people)

Co-ownership applies to any situation in which two or more persons own property jointly (multi-unit co-ownership building, individuals may receive a deed or share certificate in addition to an occupancy agreement.)

A land lease - is a lease involving the leasing of the land only (It gives the exclusive right to use the land for the time the lease is active)

life lease - the person does not own a property but an “interest” in that property in exchange for a lump sum payment up-front

Question 4

Outline the characteristics of different types of estates

Answer 4

difference between fee simple and leasehold estates is time. In fee simple, ownership is for an indeterminate period of time while in leasehold, the interest in land is for a specific amount of time.

Fee simple estate is the highest estate or absolute right in real property. The holder of such an estate has the most rights and fewest limitations, and can use, sell, lease, enter, or give away the property, or refrain from any of these rights. This bundle of rights, known as ownership, is subject to restrictions imposed by the government.

A leasehold estate is an interest in land for a finite period of time (i.e. a week, a month, a year, 99 years, or any other specific period of time). In a leasehold estate, the person who is granted the leasehold is called the lessee or tenant, and the grantor of the leasehold estate is called the lessor or landlord. In a leasehold estate, the tenant has only the right of possession and use but not ownership

Question 5

What is Equity co-operative

Answer 5

An equity co-operative is a corporation that owns the land and buildings with members as shareholders in the corporation. Ownership is by way of a share certificate in combination with an occupancy agreement relating to a specific unit, usually accompanied by parking and locker.
Co-operatives and condominiums must be clearly differentiated. In the former, an individual holds shares in a corporation; in the latter, ownership is by way of title to a specific unit..

Question 6

What is Non-profit co-operative

Answer 6

Non-profit co-operative
Each A non-profit co-operative is without shares and its primary purpose is to provide housing for its members. The members have no ownership interest in the co-operative and simply pay rent to the corporation owner. There are a number of government and charitable agencies that provide non-profit co-operatives.
For example, some non-profit co-operatives are government-assisted residential housing

Question 7

Define Easement

Answer 7

is a right enjoyed by one landowner over the land of another and is granted for a special purpose, Registered with the title

Question 8

What are the 6 defining characterstics of easements

Answer 8

Specific use - granted for a clear and specific use.
Dominant and servient tenements -
comprised of both dominant and servient tenements. A dominant tenement is defined as the estate or interest in land that derives benefit from an easement over a servient tenement.
Two different parties - The dominant and servient tenement properties cannot be owned by the same person.
Sole benefit - Easements must solely benefit the dominant tenement.
Transferable - Easements run with the land. Therefore, once granted, the easement binds subsequent owners.
Adjoining and non-adjoining -
The dominant and servient tenement do not have to be adjoining.

Question 9

Fee Ownership Interest

Answer 9

a buyer purchases an actual deed interest in the property for a specific period of time each year. Ownership does not end after a specific time period and usage rights can be sold, gifted, or included in a will.

Question 10

Right-to-use interest

Answer 10

a buyer purchases the right to use a unit but does not have an ownership interest in the property. The buyer does not receive a title deed, the contract only gives the right to use for a specific time period. Typically, the right to use will expire after a stated number of years and then revert back to the owner of the property

Question 11

Detail how an easement can be created and terminated

Answer 11

Merging Land (Buying neighbours property who has an easement over the other)

Release (dominant tenement may release the servient tenement by removing the easement from the title.)

Ceasing of purpose
If the purpose of the easement disappears, so does the easement.

Question 12

Describe the different types of easements found in residential properties

Answer 12

Right-of-way
Party Wall
Mutual Shared Driveway

Question 13

Restrictive covenant,

Answer 13

Contractual arrangement that places restrictions on what the owner of the land can do with their property (Parking restrictions, Placing signs on property, Color Scheme, Restrictions on fence height and location, Restricted Single Family Residence)

Question 14

Outline the government limitations to property ownership

Answer 14

Right to regulate, Levy taxes, Escheat

Question 15

Define encroachment

Answer 15

Situation that arises when a property owner violates the property rights of their neighbour by building a structure wholly or partially on the neighbouring property

Question 16

Define adverse possession

Answer 16

Squatters Rights, individual who is not the owner takes possession of the property, without the consent of the owner

visible, exclusive, and continuous for a period without the consent of the owner

Question 17

Define Profit-à-prendre

Answer 17

An interest in land and gives a person the right to enter another’s property based on a written agreement and take something from it such as crops, minerals, fish, or timber

Question 18

Right to regulate

Answer 18

Right of government to regulate property for the promotion of public safety, health, morals, and general welfare. referred to as police power.

Zoning bylaws, building codes, traffic, and sanitary regulations are also based on this right to regulate. Various federal and provincial statutes impact land ownership, such as land planning

Question 19

Expand on Right to levy taxes

Answer 19

An example of these is real property tax, which funds the operating budget of the municipality to provide services to the people in that municipality. Another example would be the land transfer tax, which is paid on the purchase price of the property.

Question 20

What is Escheat

Answer 20

the reversion of property to the government or some kind of government agency in the event that a property owner dies, leaving no will and having no legally qualified heir to whom the property may pass.