Humber Real Estate - Course 1, Module 3 Questions with Complete Solutions(SCORED A+)

Define 'Estate' - ANSWER-An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? - ANSWER-Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? - ANSWER-Air rights What type of rights would be required to build on a parcel of land? - ANSWER-Surface (or ground level) rights What type of rights manage the property owner's access to and use water, and are often encountered in the listing and selling of recreational properties? - ANSWER-Riparian rights What type of rights would be required before removing gas, gold, oil, silver or precious metals from the ground? - ANSWER-Mineral rights What are the 2 types of concurrent ownership? - ANSWER-- Joint tenancy - Tenancy in common What is the primary difference between joint tenancy and tenants in common? - ANSWER-Survivorship A man buys a home with his new spouse, but upon his death he wants the estate to be passed down to his adult daughter from a previous marriage, not his new spouse. What type of concurrent ownership should the couple choose? - ANSWER-Tenants In Common Two women invest in a two-storey house to use as an investment property before they are in a car accident together. One woman dies and the house is passed directly to the surviving woman. What type of concurrent ownership did the partners have? - ANSWER-Joint Tenancy What are the 4 required unities for joint tenancy? - ANSWER-Title, Time, Possession, Interest What is the definition of a standard condominium? - ANSWER-A fee simple ownership of the unit and a tenant in common ownership of the portion used jointly with others known as the common elements (hallways, elevators, playgrounds, lobby, etc.) What is the definition of a common elements condominium? - ANSWER-An ownership where there are no units, rather owners enjoy the common elements and pay a maintenance fee for the repair, maintenance and replacement of any common element. Each owner has an ownership interest in their own property and an undivided interest in the common elements. The owner's property is known as a "Parcel of Tied Land." WhaHumber Real Estate - Course 1, Module 3 Questions with Complete Solutions(SCORED A+)