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Fundamentals of Real Estate > Unit 7: Real Property Law and Related Legislation > Flashcards

Unit 7: Real Property Law and Related Legislation Flashcards

1
Q

Define Land

A

the physical ground and air space above it to the extent that is useable.

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2
Q

Characteristics of Land (5):

A

1) Durable
2) Rigid
3) Immobile
4) Unique
5) Scarce

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3
Q

Real Property refers to…

A

the tangible attributes of the land, the real estate (land and buildings) and intangible rights of ownership

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4
Q

The Bundle of Rights are (5)

A
  • To possess the land and to use it
  • To lease the land to another
  • To sell the land to another
  • To give the land to another
  • To retain the land
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5
Q

Joint Tenancy involves…

A

2 or more owners with each having the right of survivorship (cannot leave it to someone else in will)
- Equal ownership (both 100%)

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6
Q

4 Conditions for Joint Tenancy

A

1) Time (receive interest together)
2) Title
3) Interest
4) Possession

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7
Q

Tenancy-in-Common refers to..

A

2 or more property owners but when one dies, their share goes to their estate. (can own different shares)

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8
Q

What are the Legislated Limitations to ownership rights? (8)

A

1) Taxation
2) Land Use
3) Police Power
4) Eminent Domain (gov’t expropriation)
5) Escheat (gov’t claims for unpaid taxes or dies with no heirs)
6) Surface Rights
7) Mineral Rights
8) Water Rights

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9
Q

In Alberta, all water is owned by ___________

A

the Provincial Government

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10
Q

_____________ permits certain uses from being exempt from water licensing requirements.

A

The Water Act

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11
Q

A water license to divert and use water is not required for the following:

A
  • Domestic household use
  • Traditional agriculture use
  • Firefighting
  • A well that is hand pump operated
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12
Q

Water licenses are tied to the land so it will transfer to a new owner. Will it appear on the title?

A

No

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13
Q

Examples of Registered Encumbrances (11)

A

1) Easement
2) Conservation Easement
3) Caveat
4) Encroachment
5) Restrictive Covenants
6) Liens
7) Builders’ Liens
8) Leases
9) Writs of Enforcement
10) Party Wall Agreements
11) Mortgages

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14
Q

An ________________ is a right to use land in common with others.

A

Easement (e.g. utility right-of-ways)

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15
Q

A _________________ is a voluntary agreement between a landowner and a government agency or conservation charity that limits the amount / type of development that can occur on that property.

A

Conservation Easement

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16
Q

A ____________ is a notice or warning that someone is claiming an interest in the land and it must be in writing.

A

Caveat

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17
Q

An _______________ is the result of an item being placed, erected, or built on an adjoining property.

A

Encroachment

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18
Q

A ________________ places a restriction or limitation on the use of or architectural detail of a property.

A

Restrictive Covenant (e.g. height limit, material use, setbacks, etc.)

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19
Q

___________ are financial claims permitted by statute on real property that does not arise from a contractual agreement, such as a mortgage.

A

Liens

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20
Q

____________ are created by statute under the _____________ Act and are generally subject to the Land Titles Act.

A

Builder’s Lien (claim for unpaid services or materials)

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21
Q

Under the Builders’ Lien Act, a claim for unpaid service or material must be in excess of $______ and made within ______ days after completion / final day work.

A

$300, 45 days

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22
Q

A ___________ registered against the title provides notice that litigation is in progress on that land.

A

Certificate of Lis Pendens

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23
Q

A ____________ is a written directive from the court issued against a property title. It’s issued when a claimant successfully sues a debtor.

A

Writ of Enforcement

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24
Q

Attached properties may have a common wall that divides each property from one another, this requires a _________________

A

Party Wall Agreement

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25
Q

A ___________ is a charge on the land for security of a debt or loan (according to the Land Titles Act)

A

Mortgage

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26
Q

A lender may register a __________ on the borrower’s land, and a __________________ on their personal property.

