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alberta real estate law Questions with
Detailed Verified Answers
Question: REAL ESTATE
Answer:
Question: ADVERSE POSSESION-
Answer: Valid title to land acquired through open, visible and uninterrupted
possession of that property without the owner's permission for a period of at
least 10 years.
Question: GAURANTOR-
Answer: A person who is not an owner of the property and is responsible for
the mortgage.
Question: FORECLOSURE-
Answer: Court action whereby the charge obtains legal title to the property
after default by the chargor.
Question: FIXTURE-
Answer: possessions that have become attached or are affixed to a real
property.
Question: TITLE SEARCH-
Answer: Confirms ownership and any outstanding encumbrances, like a lien
or mortgage on the property.
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Question: Joint Tenancy-
Answer: When 2 or more people own a property on which one of the owners
die the remaining owner inherits the others portion of the property.
Question: Life Estate/ Life Tenant-
Answer: Right to exclusive possession of the property for the duration of
someone's lifetime. The owner if a life estate.
Question: Easement-
Answer: Right to use a portion of someone's eses land for a specific purpose.
Question: Restrictive Covenant-
Answer: Promise by an owner of land to refrain from doing something on the
property.
Question: Condominium-
Answer: a type of ownership of real property that combines fee simple
ownership and shared ownership
Question: Assignment of lease-
Answer: a permanent tenant moves and transfers tenancy to another tenant
with the approval from the landlord, different from a sublet or assignment
Question: Assumption of mortgage
Answer: -a mortgage that is taken over from an existing mortgagor.
Question: Blended payment-
alberta real estate law Questions with
Detailed Verified Answers
Question: REAL ESTATE
Answer:
Question: ADVERSE POSSESION-
Answer: Valid title to land acquired through open, visible and uninterrupted
possession of that property without the owner's permission for a period of at
least 10 years.
Question: GAURANTOR-
Answer: A person who is not an owner of the property and is responsible for
the mortgage.
Question: FORECLOSURE-
Answer: Court action whereby the charge obtains legal title to the property
after default by the chargor.
Question: FIXTURE-
Answer: possessions that have become attached or are affixed to a real
property.
Question: TITLE SEARCH-
Answer: Confirms ownership and any outstanding encumbrances, like a lien
or mortgage on the property.
, Page | 2
Question: Joint Tenancy-
Answer: When 2 or more people own a property on which one of the owners
die the remaining owner inherits the others portion of the property.
Question: Life Estate/ Life Tenant-
Answer: Right to exclusive possession of the property for the duration of
someone's lifetime. The owner if a life estate.
Question: Easement-
Answer: Right to use a portion of someone's eses land for a specific purpose.
Question: Restrictive Covenant-
Answer: Promise by an owner of land to refrain from doing something on the
property.
Question: Condominium-
Answer: a type of ownership of real property that combines fee simple
ownership and shared ownership
Question: Assignment of lease-
Answer: a permanent tenant moves and transfers tenancy to another tenant
with the approval from the landlord, different from a sublet or assignment
Question: Assumption of mortgage
Answer: -a mortgage that is taken over from an existing mortgagor.
Question: Blended payment-
