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Fundamentals of Real Estate > PRRE - Unit 4: Legal Matters & Concerns > Flashcards

PRRE - Unit 4: Legal Matters & Concerns Flashcards

1
Q

3 Main types of property defects

A

1) Patent
2) Latent
3) Material Latent

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2
Q

A ___________ defect refers to an obvious flaw discovered upon reasonable inspection of the property.

A

Patent

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3
Q

A true ________ defect is one that is not known to either the seller or buyer at the time of sale, and as a result, was not disclosed.

A

Latent

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4
Q

A _________ defect is a defect not visible upon ordinary inspection that materially affects the use or value of the property.

A

Material Latent

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5
Q

A __________ misrepresentation is a false or misleading statement made by a person, who believed it to be true, where the person carrying out the misrepresentation took reasonable steps to assure the accuracy of the statement

A

Negligent

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6
Q

A ________ misrepresentation is a false or misleading statement made by a person who had not intended to mislead anyone by failed to take reasonable steps to confirm the statement’s truthfulness or accuracy.

A

Reckless

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7
Q

_________ misrepresentation is a false or misleading statement made by a person who knew that the statement was untruthful

A

Intentional

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8
Q

____________ are the portions of the flood hazard area most likely to flood and typically include the main channel of the water way and part of the adjacent bank.

A

Floodways

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9
Q

___________ are areas near waterways where floodwaters are expected to be shallower and flow more slowly.

A

Flood fringes

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10
Q

________________ is a temporary program that provides financial assistance to eligible individuals and organizations for uninsurable property damage, loss, and other expenses as the result of a widespread, extraordinary event.

A

Disaster Recovery Program

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11
Q

Can Disaster Recovery Program notices be found on the Title?

A

Yes

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12
Q

The _____________ provides the legislative basis for determining how properties in Alberta are used

A

Municipal Government Act

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13
Q

_____________ regulate and control the use and development of the land and buildings within the applicable municipal boundaries.

A

Municipal Bylaws (land use = zoning)

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14
Q

4 Types of Land Use Classifications

A

1) Residential
2) Commercial
3) Industrial
4) Special Use (ag and parks)

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15
Q

____________ entitle a property owner to a permit if the development conforms to the applicable sections of the Land Use Bylaw.

A

Permitted Uses

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16
Q

The Land Use Bylaw deems ________________ to be generally appropriate for the applicable land use district, but they are not necessarily compatible with the surrounding uses.

A

Discretionary Uses

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17
Q

3 Types of Secondary Suites

A

1) Legal
2) Illegal
3) Non-conforming

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18
Q

________ secondary suites do not meet the current Land Use Bylaw requirements and/or was built without the property permits being issued by the municipality.

A

Illegal

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19
Q

__________ secondary suites do not conform to the current Land Use Bylaw requirements or the current Alberta Building Code, Alberta Fire Code, and building permit requirements. However, these secondary suites did conform to the Land Use Bylaw, Building and Fire Codes, and building permits requirements at the time they were developed.

A

Non-conforming

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20
Q

The height of a secondary suite cannot be less than _______m

A

1.85 m

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21
Q

5 Residential Land Use Changes

A

1) Subdivision
2) Intensification
3) Assemblage
4) Densification
5) Reclassification

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22
Q

___________ involves the division of a larger lot into two or more smaller lots

A

Subdivision

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23
Q

This involves the development of a residential property or site to a higher rate of occupancy than currently exists

A

Intensification

24
Q

_________ involves the purchase of contiguous lots by the same buyer or buyers with the intent to create a single larger site with enhanced development potential.

A

Assemblage

25
Q

_________ refers to the increased concentration or residents and jobs over a particular land area.

A

Densification

26
Q

________ involves a change in land use for a particular parcel of land relative to its land use classification and land use district.

A

Reclassification

27
Q

___________ refers to the land, the real estate, and the property rights and limitations

A

Real Property

28
Q

3 Types of Real Estate

A

1) Fee Simple
2) Leasehold
3) Life Estate

29
Q

With ____________, only one name appears on title as the registered owner of the property

A

Sole Ownership

30
Q

_____________ involves two or more owners, with each owner having the right of survivorship regarding the property

A

Joint Tenancy

31
Q

__________ involves two or more owners, each can have unequal shares in the property and there is no right of survivorship.

A

Tenancy-In-Common

32
Q

Torrens System 3 Key Principles (for Titles)

A

1) Mirror Principle
2) Curtain Principle
3) Insurance Principle

33
Q

On the title, an __________ is a right acquired by one party to use another party’s land, allowing for its shared or common use typically for a specific purpose

A

Easement

34
Q

A __________ is a charge on land for security of a debt or loan

A

Mortgage

35
Q

A ________ is a notice or warning that someone is claiming an interest in the land.

A

Caveat

36
Q

On a title, an _____________ is the result of an item being placed, erected, or built on an adjoining property

A

Encroachment

37
Q

A ____________ is a limitation on the use or details of a property

A

Restrictive Covenant

38
Q

________ are financial claims permitted by statute on real property for the payment of a debt

A

Liens

39
Q

A _____________ registered against the property title provides notice that litigation is in progress regarding that land

A

Certificate of Lis Pendens

40
Q

Leases of more than ___ years must be registered on the title

A

3 years

41
Q

A ______________ is a written directive from the court issued against a property title.

A

Writ of Enforcement

42
Q

Priority of registered interests on title are…

A

1) Property Taxes
2) Condo Fees
3) Mortgage

43
Q

1/3 things needed to search SPIN2 for a title

A

1) LINC number
2) Legal land description
3) Title Number

44
Q

____________ reflects the status of the property as of the date it was prepared, however, no longer reflects the improvements made to the property since that date.

A

Existing RPR

45
Q

____________ is a document used to register instruments (e.g. encumbrances, financial obligations, pending litigation) for or against the Condominium Plan and Condominium Corporation, with Land Titles.

A

Condo Additional Document Sheet

46
Q

A contract is _______ when all of the essential elements of a contract are present. It is legally binding and enforceable by the courts

A

Valid

47
Q

A contract is _______, and unenforceable when one or more of the essential elements of a contract are not present.

A

Void

48
Q

A contract may be _________, dependant on the result of a legal challenge, when one party challenges the contract regarding a lack of one or more of the essential elements.

A

Voidable

49
Q

__________ contracts are those that either contravene the law(s) of that jurisdiction or are made for illegal purposes

A

Illegal

50
Q

Essential Elements of a Contract (6)

A

1) Legal Capacity
2) Lawful / Legal
3) Intent to Enter
4) Consideration of Promises
5) Mutual Agreement
6) All facts and use free will

51
Q

Capacity of the Parties in a contract include (4)

A

1) Age
2) Intoxication / Impairment
3) Competence
4) Language

52
Q

5 Methods for discharging a contract

A

1) Performance
2) Mutual Agreement
3) Frustration (impossible / unexpected)
4) Operation of Law (e.g. bankruptcy)
5) Breach

53
Q

If the contract has been discharged by breach, and the injured party has done part but not all of what was promised under the terms of the contract, the injured party is entitled to the reasonable value of what thy have already done for the party who committed the breach

A

Quantum Meruit

54
Q

Under certain circumstances and where damages are inadequate, the party guilty of the breach can be compelled by the court to carry out their promise.

A

Specific Performance

55
Q

Where the contractual promise was to refrain from doing something, the court may award ________ to restrain the offending party from doing that act

A

An Injunction

56
Q
A

Fundamentals of Real Estate (19 decks)

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