A

Mortgage, Personal Property Security Agreement

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27
Q

How is mortgage priority determined?

A

Based on their registration date

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28
Q

Which 2 financial interests have priority over the mortgage?

A

1) Property Taxes
2) Condo Fees

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29
Q

Alberta uses the _____________ of land registration

A

Torrens System

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30
Q

What are the 3 key principles of the Torrens System?

A

1) Mirror Principle (Title currently reflects accurate facts)
2) Curtain Principle (Title shows all current but not previously addressed interests)
3) Insurance Principle (provincial gov’t provides compensation for loss of rights)

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31
Q

Compensation for title issues is funded through the collection of assurance fees from land transactions, becoming part of the _____________

A

Land Titles Assurance Fund

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32
Q

Who is responsible for Alberta’s Land Titles Act?

A

Minister of Service Alberta

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33
Q

A __________ is someone who works at the Land Titles Office and issues Certificates of Title

A

Registrar

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34
Q

e-copies of land titles are available through the ____________, run by Alberta Registries

A

Spatial Info System (SPIN)

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35
Q

Certificate of Titles typically include (14)

A
  • Land registration district
  • Land ID Number Code (LINK)
  • Short Legal Description
  • Title Number
  • Owner name(s) and address(es)
  • Estate type (fee simple, life, leasehold)
  • Legal Description
  • Encumbrances
  • Consideration paid
  • Municipality
  • Reference Number
  • Alberta Topographical Survey (ATS) reference
  • # of instruments against property
  • Transfer of Title
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36
Q

To do a historical title search you need one of the following:

A
  • legal description
  • LINC number
  • Name of the owner
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37
Q

You can search titles in 3 ways:

A

1) Alberta Registries
2) Brokerage / Law office
3) SPIN online

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38
Q

____________ an inspection by means of land, water or air space for the purpose of preparing maps, plans and documents to determine boundaries delineating any right of interest in the property.

A

Land Survey

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39
Q

The method of legal land description used for __________ is based on the grid system of survey.

A

Undivided Land (described by meridian, range, township, section, quarter section, legal subdivision)

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40
Q

_________ are longitudinal lines running north south. Alberta has the 4th and 5th in its boundaries.

A

Meridians

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41
Q

_____________ are used roughly every 24 miles as part of the survey system

A

Correction Lines

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42
Q

_____________ longitudinal lines that are 6 miles apart and run between Meridians

A

Ranges (numbered going west)

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43
Q

___________ latitudinal lines (east and west) that are 6 miles apart

A

Townships (numbered 1 at southern border, to 126 at northern border)

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44
Q

Townships are divided into ______________ WHICH ARE 1 mile square (36 total per township)

A

Sections

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45
Q

Sections are divided into ____________ and are directional (NE, NW, SE, SW)

A

Quarter Sections

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46
Q

A ____________ refers to specific quarter of a Quarter Section.

A

Legal Subdivision (LSD) - 16 Hectares/ 40 acres

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47
Q

Legal land description SE1/4-14-42-1-W5 would be expressed as:

A

SE quarter of Section 14, Township 42, Range 1, west of 5th Meridian

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48
Q

4 Exceptions to standard survey system in Alberta:

A

1) Settlement Plans
2) Metes and Bounds (irregular topography)
3) National Parks
4) First Nations Land

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49
Q

A subdivision plan is required to be approved under the _________________

A

Municipal Government Act

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50
Q

Most municipal land and some acreages are created by a ______________.

A

Survey Plan (changes to plan, block lot)

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51
Q

___________ is described using Plan Block Lot

A

Municipal property (aka subdivided legal land desc)

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52
Q

____________ is described using Legal Subdivision

A

Rural Property

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53
Q

_____________ is described using plan and unit numbers

A

Condominium property

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54
Q

Condominium plans describe the…

A

size, location, boundaries of the land and location of buildings

55
Q

_____________ is a 3D subdivision and divides land into 3D airspace without referencing buildings

A

Strata Plans

56
Q

A _____________ is a legal document that illustrates boundaries of the property and location of structures relative to boudaries.

