Humber Real Estate - Course 1, Module
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Define 'Estate' - CORRECT ANSWERS An interest in land that contains
various rights associated with ownership or tenancy.
What are the 2 most common types of estates? - CORRECT ANSWERS
Fee simple & leasehold.
What type of rights would be required to build a bridge, railroad or skyscraper?
- CORRECT ANSWERS Air rights
What type of rights would be required to build on a parcel of land? - CORRECT
ANSWERS 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? -
CORRECT ANSWERS Riparian rights
What type of rights would be required before removing gas, gold, oil, silver or
precious metals from the ground? - CORRECT ANSWERS Mineral
rights
What are the 2 types of concurrent ownership? - CORRECT ANSWERS
- Joint tenancy
- Tenancy in common
What is the primary difference between joint tenancy and tenants in common? -
CORRECT ANSWERS 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? -
CORRECT ANSWERS 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? - CORRECT ANSWERS Joint Tenancy
What are the 4 required unities for joint tenancy? - CORRECT ANSWERS
Title, Time, Possession, Interest
What is the definition of a standard condominium? - CORRECT ANSWERS
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? - CORRECT
ANSWERS 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."
What is a co-operative? - CORRECT ANSWERS A join ownership
alternative in which a property is owned by a corporation, and members have an
agreement to occupy a specific unit.
What types of co-operatives exist? - CORRECT ANSWERS - Equity co-
operative
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Define 'Estate' - CORRECT ANSWERS An interest in land that contains
various rights associated with ownership or tenancy.
What are the 2 most common types of estates? - CORRECT ANSWERS
Fee simple & leasehold.
What type of rights would be required to build a bridge, railroad or skyscraper?
- CORRECT ANSWERS Air rights
What type of rights would be required to build on a parcel of land? - CORRECT
ANSWERS 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? -
CORRECT ANSWERS Riparian rights
What type of rights would be required before removing gas, gold, oil, silver or
precious metals from the ground? - CORRECT ANSWERS Mineral
rights
What are the 2 types of concurrent ownership? - CORRECT ANSWERS
- Joint tenancy
- Tenancy in common
What is the primary difference between joint tenancy and tenants in common? -
CORRECT ANSWERS 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? -
CORRECT ANSWERS 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? - CORRECT ANSWERS Joint Tenancy
What are the 4 required unities for joint tenancy? - CORRECT ANSWERS
Title, Time, Possession, Interest
What is the definition of a standard condominium? - CORRECT ANSWERS
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? - CORRECT
ANSWERS 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."
What is a co-operative? - CORRECT ANSWERS A join ownership
alternative in which a property is owned by a corporation, and members have an
agreement to occupy a specific unit.
What types of co-operatives exist? - CORRECT ANSWERS - Equity co-
operative
