Module 3 - Lesson 1

Question 1

Define Estate

Answer 1

Interest in land that contains various rights associated with ownership or tenancy

Question 2

Define fee simple estate

Answer 2

person owns the property and has all of the right assc with this ownership

Question 3

Define leasehold estate

Answer 3

There is only the right to use and occupy a property

Question 4

Highest estate/absolute right in real property

Answer 4

Fee simple

- Most rights and fewest limitations

Question 5

finite period of time

Answer 5

leasehold estate

Question 6

fundamental difference bw fee simple estate & leasehold estate

Answer 6

time

Question 7

Define Air rights

Answer 7

rights to use space above the physical surface of land

Question 8

What are Air rights acquired for

Answer 8

construction of a birdge, piers, elevated streets, sidewalks, skyscrapers

Question 9

Define surface rights

Answer 9

right of land that is not mining rights

Question 10

Riparian rights

Answer 10

Rights allocated to owners of waterfront properties

Question 11

Rights allocated to owners of waterfront properties

Answer 11

to acess and use of water

Question 12

Mineral rights

Answer 12

Right to enter or use land for the purpose of removing mineral on or beneath it

Question 13

Define concurrent ownership

Answer 13

Two or more persons hold ownership of a property simultaneously

Question 14

Types of concurrent ownership

Answer 14

Joint tenancy

tenancy in common

Question 15

Joint tenancy

Answer 15

ownership of land by 2 + ppl whereby if one of them dies, the surviving acquire the property

Question 16

Right to survivorship

Answer 16

Joint tenancy

if one of them dies, the surviving acquire the property

Question 17

All owners have equal interest in the property

Answer 17

joint tenancy

Question 18

4 unities for joint tenancy

Answer 18

title - each owner’s interest must be the same
time - interests created at the same time
possession - each owner must have equal undivided ownership in the property
interest - undivided share of the property

Question 19

Define tenants in common

Answer 19

ownership of land by 2+ ppl

Question 20

Difference bw TIC and JT

Answer 20

No right to survivorship w/ TIC

Question 21

Ownership rights with a condo

Answer 21

FSO w/ the unit and TICO w/ the common elements

Question 22

Common elements condo

Answer 22

• ComEle- Roads, parking lots etc.

- No units, owners pay a maintenance fee for the comele

Question 23

Term for the owner’s property being tied to the CEC

Answer 23

Parcel of Tied Land

Question 24

Define co-operative ownership

Answer 24

joint ownership where a property is owned by a corporation, and members have agreed to occupy a specific unit

Question 25

Equity co-operative

Answer 25

Corp that owns th land and buildings w/ members as shareholders in the corp

Question 26

Non-profit co-operative

Answer 26

- without shares, primary purpose is to provide housing for its members

Question 27

Government assisted residental housing

Answer 27

Non-profit co-operative

Question 28

Fractional ownership

Answer 28

shared ownership that allows an individual to partially own a valuable asset w/o putting up the money outright

Question 29

Fractional ownership allows multiple buyers to obtain part of a property as

Answer 29

as tenants in common w/ usage rights allocated depending on the size of the fraction purchased

Question 30

Deed/share certificate

Answer 30

Represents the proportionate interest in co-ownership

Question 31

Occupancy agreement relates to

Answer 31

specific unit within the building they can occupy

Question 32

Land lease

Answer 32

lease involving the land only

Question 33

Land lease rights

Answer 33

to use the land for the time the lease is active

Question 34

Land leases offer the opportunity for

Answer 34

consumers to own own a home without the added cost of the land

Question 35

Life lease

Answer 35

person does not own the a property, but an interest in the property

Question 36

Life lease is granted by

Answer 36

a lump sum payment up front, w/ monthly maintenance fee

Question 37

Life lease allows for

Answer 37

a person to occupy a unit without owning it

Question 38

Time share

Answer 38

Divison of property rights into fractional interest based on time

Question 39

Timeshares fall under 2 categories:

Answer 39

fee ownership interest | right to use interest

Question 40

fee ownership interest

Answer 40

buyer purchase a deed interest for a specific period of time each year

Question 41

fee ownership interest length

Answer 41

does not end after a specific time, can be given away at any time

Question 42

Right to use interest

Answer 42

Buyer purchases the right to use a unit but does not have an ownership interest in the property

Question 43

Right to use interest length

Answer 43

Ends after a specific time period - a stated number of years, and then reverts back to the owner of the property

Question 44

Timeshare rights are under what act

Answer 44

Cosumer protection act 2002

Question 45

When can a consumer cancel a time share agreement

Answer 45

at any time from the date of entering until 10 days after recieving the agreement

Question 46

cancel a time share agreement

Answer 46

Cooling-off period

Question 47

When can a consumer cancel a time share agreement

Answer 47

within 1 year if a copy of an agreement is not received

Question 48

Mobile home park consists of

Answer 48

land on which mobile homes are, structures, services and facilities of which the landlord retains possession

Question 49

Act mobile homes are under

Answer 49

Residential Tenancies Act

Question 50

Mobile home agreement must identify dwelling specifics such as

Answer 50

manufacturer model serial # site location (if in a park)

Question 51

Landlord must provide new tenenats with a copy of a written lease within

Answer 51

21 days

Question 52

Permit required to operate recreational houseboats

Answer 52

Marine operator's permit

Question 53

Ownership value of residential houseboats are in

Answer 53

the dwelling, docking permits and leases

Question 54

Ownership of residential houseboats is similar to

Answer 54

land lease