A

Real Property Report

57
Q

A ____________ confirms that the setbacks conform to the Municipal Land Use Bylaw

A

Certificate of Compliance

58
Q

2 types of residential Title Insurance

A

1) Policies for lenders with mortgages on title
2) Policies for owner

59
Q

What are the 4 types of Municipal Districts?

A

1) Residential District (R)
2) Commercial District (C)
3) Industrial District
4) Special District (agriculture, parks, schools)

60
Q

A ___________ applies to the overall use of the land. A ____________ applies to a specific project that is an improvement to the property,

A

Development Permit, Building Permit

61
Q

____________ entitle an applicant to a permit if the development conforms with those parts of the Land Use Bylaw that apply to it.

A

Permitted Use

62
Q

_____________ are generally set out in the bylaw for each land use classification, but some districts only do permitted uses. Generally god for that district but not necessarily for surrounding areas.

A

Discretionary Uses

63
Q

The term ____________ means that the use was legal at the time of development but become illegal due to changes in the Land Use Bylaw

A

Non-Conforming

64
Q

If the non-conforming use (e.g. basement suite) is discontinued for more than ____ months, the non-conforming use must stop.

A

6 months

65
Q

__________ was built meeting currently Land Use Bylaw requirements and permits, ___________ built without meeting those requirements or permits, ___________ at one time met those requirements.

A

Legal Suite, Illegal Suite, Non-Conforming Suite

66
Q

___________ is the process of determining property value for taxation purposes.

A

Assessment

67
Q

___________ refers to a dwelling unit like a mobile or modular home that is often located in specified parks.

A

Manufactured Home

68
Q

__________ are not assessed using the market value approach.

A

Agricultural Properties

69
Q

An ______ is a specialist who calculates the value of a property for tax purposes.

A

Assessor

70
Q

A current ___________ by a real estate professional is an estimate of a property’s ability to achieve a potential sale price if it were put on the market.

A

Market Evaluation

71
Q

The municipal tax rate is expressed as a __________ which is an amount per $1,000 of assessed value.

A

Mill Rate
- Mill rate of 1 means owner will pay 1 tax per $1,000 of assessed value

72
Q

3 Options for property tax payments

A

1) Lump Sum Payment
2) Installment Payment Plan
3) Payments to Lender

73
Q

Property taxes are due and payable on ________

A

June 30

74
Q

3 Approaches used to determine market value of business properties:

A

1) Direct Sale Comparison Approach
2) Income Approach
3) Cost Approach

75
Q

Residential Tenancies Act refers to the following living arrangements (4)

A
  • Tenants who rent residences (houses, apartments, mobile homes)
  • Residents in rooming / boarding houses (food and rent)
  • Occupants of motels/hotels for >6 consecutive months
  • Employers renting out to employees
76
Q

2 Types of Residential Tenancies:

A
  • Fixed Term (signed for specific time)
  • Periodic (auto renew for same length)
77
Q

Landlord obligations (8)

A

1) Premises available on move-in date
2) Copy of written residential tenancy agreement within 21 days of signing
3) Tenant has peaceful enjoyment
4) Must meet minimum standards of Health Act, etc.
5) Inspection report within 1 week of possession
6) Contact info of landlord / property manager given within 7 days of possession
7) All security deposits in interest accruing account within 2 days of receipt
8) Pay tenant interest on their deposit

78
Q

Tenant Obligations (8)

A
  • Pay rent on time
  • Be considerate of others’ rights
  • Don’t endanger others
  • No illegal acts
  • Don’t operate business on premises
  • Prevent damage to premises
  • Obtain written permission to sublet
  • Move out at end of tenancy
79
Q

