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Real Estate Humber Course 1 > Module 3 - Lesson 1 > Flashcards

Module 3 - Lesson 1 Flashcards

1
Q

Define Estate

A

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

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2
Q

Define fee simple estate

A

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

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3
Q

Define leasehold estate

A

There is only the right to use and occupy a property

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4
Q

Highest estate/absolute right in real property

A

Fee simple

- Most rights and fewest limitations

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5
Q

finite period of time

A

leasehold estate

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6
Q

fundamental difference bw fee simple estate & leasehold estate

A

time

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7
Q

Define Air rights

A

rights to use space above the physical surface of land

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8
Q

What are Air rights acquired for

A

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

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9
Q

Define surface rights

A

right of land that is not mining rights

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10
Q

Riparian rights

A

Rights allocated to owners of waterfront properties

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11
Q

Rights allocated to owners of waterfront properties

A

to acess and use of water

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12
Q

Mineral rights

A

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

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13
Q

Define concurrent ownership

A

Two or more persons hold ownership of a property simultaneously

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14
Q

Types of concurrent ownership

A

Joint tenancy

tenancy in common

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15
Q

Joint tenancy

A

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

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16
Q

Right to survivorship

A

Joint tenancy

if one of them dies, the surviving acquire the property

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17
Q

All owners have equal interest in the property

A

joint tenancy

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18
Q

4 unities for joint tenancy

A

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

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19
Q

Define tenants in common

A

ownership of land by 2+ ppl

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20
Q

Difference bw TIC and JT

A

No right to survivorship w/ TIC

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21
Q

Ownership rights with a condo

A

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

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22
Q

Common elements condo

A
  • ComEle- Roads, parking lots etc.

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

23
Q

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

A

Parcel of Tied Land

24
Q

Define co-operative ownership

A

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

25
Q

Equity co-operative

A

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

26
Q

Non-profit co-operative

A
  • without shares, primary purpose is to provide housing for its members
27
Q

Government assisted residental housing

A

Non-profit co-operative

28
Q

Fractional ownership

A

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

29
Q

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

A

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

30
Q

Deed/share certificate

A

Represents the proportionate interest in co-ownership

31
Q

Occupancy agreement relates to

A

specific unit within the building they can occupy

32
Q

Land lease

A

lease involving the land only

33
Q

Land lease rights

A

to use the land for the time the lease is active

34
Q

Land leases offer the opportunity for

A

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

35
Q

Life lease

A

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

36
Q

Life lease is granted by

A

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

37
Q

Life lease allows for

A

a person to occupy a unit without owning it

38
Q

Time share

A

Divison of property rights into fractional interest based on time

39
Q

Timeshares fall under 2 categories:

A

fee ownership interest

right to use interest

40
Q

fee ownership interest

A

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

41
Q

fee ownership interest length

A

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

42
Q

Right to use interest

A

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

43
Q

Right to use interest length

A

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

44
Q

Timeshare rights are under what act

A

Cosumer protection act 2002

45
Q

When can a consumer cancel a time share agreement

A

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

46
Q

cancel a time share agreement

A

Cooling-off period

47
Q

When can a consumer cancel a time share agreement

A

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

48
Q

Mobile home park consists of

A

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

49
Q

Act mobile homes are under

A

Residential Tenancies Act

50
Q

Mobile home agreement must identify dwelling specifics such as

A

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

51
Q

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

A

21 days

52
Q

Permit required to operate recreational houseboats

A

Marine operator’s permit

53
Q

Ownership value of residential houseboats are in

A

the dwelling, docking permits and leases

54
Q

Ownership of residential houseboats is similar to

A

land lease

Real Estate Humber Course 1 (14 decks)

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