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Real Property > exam review > Flashcards

exam review Flashcards

1
Q

what is a condominium

A

division of land into units and common elements
- units are individually owned homes in a multi-unit building or complex

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2
Q

which act governs condominiums

A

the condominium act
- governs the law and rights and responsibilities for condominium

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3
Q

differences between units and common elements for condo owners

A

units: condo owners own their unit// owners can makes any modifications to the interior of their unit
CE: unit ownership includes a non-exclusive percentage interest in CE// exterior is CE and cannot be modified

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4
Q

give examples of common elements

A

yard/green space
garbage
hallways
walkways
stairwells
garages
swimming pools
gym
roof
fences

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5
Q

how is a condominium created

A

file a plan and declaration with the LTO

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6
Q

define a plan

A

a document certified by a land surveyor and architect

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7
Q

define a declaration

A

a detailed written description of the condominium
- includes info about units, CE, how condo works and rights and responsibilities of unit holders

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8
Q

what is automatically created upon registration of a plan and declaration

A

condominium corporation

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9
Q

how many titles are created when a condominium has been created

A

master title and unit title

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10
Q

differentiate between master title and unit title

A

MT: is issued in the name of the condo corporation
- contains all realty in the building or complex
UT: is issued in the name of each unit holder
- includes the owners unit number, the owners percentage interest in the CE and the number of the master title

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11
Q

how many titles will you need to search for a condo sale and purchase file and why

A

two titles because purchaser should know of any encumbrances registered against the condos, some encumbrances registered against the master title may affect the unit title

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12
Q

what is the purpose of a condominium corporation

A

condo corp controls, manages, and oversees the corporations CE and common assets in accordance to the corporation act

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13
Q

how are condominiums managed and what documents are created? which of these documents may or may not be applicable?

A

directors are elected from unit holders, by unit holders, within the condo complex, to sit on a condo board, documents are condo docs//disclosure certificate may be applicable

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14
Q

what might a condo owner have the inclusive and exclusive right of use to?

A

inclusive rights to: Personal parking spot, Make changes to their personal unit
exclusive rights: Pools, Stair wells, garages

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15
Q

what are some things the condo board may budget for in a year

A

snow removal
lawn care
house keeping
water
hydro/power
insurance premiums on common elements
reserve fund

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16
Q

what is the purpose of a reserve fund

A

contains funds that the condo board has set aside for any future expenses that may arise with the condo building or complex

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17
Q

how are common element fees (condo fees) calculated

A

square footage of owners unit/total square footage of all units x the annual common elements budget/12

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18
Q

how does a condo form of OTP differ from a regular residential OTP

A

A condo form of OTP contains “fight of cancellation” clauses, which are not in standard residential OTP

19
Q

what is the purpose of a 7-day cooling off period

A

after receipt of all corporation documents, the purchaser has the right to cancel the agreement (otp) within 7 days

20
Q

what is the purpose of a material change clause

A

purchaser has the right to cancel the agreement if a material change occurs in relation to the agreement

21
Q

what adjustments must be made on a statement of adjustments for a condominium that are different from that of a regular statement of adjustments, does possession date matter?

A

adjustments must be made for monthly condo fees, security deposits, prepaid rent and rent
possession date?

22
Q

differentiate between mortgage sale and mortgage forecloser

A

MS: selling of the real property
MF: becoming the owner of the real property

23
Q

what is power of sale

A

expressed within a mortgage in the standard charge mortgage term, can be implemented if the mortgagor is in default for a minimum of one month, mortgagee must give final notice to the mortgagor, allows the mortgagee to sell the mortgaged property without resorting to the courts

24
Q

how long does the mortgagor have to be in default for power of sale to be implemented

A

minimum 1 month

25
Q

what is the purpose of a notice of exercising power of sale

A

registered by mortgagee to start exercising its remedies under a mortgage in default
- provides details about the property in default, details about the debt and how it is not being paid, and how to bring the mortgage back in good standing

26
Q

if a mortgagor continues to default on their mortgage after NEPS has been filed and served, what is the next step the mortgagee may take

A

application for order of sale, complete lto/transmission form, made to the district register of the LTO requesting public auction of private sale

27
Q

what are the two ways a mortgaged property could be sold

A

public auction and private sale

28
Q

what must an auction advertisement contain

A

civic address
location of auction sale
property title number
type or use of the property (residential/commercial)
approx square ft
number + type of amenities
any outstanding property taxes and/or encumbrances
contact info to obtain a copy of sale conditions or further info
statement re: reserve bid being announced at auction

29
Q

if a purchaser is successful in offering the highest bid at a public auction for sale of a mortgaged property, how much of a down payment must they immediately provide

A

20%

30
Q

what happens if a public auction and private sale have been unsuccessful, and the mortgagor continues to be in default

A

-a notice of intention to sell by private contract must be made and served on all persons who were also served with the NEPS

31
Q

what is a request used for

A

it is used as a request to make all applications in mortgage sale and foreclosure proceedings

32
Q

what is a transfer used for under Power of Sale? who signs this?

A

a transfer is used under power of sale when the mortgaged property is sold under auction or privately, when the mortgagee takes title through foreclosure, the mortgagee signs the transfer

33
Q

what is a transmission under power of sale used for? who signs this?

A

a transmission accompanies a transfer form when transferring title to purchaser
- the purchaser of mortgagee signs this

34
Q

what is an affidavit of bona fides of mortgagee

A

An affidavit bona fides of mortgagee is signed by the mortgagee advising that they are not connected to the purchaser of the property being sold

35
Q

What is an Affidavit of Bona Fides of purchaser?

A

An affidavit of Bona Fides of Purchase is signed by the purchaser advising that they are not connected to the mortgagee of the property being sold

36
Q

Be familiar with rules regarding the witnessing of Land Titles Office forms

A
  • Lawyers entitled to practice law in the Province where the document is signed
  • Any competent adult person, provided they swear an Affidavit of subscribing witness
  • Both may act as witnesses
37
Q

caveat

A

Registered with the LTO by a person (corporation) claiming an interest in land

38
Q

amending agreement

A

Used to correct typographical or other errors made in an original mortgage or encumbrance document, which changes the original document
- Also used to amend provisions of an original document

39
Q

postponement of registration

A

Allows the order of priority of charges on property to be altered, if there is agreement between all parties involved
- One party would refer their rights to another party who also has a charge against the property

40
Q

memorandum of lease

A

Used to provide notice and specifics of a tenant’s lease on title, if a landlord will not allow the tenant to register the lease against title
- (outlines terms and conditions of a lease agreement)

41
Q

builders lien

A

Is a person/company that makes improvements to real property by performing work on or providing service on a title, they have the rights to register a lien to protect their ability to collect money owed to them

42
Q

schedule

A

May be used with any other LTO form where there is not enough space in a box in a form to add all relevant information

43
Q

Easement Agreement and Non-Disturbance Agreement

A

Easement agreement: Agreement between parties involving the right of one property owner to temporarily use part of another owner’s property for a specific purpose
Non-disturbance agreement: An agreement between a tenant and the landlords mortgagee where the mortgagee agrees not to disturb, and permits the tenants occupancy not to be disturbed in the event foreclosure proceedings commence against the landlord

44
Q

Differentiate original titles vs. duplicated titles

A
  • An original title is a paper document on file in a book at the Land Titles Office
  • A duplicate title is a document which reflects all of the information that was contained in the original titles

Real Property (5 decks)

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