Landlords will return security deposit with interest within ___ days of tenancy termination

A

10 days

80
Q

If the landlord deducts money from deposit, they must provide a final statement of account within ___ days of tenancy termination

A

30 days

81
Q

Landlord must retain security deposit records for at least ____ years after termination

A

3 years

82
Q

Amounts of rental increases are not legislated but the frequency is. The limit is ___ from when the tenancy began, or _______ from the last rent increase, whichever is later

A

1 year for both

83
Q

Rent increase notice is:
Weekly tenancy requires ___ weeks’ notice
Monthly tenancy requires ___ months notice
Any other tenancy requires __ days’ notice

A

12 weeks, 3 months, 90 days

84
Q

Landlord entry to property must be between __________ but not on a holiday, a Sunday or other day of worship for the tenant

A

8 am - 8 pm

85
Q

Landlords may enter without consent only after giving tenants ____ hours written notice

A

24 hours

86
Q

2 instances a landlord can enter without notice:

A

1) In an emergency
2) If tenant abandoned the premises

87
Q

Termination of periodic tenancy
- Weekly: Landlord __ week, Tenant __ week
- Monthly: Landlord ___ months, Tenant ___ month
- Yearly: Landlord ___ days, Tenant ___ days

A

Weekly: 1 week for both
Monthly: 3 months, 1 month
Yearly: 90 days, 60 days

88
Q

Prescribed reasons to terminate periodic tenancy (6)

A
  • landlord / relative moving in
  • sold the property
  • use the property for non-residential use
  • landlord is a school and the tenant isn’t a student any more
  • landlord is demolishing building
  • landlord is doing a big reno
89
Q

Notice to terminate tenancy requires (5)

A
  • it’s in writing
  • address of premises
  • signed by person giving notice
  • state reasons for termination
  • date of termination
90
Q

If someone commits a breach to a tenancy agreement, notice to terminate needs to be given at least ____ days before the termination date.

A

14 days

91
Q

24hr notice of eviction can be given in 2 circumstances

A

1) tenant assaulted or threatened to assault landlord or their agent
2) tenant significantly damaged property

92
Q

If tenant doesn’t vacate at the notice period, landlord may apply for an order for possession within ___ days of last day

A

10 days

93
Q

Unauthorized people living on a premises are given ___ hours to vacate if it is abandoned

A

48 hours

94
Q

Unauthorized people living in a tenant occupied premises will be served a _____ day notice to vacate

A

14 day

95
Q

If tenant leaves personal stuff behind and it’s not dangerous / unsanitary to store them, and they are worth more than $2,000 ($1,000 for mobile homes), then the landlord must store them for a period of _______ days .

A

30 days

96
Q

In a ___________, the original tenant intents to return and resume the tenancy agreement.

A

Sublease

97
Q

In an _________, the original tenant is not returning to the premises.

A

Assignment

98
Q

____________ governs the relationship between a landlord who rents the mobile home site and the owner of the home that leases it.

A

Mobile Home Site Tenancies Act

99
Q

Tenancy agreements may be written or verbal, however agreements arranged by a brokerage ..

A

are required to be in writing

100
Q

Landlords must provide mobile site periodic tenancy tenants with at least ______ days written notice of rent increase

A

180 days

101
Q

Sale of mobile homes is regulated under the ________________________ pursuant to the Fair-Trading Act and in some cases, The Real Estate Act

A

Retail Home Sales Business Licensing Regulation

102
Q

Real Estate Act applies to mobile homes if all these requirements are met (4)

A
  • designed as a residence
  • mounted on own chassis and running gear
  • capable of transport on own chassis / running gear
  • Situated on a site intended for residential purposes
103
Q

___________ are business arrangements that encourage agricultural producers and processors in their operations

A

New Generation Cooperatives

104
Q

__________ are formed by a variety of individuals like customers, suppliers, investors, gov’t that share common interest or live in same area to achieve common goals

A

Multi-Stakeholder Cooperatives

105
Q

__________ are formed by a group who start a business or buy an existing business/

A

Employment Cooperatives

106
Q

____________ are an alternative form to other types of residential accommodation because they are controlled by the members who are also the residents of the unit.

