midterm - module 1

Question 1

what is real property

Answer 1

study of buying, selling, financing and other dealings with land and buildings for residential and commercial use

Question 2

definition of real property and what it includes

Answer 2

immovable, tangible and intangible property
it includes all land, below the surface, above the surface and attached to the surface
ex. mines and minerals, buildings, trees and fences

Question 3

what can real property also include

Answer 3

real property can also include personal property that is affixed to the real property to such degree that it becomes part of the property
ex. central air conditioning

Question 4

is personal property considered as part of real property

Answer 4

personal property is not considered real property when the personal property is attached to real property solely for the purpose of being able to use it

Question 5

what are the types of estates

Answer 5

real property estates
freehold estate
leasehold estate
fee simple estate
life estate

Question 6

real property estates

Answer 6

-all property within canada is absolutely owned by the crown (government)
-the individual has a fee simple interest in a freehold estate when real property is given or sold by the crown
- the crown can also expropriate real property with or without compensation; the crown retains rights or absolute ownership on real property
- if there is no next of kin for an individual that passes away, the property owned at the time of their death will go back to the crown

Question 7

freehold estate

Answer 7

• a person owns or holds land, free from interference by others

Question 8

leasehold estate

Answer 8

• a lease gives a person the right to the possession of the real property for a specific number of years, in return for rent

Question 9

fee simple estate

Answer 9

• main type of real property
• a person has freedom to dispose of it at will, free to use the property, sell it, or leave it to someone in a will

Question 10

life estate

Answer 10

• a person has the right to possess, occupy, use and deal with the property during their lifetime
• no right to sell
  -s subject to its reversion upon death of the life estate owner, to the fee simple owner (if the simple owner has passed away, the real property would go to a beneficiary of the owner - the remainderman)

Question 11

what are the real property titles

Answer 11

• one individual ( sole ownership) or corporation
  homesteads rights
  joint tenants
  right of survivorship
  tenants in common

Question 12

what is a title

Answer 12

a title is a document that contains information about the legal owner of a piece of property

Question 13

one individual (sole ownership) or corporation

Answer 13

only this specific individual or corporation owns the property
- if the individual is married or in a common-law relationship, the other person has legal right to the property to possess the family home

Question 14

homestead rights

Answer 14

to consent to or withhold their consent to any dealings with the real property
ex. sale of, mortgage or, lease of the property

Question 15

joint tenants`

Answer 15

two or more people hold title entirely together
- each tenant has equal and undivided ownership
- one joint tenant cannot deal with the real property without the agreement of the other tenant

Question 16

right of survivorship

Answer 16

if one joint tenant dies, the other joint tenant owns the deceased interest in the real property
- only the last surviving joint tenant may give the real property to a beneficiary under their will
- joint tenants who with to deal with their interests separately, may apply to have their tenancy severed

Question 17

tenants in common

Answer 17

people hold separate (undivided) interest in real property but are not equal
- if title is unequal, title must indicate the percentages that each owner owns
-each may deal with their own interests without the agreement of the other tenants in common ( all tenants in common must come to an agreement when it comes to selling the property)
- no right of survivorship

Question 18

what are the rights to property

Answer 18

easements
right-of-way
caveat
right of way by prescription
encroachments
encroachment on public property
mineral rights
water rights - sitting water and flowing water

Question 19

what are easements

Answer 19

it is the right of a real property owner to temporarily use part of the real property belonging to another owner, for a specific purpose
- usually right-of-way and encroachments

Question 20

right-of-way

Answer 20

this gives the person the right to cross another persons real property
- it is common in rural areas and cottage country
- you need the other persons permission in writing
- easement agreement or right-of-way is registered as a notice of interest in land on the other persons title known as a caveat

Question 21

what is a caveat (notice of interest in land)

Answer 21

this notice would be given to the person whose land will be crossed
- easement agreements or encroachment agreements are registered as caveats on the other persons title

Question 22

right of wat by prescription

Answer 22

created by law when persons have undisputedly used a right of way uninterrupted for 20 years
- does not have to be the same person throughout 20 years
- users of the right of way must proved that the registered owner of the real property knew of the use, but did not stop it from occurring

Question 23

encroachment

Answer 23

• exists when someones real property rests or overhangs another’s real property (ex. fences, structures, eaves of garages overhaning on to their neighbours property line)
• owners who is doing the encroaching needs permission from the owner of the other real property in writing
• if permission is not granted, owner with the encroachment on their property can demand the encroachment, removed the encroachment themselves or ask for compensation

Question 24

encroachment on public property

Answer 24

owner whose property is encroaching may seek a license from the public authority to permit the encroachments to continue
- requires a nominal annual fee

Question 25

mineral rights

Answer 25

owner of the real property that contains mines and or minerals may deal with them separately if they choose to
- owner may sell the mines and or minerals to profit from it if the crown has not reserved rights for the mines and minerals (“excepting all mines and minerals would be noted on the owners title)

Question 26

water rights - sitting water

Answer 26

owner of the real property that contains water does not “own” the water, however the owners may use the water

Question 27

water rights - flowing water

Answer 27

owner of the real property that contains water that flows may not take or use all of the water ( known as a riparian owner)
- water may be used for own needs but may not damn, block or divert from its natural course or pollute or foul it, to deprive a downstream neighbour from using it