Exam 19: Real Property

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

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?

Sylvano requested a copy of Certificate of Title No. 12312 from the land titles office. He intends to purchase the land for development if it is unencumbered by registrations affecting its use. This particular land titles office maintains an insurance fund to compensate for loss due to their error. What significance does that fact have with respect to the copy of title Sylvano will receive in exchange for payment of the prescribed fee?

Belle Blue works in the land office in Vancouver as a document examiner. She doesn't look forward to the typically overwhelming workload during the summer months. What is the significance of Belle's role with respect to the type of registry system she is employed in?

Why is a commercial lease dependent upon the value, nature, and size of the property?

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

Briefly discuss tenancy in common.

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 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?

Why has statute law become an increasingly significant factor with respect to land conservation and environmental protection?

The document that transfers the possession of land from the landlord to the tenant in exchange for the payment of rent is legally described as a tenant lease.

Identify the key features of the registry system.

Andrea manages several strip malls for a mid-sized real estate holding company. One tenant appears to have abandoned the offices he had leased, leaving a lot of possessions of value behind. Andrea has taken all of the necessary steps to sell the property and apply the proceeds to the tenant's rent arrears. What is the legal description of the remedy Andrea is pursuing?

On May 1, Orianna forwarded her client's signed title transfer document, keys, and remote control for the garage door to the purchaser's lawyer. The items were sent in trust, on the express condition that she receive the payment of the balance of the purchase price in return. John will comply, then submit the transfer document to the registry promptly for registration. In the meantime, which of the following should John's clients have effectively put in place for the May 1 closing date?

It is typical that a commercial lease will address such important matters as the responsibility for repairs and maintenance to the leased space and any common areas, as well as permitted alterations a tenant may make to the space and what happens with the alterations once the lease expires.

Real property is largely governed by common law, which, by tradition, devotes its focus on protecting rights to property and, in particular, determining the rights of ownership to a piece of land.

What is the commonality shared by "the right to negotiate their own terms" and "enforcement mechanisms" with respect to real property?

Juha and Tesalle presented an offer to purchase at $15 000 below Rickie's asking price for her home. Rickie did not accept the offer, stating that she would accept $2000 less than asking price. The couple countered, offering $5000 below asking price, with the appliances included, and Rickie accepted. How many offers did this transaction require before a contract of purchase and sale existed?

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. What remedy, if any, is available to Jacqueline with respect to the first accepted offer?

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?