A

Housing Cooperatives

107
Q

2 Types of Housing Cooperatives in Alberta

A

1) Non Profit Continuing Housing Cooperatives
2) Non-Profit Home Ownership Cooperatives

108
Q

The intent of the ________________ is to allow lenders by way of a security agreement, the ability to register their interest in the personal property of a borrower as collateral.

A

Personal Property Security Act

109
Q

Examples of Personal Property Registry items (4)

A
  • Aircraft, farm vehicles, mobile homes, general collateral (office equipment, furnishings)
110
Q

The ___________ affects how most household purchases can be sold by prohibiting unfair practices and misleading advertisements

A

Fair Trading Act

111
Q

Fair Trading Act investigates complaints from Albertans about consumer transactions between…

A

people and businesses that are covered under the legislation (not between businesses)

112
Q

2 enforcement actions of Fair Trade Act non-compliance

A

1) issue a director’s order
2) entering into an undertaking

113
Q

Fair Trading Act convicted penalties (4)

A

1) fine up to $100,000 or
2) 3x the amount obtained by defendant (whichever is higher), or
3) Imprisonment (2 years or less)
4) Both a fine and imprisonment

114
Q

____________ supports and promotes the protection, enhancement, and wise use of the environment

A

Environmental Protection and Enhancement Act

115
Q

_________________ were passed to ensure that these resources continue to be owned and enjoyed by Albertans (and other Canadians)

A

Agricultural and Recreational Land Ownership Act and Regulations

116
Q

____________ provides the legal framework for the creation and operation of all condos

A

Condo Property Act (CPA) and Regulations

117
Q

_______ is rent money that should have been paid previously

A

Arrears

118
Q

______________ is a remedy that a landlord can use to recover unpaid rent without having to go to court

A

Distress

119
Q

If tenant commits a substantial breach of tenancy agreement, the landlord can give the tenant ___ day notice of termination

A

14
- Same amount of time for non-payment of rent

120
Q

A ___________ can be used in a transaction as a provision to an offer or contract to automatically increase offer price under certain conditions

A

Escalation Clause

121
Q

__________ is the actual income a property owner can expect to receive after accounting for vacancies and collection losses (but before operating expenses)

A

Effective Gross Income (EGI)

122
Q

__________ is the maximum income a property could produce if it were fully occupied

A

Potential Gross Income (PGI)

123
Q

__________ accounts for expected losses due to vacant unites and uncollected rents

A

Vacancy and Collection Allowance

124
Q

____ can include other additional income streams for a property

A

Other Income
(e.g. laundry, parking fees, etc)

125
Q

NOI stands for…

A

Net Operating Income (Effective Gross Income - Operating costs)

126
Q

Effective Gross Income = _________ - ________

A

Gross Income - Vacancies and Credit Losses

127
Q

Which homes have higher risk of Radon, new or old homes?

A

New

128
Q

Health Canada sets the acceptable average annual radon concentration in indoor air at ___ Bq/m3

A

200

129
Q

If Radon concentration is between 200-600 Bq/m3, remediation should be started within ___ years

A

2

130
Q

If Radon concentration exceeds _____ Bq/m3, remediation should be initiated within 1 year

A

600

131
Q

Long-term Radon testing lasts at least ______ days during the heating period

A

90

132
Q

__________ are the real property rights acquired as a result of ownership of real estate

A

Bundle of Rights

133
Q

What are the Bundle of Rights?

A
  • Right to possess / use the land
  • Right to Lease the land
  • Right to sell the land
  • Right to give the land away
  • Right to retain the land
134
Q
A

Fundamentals of Real Estate (19 decks)

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