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GOBCRealEstate/MortgageNotes2017
w w w . G O B C r e a l e s t a t e . c o m
EstatesandInterestsinLand
CH3
Page2of4
CH3
Doasyouwishor
Lifetimebelongstoyou
Canbeinherited
TheExtentof“Ownership”inLand
CROWNLAND
FREEHOLD(FEESIMPLE)
Doasyouwish
LifetimeOwnership
Canbeinherited
LIFEESTATE(charge)
Lastsforlifetimeoftheholder
CalledLifeTenant
Obligations
Yearlyoperationalexpenses
Waste
Paystheinterestonthemortgage
Rights
Canuseandoccupy
Receiverevenue Commonlaw
-Voluntary(cuttingatree,pullingdowngarage)
-Permissive(allowpropertytodeteriorate)
-Ameliorating(improveproperty)
Statutelaw
Equitable
(destructionofabuilding)
EstatePurAutreVie
StatedinWill:
Remainderman
NotStatedinWill:
Reversioner
FixturesandChattels
Fixturesgowiththeland
Willbelongtothepurchaser
Affixedtoenhancetheland
Chattelsremainthepersonalpropertyoftheseller
Affixedforenjoymentoftheitem
TypesofWaste
LEASEHOLD
INCLUDESFirstNationsLand
Cityownedandfederalland
Landownershipisnotabsolute,SubjecttoCrown’slanduse
Lifewithoutimpeachmentforwaste-notliablefor3wastes!StillliableforEquitable!!!!!
“OwnershipofLand”
Airspace–Yes
Subsurface-No
WaterRights-No
Page3of4
CH3
Release:ByanexpressagreementDominanttenementreleases
INTERESTINLANDLESSTHANESTATES
Easement
Dominant&ServientLOT
ShouldaccommodatetheDominantTenement(land)(ItistheLANDthatbenefitsfromaneasement-NOTtheowner!)
FormstheSubject–matterofagrant(cratesBoundaries)
RestrictiveCovenants
Negativeinnature(notwords)
Runswithland
Bindingontheparties(covenantee&covenantor)lenderborrower
BuildingSchemeAgroupofrestrictivecovenantstomaintainuniformity
Thepartiesmustreceivetheirtitlefromthesamevendor,&purchasersmayselltootherswithoutaffectingthebuildingscheme
Restrictionsapplyequallytoalllotsandmustbeconsistentwithsomegeneralschemeofdevelopment
Thebenefitofrestrictionsshouldbindeachindividuallot
CO–OWNERSHIPOFLAND
JointTenancy-Mustbespecified!
Unityof:
Time–mustreceiveinterestsatthesametime
Title–mustobtaintheirinterestfromthesamedocument
Interest–havethesameinterestinland
Possession-undividedinterestoftheproperty
RightofSurvivorship
Cannotwillit,butcansellit!
TenantsinCommon
Hasonlyoneunity-Possession
Ownerdonothavetohaveequalshares,$$$ortimeintheproperty
Canwillit!
Ifit’snotspecified–alwaysTenantsinCommon!
Page4of4
CH3
1). Which of the following statements about the fee simple estate are TRUE? A. The fee simple is a type of leasehold estate. B. If a fee simple owner dies without a will the property will escheat to the crown. C. The term fee simple indicates an estate that can be inherited without qualification. D. The fee simple estate was created by the Torrens system of registration.
(1) B and C are true. (2) A and C are true. (3) Only C is true. (4) C and D are true. 2). Which of the following is a characteristic of fee simple estate?
1) Its is held subject to the crown’s land use regulations 2) It may not be expropriated by the crown 3) It is a leasehold 4) The common law interest of other individuals cannot exist in conjunction with a fee simple
3).AlifetenancyhasbeengrantedtoAvon“withoutliabilityforwaste”.ForwhichofthefollowingactionswouldAvonincurliabilitytotheremainderman?
1. Failuretorepairormaintainbuildingsandimprovementsontheland2. Erectingachainlinkfenceacrossthecentreoftheproperty3. Destructionandremovalofallthebuildingsfromthelandoutofspitetotheremainderman4. Avonwouldnotbeliableinanyoftheabovesituations
4). Which of the following is NOT one of the requirements of a building scheme?
1) The initial purchasers must receive their title from the same vendor, although the initial purchasers may then sell to others without affecting the building scheme
2) The building scheme must be approved by each of the initial purchasers and then enforced against the titles of each of the lots.
3) The vendor must have intended that the benefit of the restrictions should bind each individual lot 4) The vendor must have laid out and sold the property subject to restrictions which apply equally to
all the individual lots and which are consistent with some general scheme of development.
5).Pam and Tom own a piece of real property as joint tenants. Which of the following is FALSE?
(1) If Pam dies before Tom, her interest will pass immediately to Tom. (2) Pam and Tom must each have an undivided interest in the whole of the property. (3) Because Pam and Tom are married, Pam cannot sever the joint tenancy by execution and
registering a conveyance to herself. (4) Pam and Tom must have obtained their interest from the same document.
Answers:1(3),2(1),3(3),4(2),5(3)