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REAL ESTATE > unit 7 unit test > Flashcards

unit 7 unit test Flashcards

(72 cards)

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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
undivided land includes | subdivided land includes
(rural land )meridians, ranges, townships, sections, and quarters. (municipal land) plan, block, and lot numbers
26
Survey certificate
provide greater detail regarding improvements to the land.
27
Surveyors are required to retain their survey files for...
7 years
28
Business revitalization zone taxes
business owners come together to promote & improve the economic vitality of their business. (Installing lighting, planting, parking)
29
fixed term tenancies
Ends on the date said in the agreement, no notice is required by either party to end tenancy unless said
30
periodic tenancies
automatically renew without notice by either party
31
security interests in real property are registered ..
at the land title office
32
security interests in personal property are recorded
in personal property registers
33
real estate
land, plus attached improvements
34
real property
land, real estate, and ownership rights
35
powers of gov that limit private land ownership
taxation, police powers, eminent domain, escheat
36
surface rights
physical ground, air space, the top layer of the ground
37
anyone who diverts water without a license gets a fine up to
50,000 for individuals and 500,000 for companies
38
conservation easement
limits the amount and type of development that can occur on a landowners property, in order to preserve the oncological aspect
39
t/f real property report can show if there is any property encroachments
true
40
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
41
some type of pending fianical claim against the owner,, court action can be filed against the property
lis pendens
42
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
43
anyone who acquires an interest in land must register their interest at the land titles office or risk losing it
land titles assurance fund
44
land title conveyancing
refers to the process of transferring the legal title and recording interests in the land
45
What info is needed to search for a current property title
the legal description of the property
46
if you remove anything that was placed by a land surveyor, a fine can be up to
$10,000
47
protects the insured against losses as a result of some title related and some non-titled related matters
title insurance
48
survey plans that can be registered at the land titles office
fee simple, condo, strata
49
may prohibit, regulate and control the use and development of land and buildings in a municipality
municipal land use bylaw
50
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
51
identified for each district as being appropriate for that district as well as being compaitable with each other & with discrentionary usse
permitted use
52
consist of uses that are deemed to be generally appropriate for the district but are not necessarily compatible with the surrounding uses
discretionary use
53
development permit
applies to the overall use of the land | need to add an addition to the building or remove
54
building permit
for constructions, not needed for repairs
55
non-conforming use
was legal at the time, but became illegal after
56
assessment
process of determining the property value for taxation purposes
57
includes the comparison and anaylsis of similar properties that have sold. Factors such as size, quality, conditiom and date are recongnized
direct sales approach
58
analysis of rental property income/expense Commonly used for commercial/industrial properties
income analysis
59
weekly tenancy for rent increase requires how much notice. | Monthly tenancy
2 week | 3 month
60
assignment
the original tenant is not returning and assigns all obligations and rights to a new tenant
61
a security interest in real property is registered | a security interest in personal property is registered
land titles office | personal property registries
62
municipal property
subdivided, includes a plan, block, lot #
63
rural property
undivided, includes, quarter section, section, township, range, median
64
survey plans
show location, municipal description, legal description
65
a legal document that clearly illustrates the boundaries of the property and the location of improvements
real property reports
66
surveyors are required to retain their files for
7 years
67
easement and utility right of way
grants third party to enter onto another persons property for a specified reason
68
Under the Torrens System, which principle ensures that the current Certificate of Title accurately shows the current facts about the property?
mirror principle
69
Which of the following encumbrances take priority over the registration of any mortgage?
condo fees and property taxes
70
According to the Municipal Government Act, what is a ‘mill rate’
amount per thousand dollars of the assessed value of property
71
The assessment of property for taxation purposes is carried out under which provincial statute?
the municipal gov act
72
Under Land Use Bylaws, what is meant by a ‘permitted use’?
the land use conforms with the permitted use for that classification

REAL ESTATE (13 decks)

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