REGISTERED ENVIRONMENTAL MANAGER (REM) EXAM |
INTERIOR DESIGN PROFESSIONAL EXAM 2026/2027 LATEST
UPDATE | QUESTIONS AND VERIFIED ANSWERS | GRADED A+
Different Types of Estates -
CORRECT|ANSWER
Life, Future, Lease, Fee Simple
Fee Simple Estate -
CORRECT|ANSWER
Most complete bundle of rights. The typical type of Canadian Property.
NAFTA Property Rights -
CORRECT|ANSWER
Mexico and USA have property rights but Canadian citizens don't
Included in the Bundle of Rights -
CORRECT|ANSWER
Use of Property,
Sell or lease,
inheritance of property
Deed -
CORRECT|ANSWER
Legal Document through which rights are transfered
Leasehold Estate -
CORRECT|ANSWER
An interest in land for a definite period. The owner can create a lease that grants a tenant the right
to use the property for a limited time ftame in exchange for payment
Life Estate -
,CORRECT|ANSWER
A bundle of property rights that includes use and possession, but not disposal. This terminates when
the holder dies. The owner of a life estate cannot designate who inherits the land and cannot sell it.
If the holder dies, the estate passes to the beneficiary of the previous owner.
Future Estate -
CORRECT|ANSWER
Arises with the life estate. It is an estate that entitles the owner to take possession sometime in the
future.
Freehold-Leasehold -
CORRECT|ANSWER
Fee simple for an intermediate period
Concurrent Ownership -
CORRECT|ANSWER
A property that can be owned by more than one person at a given time.
Types of Concurrent Ownership -
CORRECT|ANSWER
Joint Tenancy, Tenancy in Common.
Tenancy in Common -
CORRECT|ANSWER
A shared tenancy in which each holder has a distinct, separately transferable interest. Your heir
inherits your share.
Joint Tenancy -
CORRECT|ANSWER
the holding of an estate or property jointly by two or more parties, the share of each passing to the
other or others on death.
Survivorship -
, CORRECT|ANSWER
Co-owner gets your share when you die not your heirs.
Matrimonial Home -
CORRECT|ANSWER
property occupied by a person and that persons spouse as their family residence and in which either
or both of them have a property interest other than a leasehold interest. The share of the property
automatically transfered to spouse upon death.
Condominum -
CORRECT|ANSWER
enables one to share in ownership and operation of residential or commercial building with
negotiable title to a specified unit
Description -
CORRECT|ANSWER
Includes plan of survey showing the perimeters of the land buildings. Architectural building plans.,
structural plans, boundaries of all units
Declaration -
CORRECT|ANSWER
The constitution of the condo board.
Other forms of co-ownership -
CORRECT|ANSWER
Co-operative, partnerships, limited partnerships
Co-operative -
CORRECT|ANSWER
Property is owned by corporation, members have right to visit a unit. Equity (shared capital). Non-
Profit (Without Shared capital)
Partnerships -
INTERIOR DESIGN PROFESSIONAL EXAM 2026/2027 LATEST
UPDATE | QUESTIONS AND VERIFIED ANSWERS | GRADED A+
Different Types of Estates -
CORRECT|ANSWER
Life, Future, Lease, Fee Simple
Fee Simple Estate -
CORRECT|ANSWER
Most complete bundle of rights. The typical type of Canadian Property.
NAFTA Property Rights -
CORRECT|ANSWER
Mexico and USA have property rights but Canadian citizens don't
Included in the Bundle of Rights -
CORRECT|ANSWER
Use of Property,
Sell or lease,
inheritance of property
Deed -
CORRECT|ANSWER
Legal Document through which rights are transfered
Leasehold Estate -
CORRECT|ANSWER
An interest in land for a definite period. The owner can create a lease that grants a tenant the right
to use the property for a limited time ftame in exchange for payment
Life Estate -
,CORRECT|ANSWER
A bundle of property rights that includes use and possession, but not disposal. This terminates when
the holder dies. The owner of a life estate cannot designate who inherits the land and cannot sell it.
If the holder dies, the estate passes to the beneficiary of the previous owner.
Future Estate -
CORRECT|ANSWER
Arises with the life estate. It is an estate that entitles the owner to take possession sometime in the
future.
Freehold-Leasehold -
CORRECT|ANSWER
Fee simple for an intermediate period
Concurrent Ownership -
CORRECT|ANSWER
A property that can be owned by more than one person at a given time.
Types of Concurrent Ownership -
CORRECT|ANSWER
Joint Tenancy, Tenancy in Common.
Tenancy in Common -
CORRECT|ANSWER
A shared tenancy in which each holder has a distinct, separately transferable interest. Your heir
inherits your share.
Joint Tenancy -
CORRECT|ANSWER
the holding of an estate or property jointly by two or more parties, the share of each passing to the
other or others on death.
Survivorship -
, CORRECT|ANSWER
Co-owner gets your share when you die not your heirs.
Matrimonial Home -
CORRECT|ANSWER
property occupied by a person and that persons spouse as their family residence and in which either
or both of them have a property interest other than a leasehold interest. The share of the property
automatically transfered to spouse upon death.
Condominum -
CORRECT|ANSWER
enables one to share in ownership and operation of residential or commercial building with
negotiable title to a specified unit
Description -
CORRECT|ANSWER
Includes plan of survey showing the perimeters of the land buildings. Architectural building plans.,
structural plans, boundaries of all units
Declaration -
CORRECT|ANSWER
The constitution of the condo board.
Other forms of co-ownership -
CORRECT|ANSWER
Co-operative, partnerships, limited partnerships
Co-operative -
CORRECT|ANSWER
Property is owned by corporation, members have right to visit a unit. Equity (shared capital). Non-
Profit (Without Shared capital)
Partnerships -
