Exam 19: Real 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 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 of the following is a valid statement with respect to an adjustment on taxes?

Identify and briefly discuss the key attributes that the value of land results from and explain what determines value based on the type and location of land.

With respect to real property law,equity of redemption is synonymous with which of the following?

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

What is the meaning of the Latin term caveat emptor?

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.

Joint tenancy,which is typically the form of ownership in land used for property acquired by spouses as their marital home,is distinguished by the right of survivorship.

With respect to co-ownership of real estate,which of the following distinguishes an undivided one-half interest held in a tenancy in common from an one-half interest held in a joint tenancy?

Briefly discuss tenancy in common.

Often,matters relating to either the supply of water or soil contamination are addressed in an accepted offer for the purchase and sale of real property.In instances where such matters are addressed in this manner,which of the following is most likely to be a valid statement with respect to future legal relevance?

Now that approval of the zoning variance has been confirmed by the seller's lawyer,William's company is completing its purchase of a vacant piece of land for commercial development.Which of the following is the valid reason for William's company having made the possibility of the completion of this transaction subject to this requirement?

Jacqueline listed her home for $200 000.She received six offers to purchase,all with a closing date of April 1.She accepted the unconditional offer,though it was $3000 less than the highest offer of $246 000.The purchasers abandoned the deal on March 27.Jacqueline received an unsolicited offer that was $10 000 over the original asking price.She accepted that offer with a closing date of May 15.With respect to the first accepted offer,what remedy,if any,is available to Jacqueline?

What are the circumstances that would allow a party to disregard the particular type of registry system used to register documents securing a loan against a title?

François and Wallace have been neighbours for 10 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.Which of the following would François' lawyer indicate as the most likely and amicable method of resolving the encroachment?

Marina has given the required 90 days' notice that she will not be renewing her lease to her landlord.Marina's business has leased space from this landlord under a periodic tenancy arrangement.

Discuss the effects on ownership of land that come about as a result of a mortgage being registered against a deed of land in a province under a registry system.

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

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

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

Identify the basic terms generally contained in an agreement of purchase and sale of real property.