Exam 19: Real Property

What is the legal effect of a financing condition in an offer?

Which of the following is synonymous with equity of redemption with respect to real property law?

Although a landlord's basic obligation is to refrain from interfering with the tenant's use of property,where a tenant has willfully damaged that property,the landlord may exercise a right of distress to evict the tenant and preserve the value in the property.

Martina is purchasing a home in Winnipeg.The closing date is October 1.Each year's real property taxes are payable in June for taxes owed up to December 31.The amount of the taxes paid by the vendor for the entire year is $2400.In the circumstances of this transaction,which statement most accurately describes an adjustment on taxes?

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?

A bank took immediate possession of real property for the non payment of a mortgage installment on its due date.It is taking steps to have the property sold.The bank is aware that,due to poor market conditions,the amount of the mortgage is higher than the value of the property.What are the most likely legal matters that will come before the courts?

The highest and most comprehensive level of ownership of land possible is known as a fee simple.

John and Jackson are purchasing a property together and would like to register their title as joint tenants.What is the defining feature that distinguishes this form of ownership?

What is the major consequence of the creation of a lease?

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.

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.

Before Anya can draft the letter to the purchaser's lawyer stating the balance due on closing,she must adjust the sale price to take into consideration such things as prepaid annual municipal property taxes.

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

Graham has granted a cellphone company permission to erect a transmission tower on his property.What type of right has Graham granted?

Mineral rights-such as rights to oil,gas,or coal and other minerals may be owned separately from ownership of the surface.

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?

Briefly outline the stages in a typical real estate transaction.

Tenants in common each have an undivided interest in the land and are able to deal with their own interests in any way they see fit without having to consult with one another.

One of the factors that distinguishes registration in a land titles system from registration in the registry system is that the sequence of registration is unimportant in a land titles system.

Which investigation step is likely to reveal whether the buildings on a property comply with local setback bylaws?