Module 3: Residential Properties

Question 1

Bungalow

Answer 1

Living area contained to 1 floor

Question 2

Bungalows require larger

Answer 2

lot size

Question 3

Ranch style bungalows

Answer 3

larger overall size, attached garage and basement

Question 4

Bi-level/Split Entrance bugalow

Answer 4

Basement above grad

Question 5

One and 1/2 storey

Answer 5

60% of overall floor area on the main floor, high pitched roof, provides for additional living space

Question 6

Duplex structure ownership

Answer 6

the structure is under one title while the two units is under two

Question 7

One and 1/2 storey has reduced

Answer 7

ceiling heigh clearance on the second floor

Question 8

Split level provides for

Answer 8

max amount of living area w/o maintenance of a large lot

Question 9

One and 1/2 storey is characterized by

Answer 9

a slanted roof, sloped ceilings and possibly dormer windows

Question 10

Fee simple interest in a property is also known as

Answer 10

freehold ownership/estate

Question 11

Acronym to remember bundle of rights for fee simple

Answer 11

Sell
Lease
Use
Do nothing after purchasing 
Give away (in the settlement of an estate)
Enter the property

Question 12

Right to lease is subject to

Answer 12

Residential tenancies act

Question 13

Expropriation

Answer 13

Exercising the right of eminent domain

Question 14

Exercising the right of eminent domain

Answer 14

Government’s right to take away private property from an owner for the public in exchange for price

Question 15

Right to regulate

Answer 15

right of the gov. to regulate property

Question 16

Police power

Answer 16

right to regulate

Question 17

Zoning bylaws, building codes are

Answer 17

based on right to regulate

Question 18

Ontario generates revenue by charging taxes to owners

Answer 18

based on their property’s value

Question 19

Tax requirements are a

Answer 19

material fact

Question 20

Escheat Act’s impact on a SP

Answer 20

Selling a property on behalf of the public trustee

Question 21

Escheat Act pertains to

Answer 21

properties where the owner died w.o a heier

Question 22

Private limitations

Answer 22

placed on a property by a landowner (run with the land)

Question 23

Restrictive covenants

Answer 23

limitation placed on the use of a property that is registered on title

Question 24

Restrictive covenant is between

Answer 24

2 land owners (Covenantee - acquires right to restrain & covenantor)

Question 25

Two categories of concurrent ownership

Answer 25

TIC & JT

Question 26

For unities for JT

Answer 26

Posession
Interest
Time
Title

Question 27

A condo can either be

Answer 27

freehold (owned by the condo corp - most popular) or leasehold

Question 28

Proportionate share of the common elements for each unit is identified in the

Answer 28

declaration

Question 29

Owners of condos have 30 days to

Answer 29

requisition a meeting to challenge new rules

Question 30

Each owner a CEC must own

Answer 30

a freehold parcel of tied land

Question 31

Condo board of directors propose

Answer 31

changes to condo bylaws and enact rules

Question 32

Condo board of directors are appted by

Answer 32

Condo owners who are members of the condo corp

Question 33

Ownership in a equity co-operative

Answer 33

purchase of share capital in the property allows the owner to use/occupy it

Question 34

Buyers of a co-operative buy shares in the corporation and are given

Answer 34

only the right to occupy

Question 35

Monthly charge for a co-op equity is

Answer 35

monthly maintenance fee and a share of the property tax

Question 36

Co-ownerships may require

Answer 36

a occupancy agreement bc it is a fractional interest in a property

Question 37

Life lease owners are refferred to as

Answer 37

occupants rather than owners

Question 38

Life lease monthly charges

Answer 38

lump sum up front followed by monthly maintenance fees

Question 39

Terms for land lease communities can be leased for

Answer 39

20 to 99 years

Question 40

Land lease homes are regulated under

Answer 40

the RTA

Question 41

Amount paid for land lease homes is calculated based on

Answer 41

lot size, location & view