Question 1

Describe the two main classifications of interests in land.

Accepted Answer

The modern system of land ownership classifies interests in land as follows: (1)the time during which a person who held the interest in the land had an exclusive right to the possession of the land and (2)the kind of use to which the person who had an interest in the land could put it.The first kind of ownership is known as estates in time,and the second kind of ownership is known as interests less than estates.

Question 2

Where A leaves his land to his spouse for life and after her death to his son for life and after the son's death to his daughter,the daughter holds a life estate in the land.

Accepted Answer

A) True 
 B)False  False

Question 3

A is making his last will.He wants to leave his cottage property to his daughter and her husband,but in such a way that neither of them can deal with the property without the consent of the other and that when one of them dies,the other will become the owner of the property.He also wants to leave his condominium for the use and possession of his son during his son's lifetime,and after that to his niece and her husband,although he wants to specify that his niece will have an undivided 85 percent interest in the condominium and her husband an undivided 15 percent interest.State the type of estates that the beneficiaries will have in A's property,as well as the type and quality of ownership.

Accepted Answer

The gift to the daughter and her husband is an absolute gift; that is,they will take the property absolutely,giving them ownership in fee simple.Further,they will take title to the property as joint tenants to reflect A's wishes.As for the son and niece,the son has been left a life estate in the condominium,while the niece and her husband will have absolute ownership of the condominium or ownership in fee simple,but will hold title as tenants in common as to their specified interests.

Question 4

After a life estate has been carved out,the balance of the fee simple is called

Accepted Answer

A) a balance. 
B) an estate reversion. 
C) a remainder. 
D) a remainder of estate. 
E) a balance of estate. 
A) a balance. 
B) an estate reversion. 
C) a remainder. 
D) a remainder of estate. 
E) a balance of estate.

Question 5

Explain why it is important to conduct,before closing,a zoning search of property that is the subject matter of an agreement of purchase and sale.

Accepted Answer

For various reasons,municipalities,citie

Question 6

Use this fact situation to answer the related questions that follow. On January 1,2009,A enters into an agreement of purchase and sale to purchase B's property in downtown Toronto and takes the agreement to his lawyer.
Among other things,and before the transaction closes,A's lawyer will conduct

Accepted Answer

A) a search of taxes. 
B) a building/zoning compliance search of B's property. 
C) an execution search. 
D) a title search of B's property. 
E) all of the above 
A) a search of taxes. 
B) a building/zoning compliance search of B's property. 
C) an execution search. 
D) a title search of B's property. 
E) all of the above

Question 7

Explain two major advantages of the land titles system of registration.

Accepted Answer

First,title to real property is guarante

Question 8

Use this fact situation to answer the related questions that follow. A and B own farms in southern Ontario next to one another in an area where the land registry system applies.They have access to their farms by means of a road that runs along the northerly edge of both properties.Both A and B live in their houses,which are situated at the southernmost portions of their farms.At the northeastern end of B's property there is a bus stop at the side of the road,where A catches the bus to work.A now decides that he will cut across B's land to get to the bus stop and begins to do this,creating a pathway over B's land without B's knowledge or consent.
If A continues to cut across B's land for 10 years,

Accepted Answer

A) A will acquire a possessory right to the path. 
B) A will acquire an easement in the path by prescription. 
C) A will acquire an easement in the path by adverse possession. 
D) A will acquire no easement in the path at all. 
E) none of the above 
A) A will acquire a possessory right to the path. 
B) A will acquire an easement in the path by prescription. 
C) A will acquire an easement in the path by adverse possession. 
D) A will acquire no easement in the path at all. 
E) none of the above

Question 9

To seize to hold and sell land in order to realize the amount due under a judgment registered against the owner is

Accepted Answer

A) a foreclosure sale. 
B) to levy execution. 
C) a levy sale. 
D) a creditor execution. 
E) to expropriate the property. 
A) a foreclosure sale. 
B) to levy execution. 
C) a levy sale. 
D) a creditor execution. 
E) to expropriate the property.

Question 10

What is a condominium corporation?

Accepted Answer

A condominium corporation is a

Question 11

Use this fact situation to answer the related questions that follow. John owns a cottage property and wants to ensure that on his death,his wife will have the use of the property as long as she lives,but that when she dies it will be transferred to his two sons.
To accomplish this,John will give his wife

Accepted Answer

A) an estate in fee simple of the land. 
B) a leasehold interest in the land. 
C) an easement in the land. 
D) a life estate in the land. 
E) a licence in the land. 
A) an estate in fee simple of the land. 
B) a leasehold interest in the land. 
C) an easement in the land. 
D) a life estate in the land. 
E) a licence in the land.

