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TRADING SERVICES > RETS / CHAPTER 3 > Flashcards

RETS / CHAPTER 3 Flashcards

1
Q

True or False: A fee simple owner has more rights over his or her land than any other owner.

A

True

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2
Q

What does the word “fee” mean in the term “fee simple”

A

ANSWER: Fee means that the estate could be inherited.

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3
Q

What does the term “simple” mean in the term “fee simple”

A

“simple” means that there is NO qualification on the type of heir who could inherit the property.

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4
Q

A fee simple is also known as a________ estate.

A

freehold

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5
Q

A ________ is simply an estate in land which lasts for the lifetime of the holder, who is called the life tenant.

A

ANSWER: life estate

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6
Q

A _______ is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner.

A

Answer: remainderman

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7
Q

If the document creating the life estate has not provided for a remainderman, the remnant of the estate will return to the former owner or to his or her heir, referred to as the _____________ .

A

Answer: reversioner

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8
Q

Name the three types of common law waste.

A

The common law recognized three categories of waste: voluntary, permissive and ameliorating.

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9
Q

______ waste consists of direct, positive acts which result in damage to the property beyond the use a life tenant is entitled to make

A

Answer: Voluntary Waste

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10
Q

TRUE OR FALSE? The life tenant is liable for principal and interest payments

A

Answer: False the life tenant is NOT responsible for principal payment.

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11
Q

___________ waste consists of allowing a property to deteriorate without any positive acts of the life tenant.

A

Answer: Permissive waste

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12
Q

True or False?
A life tenant is generally under no obligation to repair or compensate for permissive waste.

A

Answer: True

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13
Q

_________ waste consists of direct, positive acts which improve rather than destroy the property.

A

Answer: Ameliorating waste

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14
Q

True or False: The life tenant is liable for ameliorating waste but usually no damages can be awarded as the property has been improved.

A

Answer: True

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15
Q

In order for a life tenant to escape liability for equitable waste, the instrument must expressly provide against liability for equitable waste, with words such as:

A

Answer: “without impeachment for waste, including equitable waste.”

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16
Q

_______ waste is waste that causes damage, not by accident, but by wilful, malicious behaviour.

A

Answer: Equitable

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17
Q

The _____ have the right to receive the fee simple estate in the property after the death of the life tenant.

A

The remaindermen (or reversioners, as the case may be) have the right to receive the fee simple estate in the property after the death of the life tenant.

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18
Q

TRUE OR FALSE:
A building scheme requires that the initial purchasers must receive their title from the same vendor.

A

**ANSWER:

TRUE**

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19
Q

There are three main classifications of interests in land which do not amount to estates are:

A

(1) easements;
(2) restrictive covenants;
and (3) profits à prendre.

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20
Q

An ____________ is a privilege acquired by a landowner for the benefit of his or her land over the land of another.

A

Answer: Easement

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21
Q

Through an easement, the land receiving the benefit is called the ____________.

A

Answer: dominant tenement

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22
Q

This is the land which suffers or has the burden of an easement.

A

Answer: Servient Tenement

23
Q

True or False? For an easement to be valid, there Must be both a Dominant and a Servient Tenement.

A

Answer: True

24
Q

TRUE OR FALSE: For an easement to be valid, it is the land which must benefit from an easement and not merely the land-owner.

A

Answer: True

25
Q

An easement must be capable of forming the __________ .

A

Answer: subject matter of a grant.

26
Q

In addition to common law categories of waste, the courts of equity developed a fourth category known as _______________.

A

Answer: equitable waste.

27
Q

A ___________ is a special example of a group of restrictive covenants attaching to two or more lots within a particular development plan.

A

Answer: building scheme

28
Q

What are the legal requirements of a building scheme?

A

- the parties must receive their title from the same vendor

- the vendor must have laid out and sold the property subject to restrictions which apply equally to all the individual lots,

- the vendor must have intended that the benefit of the restrictions should bind each individual lot,

- the purchasers must have purchased their individual lots on the understanding that the restrictions were for the benefit of all the other lots.

