unit 7 unit test Flashcards
durable
land cannot be destroyed, land may be improved/added
once land has been developed & improvements made, it is generally uneconomical to relocate these improvements to another area.
rigid
fixture
if an item cannot be removed from the property without causing damage to the property
Bundle of rights (4)
Possession
Control
Enjoyment
Disposition
sole ownership
joint tenancy
only one indivdual registered as an owner
two or more owners
Involves two or more property owners, when a tenant in common dies that person’s share in the land goes to their estate and not to other co-owners.,
Tenancy in common
encumbrances
interests registered on title
A right to use land in common with others is a right acquired by one party to use the land of another.
easement
Caveat “let him beware”
notice or warning that someone is claiming an interest in the land.
Encroachments
result of an item being placed, erected, or built on an adjoining property.
restrictive covenants
places a restriction or limitation on a property’s use or architectural detail.
writs of encforcement
a written directive from the court issued against a property title
A charge on the land for security for a debt or loan
Mortgages
gov office has custody of all original land titles and original documents, created to provide security of title and to facilitate land transactions
Torrens system
Contains all info about the title, currently registered interest in the land that appears on the certificate of title, and any interests that have been previously registered
Curtain principle
meridians
longitudinal lines running north and south, AB has 4,5,6
ranges
also longitudinal lines, there are 6 miles apart and run between the meridians.
townships
east and west lines running 6 miles apart
quarter section
described as ne nw se sw
survey plan shows what
location and municipal description of the land, legal description of each lot
Described using a plan block, and lot number to identify an individual lot
municipal property
described using a legal subdivision with a quarter section, section, township, range
rural property
described using a plan number and unit #
condo property
A 3-dimensional subdivision, it divides land into 3-dimensional air space without reference to buildings and is registered at the LTO
strata plans
undivided land includes
subdivided land includes
(rural land )meridians, ranges, townships, sections, and quarters.
(municipal land) plan, block, and lot numbers
Survey certificate
provide greater detail regarding improvements to the land.
Surveyors are required to retain their survey files for…
7 years
Business revitalization zone taxes
business owners come together to promote & improve the economic vitality of their business. (Installing lighting, planting, parking)
fixed term tenancies
Ends on the date said in the agreement, no notice is required by either party to end tenancy unless said
periodic tenancies
automatically renew without notice by either party
security interests in real property are registered ..
at the land title office
security interests in personal property are recorded
in personal property registers
real estate
land, plus attached improvements
real property
land, real estate, and ownership rights
powers of gov that limit private land ownership
taxation, police powers, eminent domain, escheat
surface rights
physical ground, air space, the top layer of the ground
anyone who diverts water without a license gets a fine up to
50,000 for individuals and 500,000 for companies
conservation easement
limits the amount and type of development that can occur on a landowners property, in order to preserve the oncological aspect
t/f real property report can show if there is any property encroachments
true
financial claims permitted by statute on real property for the payment of a debt. Financial interest In property that does not arise from a contractual agreement such as a mortgage.
liens
some type of pending fianical claim against the owner,, court action can be filed against the property
lis pendens
party wall agreement
owners with a property that divides a wall may register this agreement, that sets out the rights and obligations of each party
anyone who acquires an interest in land must register their interest at the land titles office or risk losing it
land titles assurance fund
land title conveyancing
refers to the process of transferring the legal title and recording interests in the land
What info is needed to search for a current property title
the legal description of the property
if you remove anything that was placed by a land surveyor, a fine can be up to
$10,000
protects the insured against losses as a result of some title related and some non-titled related matters
title insurance
survey plans that can be registered at the land titles office
fee simple, condo, strata
may prohibit, regulate and control the use and development of land and buildings in a municipality
municipal land use bylaw
zoning control
development control
specifies how property in a particular area may be used
allows each proposed development to be considered according to it own merits
identified for each district as being appropriate for that district as well as being compaitable with each other & with discrentionary usse
permitted use
consist of uses that are deemed to be generally appropriate for the district but are not necessarily compatible with the surrounding uses
discretionary use
development permit
applies to the overall use of the land
need to add an addition to the building or remove
building permit
for constructions, not needed for repairs
non-conforming use
was legal at the time, but became illegal after
assessment
process of determining the property value for taxation purposes
includes the comparison and anaylsis of similar properties that have sold. Factors such as size, quality, conditiom and date are recongnized
direct sales approach
analysis of rental property income/expense Commonly used for commercial/industrial properties
income analysis
weekly tenancy for rent increase requires how much notice.
Monthly tenancy
2 week
3 month
assignment
the original tenant is not returning and assigns all obligations and rights to a new tenant
a security interest in real property is registered
a security interest in personal property is registered
land titles office
personal property registries
municipal property
subdivided, includes a plan, block, lot #
rural property
undivided, includes, quarter section, section, township, range, median
survey plans
show location, municipal description, legal description
a legal document that clearly illustrates the boundaries of the property and the location of improvements
real property reports
surveyors are required to retain their files for
7 years
easement and utility right of way
grants third party to enter onto another persons property for a specified reason
Under the Torrens System, which principle ensures that the current Certificate of Title accurately shows the current facts about the property?
mirror principle
Which of the following encumbrances take priority over the registration of any mortgage?
condo fees and property taxes
According to the Municipal Government Act, what is a ‘mill rate’
amount per thousand dollars of the assessed value of property
The assessment of property for taxation purposes is carried out under which provincial statute?
the municipal gov act
Under Land Use Bylaws, what is meant by a ‘permitted use’?
the land use conforms with the permitted use for that classification
