Module 3 - Lesson 1 Flashcards by Hana Suth

Define Estate

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

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Define fee simple estate

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

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Define leasehold estate

There is only the right to use and occupy a property

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Highest estate/absolute right in real property

Fee simple

- Most rights and fewest limitations

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finite period of time

leasehold estate

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fundamental difference bw fee simple estate & leasehold estate

time

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Define Air rights

rights to use space above the physical surface of land

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What are Air rights acquired for

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

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Define surface rights

right of land that is not mining rights

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Riparian rights

Rights allocated to owners of waterfront properties

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Rights allocated to owners of waterfront properties

to acess and use of water

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Mineral rights

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

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Define concurrent ownership

Two or more persons hold ownership of a property simultaneously

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Types of concurrent ownership

Joint tenancy

tenancy in common

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Joint tenancy

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

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Right to survivorship

Joint tenancy

if one of them dies, the surviving acquire the property

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All owners have equal interest in the property

joint tenancy

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4 unities for joint tenancy

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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Define tenants in common

ownership of land by 2+ ppl

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Difference bw TIC and JT

No right to survivorship w/ TIC

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Ownership rights with a condo

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

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Common elements condo

ComEle- Roads, parking lots etc.

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

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

Parcel of Tied Land

Define co-operative ownership

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

Equity co-operative

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

Non-profit co-operative

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

Government assisted residental housing

Non-profit co-operative

Fractional ownership

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

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

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

Deed/share certificate

Represents the proportionate interest in co-ownership

Occupancy agreement relates to

specific unit within the building they can occupy

Land lease

lease involving the land only

Land lease rights

to use the land for the time the lease is active

Land leases offer the opportunity for

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

Life lease

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

Life lease is granted by

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

Life lease allows for

a person to occupy a unit without owning it

Time share

Divison of property rights into fractional interest based on time

Timeshares fall under 2 categories:

fee ownership interest | right to use interest

fee ownership interest

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

fee ownership interest length

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

Right to use interest

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

Right to use interest length

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

Timeshare rights are under what act

Cosumer protection act 2002

When can a consumer cancel a time share agreement

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

cancel a time share agreement

Cooling-off period

When can a consumer cancel a time share agreement

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

Mobile home park consists of

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

Act mobile homes are under

Residential Tenancies Act

Mobile home agreement must identify dwelling specifics such as

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

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

21 days

Permit required to operate recreational houseboats

Marine operator's permit

Ownership value of residential houseboats are in

the dwelling, docking permits and leases

Ownership of residential houseboats is similar to

land lease