Module 3: Residential Properties Flashcards
Bungalow
Living area contained to 1 floor
Bungalows require larger
lot size
Ranch style bungalows
larger overall size, attached garage and basement
Bi-level/Split Entrance bugalow
Basement above grad
One and 1/2 storey
60% of overall floor area on the main floor, high pitched roof, provides for additional living space
Duplex structure ownership
the structure is under one title while the two units is under two
One and 1/2 storey has reduced
ceiling heigh clearance on the second floor
Split level provides for
max amount of living area w/o maintenance of a large lot
One and 1/2 storey is characterized by
a slanted roof, sloped ceilings and possibly dormer windows
Fee simple interest in a property is also known as
freehold ownership/estate
Acronym to remember bundle of rights for fee simple
Sell Lease Use Do nothing after purchasing Give away (in the settlement of an estate) Enter the property
Right to lease is subject to
Residential tenancies act
Expropriation
Exercising the right of eminent domain
Exercising the right of eminent domain
Government’s right to take away private property from an owner for the public in exchange for price
Right to regulate
right of the gov. to regulate property
Police power
right to regulate
Zoning bylaws, building codes are
based on right to regulate
Ontario generates revenue by charging taxes to owners
based on their property’s value
Tax requirements are a
material fact
Escheat Act’s impact on a SP
Selling a property on behalf of the public trustee
Escheat Act pertains to
properties where the owner died w.o a heier
Private limitations
placed on a property by a landowner (run with the land)
Restrictive covenants
limitation placed on the use of a property that is registered on title
Restrictive covenant is between
2 land owners (Covenantee - acquires right to restrain & covenantor)
