Exam 19: Real Property

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.

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

What is the legal term for the legal interest considered to be the closest to full ownership in real property?

The highest and most comprehensive level of ownership of land possible is known as a fee simple. This level of ownership makes the division of ownership in the land extremely difficult.

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.

Identify the most common example of ownership of real property that is divided by time. Briefly discuss how this mechanism operates, including the legal identities of the parties involved.

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

Which of the following is most strongly influenced by the fact that much of the earth's surface is covered by vast bodies of water combined with the fact that land is permanent and immovable?

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

What is the meaning of the Latin term caveat emptor?

Meagan has been asked to search the chain of title to a cottage property located on the Lake of the Woods in Northwestern Ontario. What was the most likely result of the investigation if the deal proceeds after Meagan completes the search?

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.

The rights of the mortgage lender are limited to a combination of the following three remedies: suing the borrower, taking possession of the land, and foreclosure.

Sarafal was disappointed to learn that she would be unable to plant a hedge along the front borders of her property. She didn't object to having mountain ash trees planted along the street, but the absence of any possibility of a hedge affected her purchasing decision. In this instance, what is the ability to place conditions on ownership most strongly influenced by?

Describe the role of the administrators of a land titles system

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?

Tangible personal property that is attached to land, buildings, or other fixtures is commonly known as real estate.

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.

Which of the following is central to a mortgage on commercial property being taken out by a commercial borrower?

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?