Module 3

Question 1

Fee simple

Answer 1

Person owns the property and has all of the associated rights
Highest estate/absolute right in real property

Question 2

Leasehold

Answer 2

Only the right to use and occupy a building

Interest in land for finite time period

Question 3

Air rights

Answer 3

Rights to use the air above the physical surface of land.

Question 4

Surface rights

Answer 4

Any rights to the land other than mining

Question 5

Riparian rights

Answer 5

Only applies when there’s water front - right to access/use the water that abuts the property

Question 6

Mineral rights

Answer 6

Right to mine the land.

Sold/reserved by the Crown.

Question 7

Concurrent tenancy

Answer 7

More than one person has ownership.

Primary types: Joint tenancy and tenancy in commons.

Question 8

Joint tenancy

Answer 8

4 unities must be present: PITT
Gain POSSESSION at the same TIME
Both have an INTEREST and both are on TITLE
When one person in joint tenancy dies, there are rights of survivorship (the property goes to the living person)

Question 9

Tenants in commons

Answer 9

Only one unity - possession

No rights of survivorship - treated like an asset when one person dies (goes to their estate - aka in their will)

Question 10

Condominium ownership

Answer 10

fee simple ownership of unit

tenant in common ownership of common elements

Question 11

CEC (common elements condo)

Answer 11

Consists only of common elements
No unit, owners enjoy common elements
Each person has an owner interest in their own property and an undivided interest in the common elements
The owners property that is tied to the common elements is called a POTL (Parcel of Tied Land)

Question 12

Equity Co-operative

Answer 12

Property is owned by a corporation
Individuals own shares of the corporation, occupy specific unit. The buyers shares give them exclusive access to the unit
Not considered real property, beause the owner doesn’t actually own the unit, they own shares in the corporation that owns the property.

Question 13

Non-profit Co-operative

Answer 13

No shares - individuals pay rent to the corporation that owns the property.
Likely government assisted housing.

Question 14

Fractional ownership

Answer 14

You buy a property with multiple other people as tenants in common
Usage rights depend on how much (what fraction) you own (your fractional interest)
Popular with vacation properties

Question 15

Co-ownership

Answer 15

tenants in common alternative, in which in the deed it outlines the proportion of the property each person owns.
doesn’t need to be equally divided.

Question 16

Land lease

Answer 16

Exclusive right to use the land for the allocated time of the lease.
Key example: homes on the Toronto Island. You’re leasing the land from the Crown, you do not own it.

Question 17

Life lease

Answer 17

Lump sum payment upfront + monthly maintenance payments.

Person has the right to use the property, but doesn’t own it.

Question 18

Timeshare - fee ownership interest

Answer 18

Right to use a specific unit for a specified time period each year. Ownership doesn’t end after the year - it continues until sold/included in will.

Question 19

Timeshare - right to use interest

Answer 19

No property owner rights
Ends after a specified time
May include options like fixed (use it specific days/weeks of the year), floating (use it for a certain amount of time, but not pre-determined when), rotational (fixed and floating), or points-based system.

Question 20

Timeshare facts

Answer 20

Must be in writing
10 day cooling off period after signed
Cancel cancel within first year if they don’t receive a copy

Question 21

Mobile home

Answer 21

Covered under Residential Tenancies Act
Even if the person owns the actual mobile home, they are renting the land
Agreement must include manufacturer, model and serial number, site location.
Landlord must use standard lease form, provide copy within 21 days.

Question 22

Houseboats - residential

Answer 22

Harboured/static.
Cannot operate on the water(no propulsion)
Need to ensure rights of dockage, access to utility hookups, access to marina.
Similar to land lease.

Question 23

Houseboat - recreational

Answer 23

Need Marine Operators Permit
Need to ensure rights of dockage, access to utility hookups, access to marina.
Similar to land lease.

Question 24

Easement

Answer 24

Right enjoyed by one land owner over another - only used for special purposes, not general.
Registered against title of both properties.

Question 25

Easements characteristics (6)

Answer 25

1. must be for specific use 2. there is a dominant and a servient tenement (unless created by statute) 3. must be two different individuals (dominant and servient properties can't be owned by same person) 4. sole benefit (to dominant) 5. transferable (runs with land, so even with the land sells, easement still exists) 6. adjoining or non-adjoining (can be either)

Question 26

Easement creation - express grant

Answer 26

One owner gives right to the other owner for the specific use

Question 27

Easement creation - prescription

Answer 27

individual can obtain easement by adverse possession (depends on circumstance, must be for certain amount of time)

Question 28

Easement creation - implication

Answer 28

created to avoid detrimental effects or inconvenience of adjoining property.

Question 29

Easement creation - statute

Answer 29

Minister may grant easement. | Doesn't require dominant tenement.

Question 30

Easement termination x3

Answer 30

Merge: properties are both bought by one owner Release: dominent tenement releases servient tenement by removing easement from title Ceasing of purpose: easement is no longer needed

Question 31

Easement types (x3)

Answer 31

``` Right of way (allows dominant to travel through servient property) Party wall (similar to mutual easement) Mutual Shared driveway (shared by adjoining neighbours) ```

Question 32

Restrictive covenant

Answer 32

Registered on title (run with the land) - restrictions regarding what you can do with the land. Must be negative and reasonable in nature (e.g. must paint a certain colour, parking restrictions etc.)

Question 33

Encroachment

Answer 33

Owner build something entirely or partly on their neighbours property.

Question 34

Adverse possession

Answer 34

AKA squatters rights Individual who is not the owner takes possession, without consent of owner. Owner must be aware, minimum of 10 consecutive years of continuous use. No titles claims can be made by adverse possession with the Land Titles Registry system (which is the system in place in ON).

Question 35

Profit-a-prendre

Answer 35

Interest in land that gives the person the right to access the land (in writing) to take something

Question 36

Government-legislated limitation: expropriation

Answer 36

Government acquires private property in best interest of the public, fairly compensates owners. Government is exercising right of eminent domain.

Question 37

Government-legislated limitation: right to regulate

Answer 37

Right to regulate property for the promotion of public safety. AKA police powers. Bylaws, zoning

Question 38

Government-legislated limitation: right to levy taxes

Answer 38

Government levies tax on a property. Real property tax land transfer tax

Question 39

Government-legislated limitation: Escheat

Answer 39

Property goes to government when someone dies and leaves no will/qualifying heir.