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REAL ESTATE > unit 7 unit test > Flashcards

unit 7 unit test Flashcards

1
Q

durable

A

land cannot be destroyed, land may be improved/added

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2
Q

once land has been developed & improvements made, it is generally uneconomical to relocate these improvements to another area.

A

rigid

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3
Q

fixture

A

if an item cannot be removed from the property without causing damage to the property

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4
Q

Bundle of rights (4)

A

Possession
Control
Enjoyment
Disposition

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5
Q

sole ownership

joint tenancy

A

only one indivdual registered as an owner

two or more owners

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6
Q

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.,

A

Tenancy in common

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7
Q

encumbrances

A

interests registered on title

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8
Q

A right to use land in common with others is a right acquired by one party to use the land of another.

A

easement

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9
Q

Caveat “let him beware”

A

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

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10
Q

Encroachments

A

result of an item being placed, erected, or built on an adjoining property.

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11
Q

restrictive covenants

A

places a restriction or limitation on a property’s use or architectural detail.

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12
Q

writs of encforcement

A

a written directive from the court issued against a property title

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13
Q

A charge on the land for security for a debt or loan

A

Mortgages

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14
Q

gov office has custody of all original land titles and original documents, created to provide security of title and to facilitate land transactions

A

Torrens system

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15
Q

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

A

Curtain principle

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16
Q

meridians

A

longitudinal lines running north and south, AB has 4,5,6

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17
Q

ranges

A

also longitudinal lines, there are 6 miles apart and run between the meridians.

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18
Q

townships

A

east and west lines running 6 miles apart

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19
Q

quarter section

A

described as ne nw se sw

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20
Q

survey plan shows what

A

location and municipal description of the land, legal description of each lot

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21
Q

Described using a plan block, and lot number to identify an individual lot

A

municipal property

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22
Q

described using a legal subdivision with a quarter section, section, township, range

A

rural property

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23
Q

described using a plan number and unit #

A

condo property

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24
Q

A 3-dimensional subdivision, it divides land into 3-dimensional air space without reference to buildings and is registered at the LTO

A

strata plans

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25
Q

undivided land includes

subdivided land includes

A

(rural land )meridians, ranges, townships, sections, and quarters.
(municipal land) plan, block, and lot numbers

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26
Q

Survey certificate

A

provide greater detail regarding improvements to the land.

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27
Q

Surveyors are required to retain their survey files for…

A

7 years

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28
Q

Business revitalization zone taxes

A

business owners come together to promote & improve the economic vitality of their business. (Installing lighting, planting, parking)

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29
Q

fixed term tenancies

A

Ends on the date said in the agreement, no notice is required by either party to end tenancy unless said

30
Q

periodic tenancies

A

automatically renew without notice by either party

31
Q

security interests in real property are registered ..

A

at the land title office

32
Q

security interests in personal property are recorded

A

in personal property registers

33
Q

real estate

A

land, plus attached improvements

34
Q

real property

A

land, real estate, and ownership rights

35
Q

powers of gov that limit private land ownership

A

taxation, police powers, eminent domain, escheat

36
Q

surface rights

A

physical ground, air space, the top layer of the ground

37
Q

anyone who diverts water without a license gets a fine up to

A

50,000 for individuals and 500,000 for companies

38
Q

conservation easement

A

limits the amount and type of development that can occur on a landowners property, in order to preserve the oncological aspect

39
Q

t/f real property report can show if there is any property encroachments

A

true

40
Q

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.

A

liens

41
Q

some type of pending fianical claim against the owner,, court action can be filed against the property

A

lis pendens

42
Q

party wall agreement

A

owners with a property that divides a wall may register this agreement, that sets out the rights and obligations of each party

43
Q

anyone who acquires an interest in land must register their interest at the land titles office or risk losing it

A

land titles assurance fund

44
Q

land title conveyancing

A

refers to the process of transferring the legal title and recording interests in the land

45
Q

What info is needed to search for a current property title

A

the legal description of the property

46
Q

if you remove anything that was placed by a land surveyor, a fine can be up to

A

$10,000

47
Q

protects the insured against losses as a result of some title related and some non-titled related matters

A

title insurance

48
Q

survey plans that can be registered at the land titles office

A

fee simple, condo, strata

49
Q

may prohibit, regulate and control the use and development of land and buildings in a municipality

A

municipal land use bylaw

50
Q

zoning control

development control

A

specifies how property in a particular area may be used

allows each proposed development to be considered according to it own merits

51
Q

identified for each district as being appropriate for that district as well as being compaitable with each other & with discrentionary usse

A

permitted use

52
Q

consist of uses that are deemed to be generally appropriate for the district but are not necessarily compatible with the surrounding uses

A

discretionary use

53
Q

development permit

A

applies to the overall use of the land

need to add an addition to the building or remove

54
Q

building permit

A

for constructions, not needed for repairs

55
Q

non-conforming use

A

was legal at the time, but became illegal after

56
Q

assessment

A

process of determining the property value for taxation purposes

57
Q

includes the comparison and anaylsis of similar properties that have sold. Factors such as size, quality, conditiom and date are recongnized

A

direct sales approach

58
Q

analysis of rental property income/expense Commonly used for commercial/industrial properties

A

income analysis

59
Q

weekly tenancy for rent increase requires how much notice.

Monthly tenancy

A

2 week

3 month

60
Q

assignment

A

the original tenant is not returning and assigns all obligations and rights to a new tenant

61
Q

a security interest in real property is registered

a security interest in personal property is registered

A

land titles office

personal property registries

62
Q

municipal property

A

subdivided, includes a plan, block, lot #

63
Q

rural property

A

undivided, includes, quarter section, section, township, range, median

64
Q

survey plans

A

show location, municipal description, legal description

65
Q

a legal document that clearly illustrates the boundaries of the property and the location of improvements

A

real property reports

66
Q

surveyors are required to retain their files for

A

7 years

67
Q

easement and utility right of way

A

grants third party to enter onto another persons property for a specified reason

68
Q

Under the Torrens System, which principle ensures that the current Certificate of Title accurately shows the current facts about the property?

A

mirror principle

69
Q

Which of the following encumbrances take priority over the registration of any mortgage?

A

condo fees and property taxes

70
Q

According to the Municipal Government Act, what is a ‘mill rate’

A

amount per thousand dollars of the assessed value of property

71
Q

The assessment of property for taxation purposes is carried out under which provincial statute?

A

the municipal gov act

72
Q

Under Land Use Bylaws, what is meant by a ‘permitted use’?

A

the land use conforms with the permitted use for that classification

REAL ESTATE (13 decks)

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