Question 12

A life estate is

Accepted Answer

A) an interest in land that is indeterminate in time. 
B) an interest in land that is closest to complete ownership. 
C) a holder of a life estate. 
D) an estate in land held for the life of one person. 
E) a fixed time during which a person holds an interest in land. 
A) an interest in land that is indeterminate in time. 
B) an interest in land that is closest to complete ownership. 
C) a holder of a life estate. 
D) an estate in land held for the life of one person. 
E) a fixed time during which a person holds an interest in land.

Question 13

Jack buys a farm house.The day after he buys the home he sees Joseph,another farmer,walking over his property with a pail,towards a nearby stream.Jack is angry that Joseph is walking over his land and he tells Joseph not to do so.Joseph tells him that he has a right to walk over the land to fetch water from the stream.Joseph tells Jack that the right has existed since Joseph's great-grandfather purchased the property.This means that Jack's property is a

Accepted Answer

A) severance. 
B) servient tenement. 
C) right of way. 
D) statutory easement. 
E) dominant tenement. 
A) severance. 
B) servient tenement. 
C) right of way. 
D) statutory easement. 
E) dominant tenement.

Question 14

What is expropriation?

Accepted Answer

Expropriation is the

Question 15

A building scheme is different from a restrictive covenant because a building scheme

Accepted Answer

A) applies only to a condominium development. 
B) covers an entire neighbourhood. 
C) requires an owner to get developer approval before building. 
D) does not bind future purchasers. 
E) can be extinguished if the majority of owners agree. 
A) applies only to a condominium development. 
B) covers an entire neighbourhood. 
C) requires an owner to get developer approval before building. 
D) does not bind future purchasers. 
E) can be extinguished if the majority of owners agree.

Question 16

A's family has owned a parcel of land for five generations.There are no restrictions or conditions attached to the land.In this case,A's family holds the land

Accepted Answer

A) as a licence. 
B) as a leasehold interest. 
C) in fee simple. 
D) as a life estate. 
E) as an easement. 
A) as a licence. 
B) as a leasehold interest. 
C) in fee simple. 
D) as a life estate. 
E) as an easement.

Question 17

These days,it is wise for a purchaser of real property to obtain title insurance.Explain.

Accepted Answer

Not only does title insurance protect th

Question 18

Erin and Oliver own their house as joint tenants.Erin makes a will leaving her interest in the house to her parents; Oliver makes a will leaving his interest in the house to his parents.Erin and Oliver are both killed as a result of a car accident.Erin dies one week before Oliver.Her interest in the house will pass to her parents.

Accepted Answer

A) True 
 B)False

Question 19

By the terms of his will,Ted gives a life estate in a small home he owns to his brother Bob.Ted then directs that the rest of the fee simple pass to his brother's son Philip after Bob dies.Bob's son is referred to as

Accepted Answer

A) the reversion man. 
B) life tenant. 
C) the remainder man. 
D) tenant in common. 
E) servient tenement. 
A) the reversion man. 
B) life tenant. 
C) the remainder man. 
D) tenant in common. 
E) servient tenement.

Question 20

Explain the distinction between a tenancy in common and a joint tenancy.

Accepted Answer

Tenancy in common and joint tenancy are

Exam 21: Interests in Land and Their Transfer

Describe the two main classifications of interests in land.

Where A leaves his land to his spouse for life and after her death to his son for life and after the son's death to his daughter,the daughter holds a life estate in the land.

After a life estate has been carved out,the balance of the fee simple is called

Explain why it is important to conduct,before closing,a zoning search of property that is the subject matter of an agreement of purchase and sale.

Use this fact situation to answer the related questions that follow. On January 1,2009,A enters into an agreement of purchase and sale to purchase B's property in downtown Toronto and takes the agreement to his lawyer. Among other things,and before the transaction closes,A's lawyer will conduct

Explain two major advantages of the land titles system of registration.

To seize to hold and sell land in order to realize the amount due under a judgment registered against the owner is

What is a condominium corporation?

A life estate is

What is expropriation?

A building scheme is different from a restrictive covenant because a building scheme

A's family has owned a parcel of land for five generations.There are no restrictions or conditions attached to the land.In this case,A's family holds the land

These days,it is wise for a purchaser of real property to obtain title insurance.Explain.

By the terms of his will,Ted gives a life estate in a small home he owns to his brother Bob.Ted then directs that the rest of the fee simple pass to his brother's son Philip after Bob dies.Bob's son is referred to as

Explain the distinction between a tenancy in common and a joint tenancy.

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