29
Q

A __________________ imposes a restriction on the use of one person’s land for the benefit of another piece of land.

A

Answer: restrictive covenant

30
Q

For a restrictive covenant to be valid, the restriction must be a _______________ .

A

Answer: negative obligation.

31
Q

What are three essential requirements which must be established before the courts will find a restrictive covenant . .

A

- it must be negative in nature,

- the covenantee must retain property,

- the burden of the restriction must have been intended by the parties to bind the land

32
Q

A _________is used by a developer who is selling lots in a residential subdivision and wants to maintain uniformity in the use of the lots to protect their value.

A

Answer: building scheme

33
Q

This is a right to enter on the land of another person and to take some profit of the soil.

A

Answer: Profits à Prendre

34
Q

True or False: A licence is not an interest in land.

A

Answer: True

35
Q

The essential feature of joint tenancy is _______

A

Answer: the right of survivorship.

36
Q

List the four unities of a joint tenancy.

A

Answer: Unity of Time, Unity of Title, Unity of Interest, Unity of Possession.

37
Q

In a ________ tenancy, each co-owner owns an undivided interest in the whole of the property.

A

Answer: joint tenancy

38
Q

A tenancy in common has only one unity, the unity of ___________.

A

Answer: possession

39
Q

TRUE OR FALSE? Unlike “joint tenancy” with a tenancy in common there is no “right of survivorship” if one of the tenants in common dies.

A

Answer: True

40
Q

A _ _ _ _ _ _ _ _ is a type of shared ownership of property, where each owner owns a share of the property. Unlike in a joint tenancy, these shares can be of unequal size, and can be freely transfered to other owners both during life and via a will.

A

Answer:
Tenancy in common

41
Q

Developers use a ________ ______ [two word answer] to ensure that a subdivision has a certain “look and feel”.

A

Answer:
Building Schemes

42
Q

__________ [one word answer] are part of the land and stay with the land when ownership is transferred.

A

Answer: Fixtures

43
Q

_______ is NOT a type of common law waste

A

Answer: Equitable waste

44
Q

__________ is an alteration in the physical characteristics of the premises by an unauthorized act of the tenant that increases the value of the property.

A

Answer: Ameliorating waste

45
Q

**TRUE OR FALSE?

A joint tenant must notify the other parties to the tenancy before selling the estate.**

A

ANSWER: FALSE

46
Q

This unity of a JOINT TENANCY requires that ALL interests must be identical in duration, extent, and nature.

A

Answer: Unity of Interest

47
Q

TRUE OR FALSE?

A building scheme requires that purchasers must be advised that the restrictions of the building scheme are for the benefit of all other lots.

A

**ANSWER:

TRUE**

48
Q

**IDENTIFY THE TYPE OF TENANCY?

When one joint tenant dies, his or her interest does not pass under the will. Instead, it passes “outside the will” to the surviving joint tenant(s). This means the interest of the deceased does not form part of the estate.**

A

Answer: Joint tenancy

49
Q

**TRUE OR FALSE?

The clause “to Alice for life without impeachment for waste” would protect Alice, the life tenant, against a charge of equitable waste.**

A

Answer: False

50
Q

___________ is the person who inherits the property upon the termination of the estate of the former owner.

A

Answer: Remainderman

51
Q

_______ is person who is entitled to the return of his/her property.

A

Answer: Reversioner

52
Q

An _______ is a bundle of rights held by the owner of land.

A

Answer: estate

53
Q

TRUE OR FALSE? The life tenant is liable for all yearly operational expenses, including electricity, water, heat and taxes, and for the payment of interest but not the principal amount owing

A

Answer: True

54
Q

The principle that the person named on a particular certificate of title is entitled to a fee simple interest in that property, free from any condition or encumbrance that is not shown on title, is known as _ _ _ _

A

ANSWER: INDEFEASIBILITY PRINCIPAL

TRADING SERVICES (12 decks)

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