Exam 19: Real Property

Aaron and Janelle enjoyed years of experiences shared through their rewarding ownership of Crystal Lake Cottage Resort Inc.When Aaron died unexpectedly,the title automatically transferred to Janelle.Aaron's family has decided to dispute Janelle's right to ownership.What is the name given to the type of ownership interest enjoyed by Aaron and Janelle that allowed her to acquire ownership in this manner?

In which of the following circumstances will an original mortgagor,who has allowed its mortgage to be assumed by a new buyer,be held liable under the assumed mortgage?

Which of the following is a primary contributing factor regarding the necessity of a registry search to consist of a 40-year history?

From a lender's perspective,which of the following is the focus of a mortgage?

Before the real estate market took a serious downturn,Prime Lenders Inc.had entered into a high-ratio mortgage agreement with Juha Dally.Dally ceased making mortgage payments six months ago,and Prime now wants to commence foreclosure proceedings,but it appears that the proceeds of the sale will not be sufficient to pay the outstanding debt.Which of the following statements describes Prime's legal position?

Which of the following is a key feature of a real estate lease?

The mortgagor is the party who lends the money,and the mortgagee is the party who borrows the money and signs the mortgage promising to repay the loan.

What distinguishes an undivided one-half interest held in a tenancy in common from a one-half interest held in a joint tenancy with respect to the co-ownership of real estate?

If a bank has foreclosed on a property located in Alberta,Saskatchewan,or British Columbia and has been left with a deficiency after its sale,the vendor cannot personally sue individual borrowers and can sue only corporations that have waived their statutory protection.

Which of the following is a distinguishing characteristic of a tenancy that runs from fiscal year to fiscal year?

Identify the limits on ownership that result from contracts made by the landowner.

Briefly discuss tenancy in common.

Briefly outline the stages in a typical real estate transaction.

Exclusive possession is the mortgage lender's remedy to terminate the borrower's interest in land due to default.

François and Wallace have been neighbours for ten years.François arranged to have a new garage constructed in his backyard.He provided the builders with his surveyor's certificate,but after completion the garage encroached onto Wallace's land.What is the most likely and amicable method of resolving the encroachment?

In what way is a registry system different from a land titles system?

Merrilee and Keith own several of acres of vacant land adjoining the property where their greenhouse operations and large garden centre facility are located.The greenhouse side of the business is ready to expand.A senior lending officer of ImaBigBank is meeting with Merrilee and Keith to discuss the expansion plans and the financial needs and circumstances of their business.How will the parties most likely be described on the mortgage if ImaBigBank approves the financing?

What type of land ownership confers the most comprehensive level of ownership possible?

Administrators of the land titles system do not guarantee the authenticity or accuracy of the registry records because the historical authenticity of documents filed 40 years previously is difficult to prove.

What is the name given to the right of a commercial landlord to seize the property of the tenant located in the leased premises?