Module 3 - Lesson 1 Flashcards
Define Estate
Interest in land that contains various rights associated with ownership or tenancy
Define fee simple estate
person owns the property and has all of the right assc with this ownership
Define leasehold estate
There is only the right to use and occupy a property
Highest estate/absolute right in real property
Fee simple
- Most rights and fewest limitations
finite period of time
leasehold estate
fundamental difference bw fee simple estate & leasehold estate
time
Define Air rights
rights to use space above the physical surface of land
What are Air rights acquired for
construction of a birdge, piers, elevated streets, sidewalks, skyscrapers
Define surface rights
right of land that is not mining rights
Riparian rights
Rights allocated to owners of waterfront properties
Rights allocated to owners of waterfront properties
to acess and use of water
Mineral rights
Right to enter or use land for the purpose of removing mineral on or beneath it
Define concurrent ownership
Two or more persons hold ownership of a property simultaneously
Types of concurrent ownership
Joint tenancy
tenancy in common
Joint tenancy
ownership of land by 2 + ppl whereby if one of them dies, the surviving acquire the property
Right to survivorship
Joint tenancy
if one of them dies, the surviving acquire the property
All owners have equal interest in the property
joint tenancy
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
Define tenants in common
ownership of land by 2+ ppl
Difference bw TIC and JT
No right to survivorship w/ TIC
Ownership rights with a condo
FSO w/ the unit and TICO w/ the common elements
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
