Course 1 Terms (Real estate Humber)
Exam 2026 Questions and Answers
Fee Simple Estate (Free Hold) - Correct answer-It is the highest form of an estate
and is also known as absolute right.
It provides maximum rights with minimum limitations. Includes the rights to use,
sell, enter, possess, lease, or give away
Leasehold Estate - Correct answer-Interest in land for a definite time period
An estate that gives the holder (Tenant) a temporary right to possession, without
title.
The grantor is called the landlord (lessor) and the grantee is called the tenant
(lessee)
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,An estate - Correct answer-An interest in land that includes various rights of
ownership and tenancy (the right of ownership)
Air Rights - Correct answer-The right to use the open space above a property,
usually allowing the surface to be used for another purpose. Usually granted for
construction of bridges, elevated streets, and sidewalks
Surface Rights - Correct answer-the rights to use the surface of the earth (ground
level rights to use the physical surface of the earth)
Riparian Rights - Correct answer-These rights are associated with a shoreline
(water front) recreational properties. They include the right to use waterfront
irrigation, navigation, drainage, flood prevention measures, etc
Mineral Rights - Correct answer-Rights relating to exploring, drilling, and
extracting minerals such as gas, oil, silver, and other precious metals, which lie
below the surface of the property. These rights are sold or reserved by the crown
Concurrent Ownership - Correct answer-A form of ownership where more than one
person has an interest in the same property at the same time.
2 types: joint tenancy, tenancy in common
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,If the type^ don't specified, it's deemed tenancy in common
What does PITT stand for and what is it about - Correct answer-P- possession
I- interest
T- time
T- Title
4 unities creating joint tenancy
Condominium Ownership - Correct answer-Ownership in a condominium involves
fee simple ownership of a unit and tenancy-in-common ownership of the common
elements such as hallways, elevators, play grounds, etc
Common elements condominium - Correct answer-Consists of only common
elements such as roads, parking lots, etc. NO UNITS IN CEC
Co-operatives ownership - Correct answer-A form of joint ownership in which the
property is owned by the co-operating corporation and the members have an
agreement to occupy (lease) a specific unit
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, Equity co-operative - Correct answer-This is a corporation where members are
shareholders. Members receive a share certificate and the occupant agreement for a
specific agreement
non-profit co-operative - Correct answer-This corporation is without share capital
with the primary purpose of providing housing to its members. The members do
not have any ownership interest but have only an occupancy agreements these
corporations are usually run by governments and charitable organizations
Rental housing owned by a community group, religious group, or non-profit
organization to provide affordable housing.
Fractional Ownership - Correct answer-Provides immediate partial ownership of an
asset without investment. All shared owners are treated as tenants in common and
their right to use depends on the size of the fraction purchased.
Co-ownership - Correct answer-Alternative to tenancy in common ownership
wherein two or more individuals purchase proportionate interest in a property as
specified in the deed
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
Exam 2026 Questions and Answers
Fee Simple Estate (Free Hold) - Correct answer-It is the highest form of an estate
and is also known as absolute right.
It provides maximum rights with minimum limitations. Includes the rights to use,
sell, enter, possess, lease, or give away
Leasehold Estate - Correct answer-Interest in land for a definite time period
An estate that gives the holder (Tenant) a temporary right to possession, without
title.
The grantor is called the landlord (lessor) and the grantee is called the tenant
(lessee)
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,An estate - Correct answer-An interest in land that includes various rights of
ownership and tenancy (the right of ownership)
Air Rights - Correct answer-The right to use the open space above a property,
usually allowing the surface to be used for another purpose. Usually granted for
construction of bridges, elevated streets, and sidewalks
Surface Rights - Correct answer-the rights to use the surface of the earth (ground
level rights to use the physical surface of the earth)
Riparian Rights - Correct answer-These rights are associated with a shoreline
(water front) recreational properties. They include the right to use waterfront
irrigation, navigation, drainage, flood prevention measures, etc
Mineral Rights - Correct answer-Rights relating to exploring, drilling, and
extracting minerals such as gas, oil, silver, and other precious metals, which lie
below the surface of the property. These rights are sold or reserved by the crown
Concurrent Ownership - Correct answer-A form of ownership where more than one
person has an interest in the same property at the same time.
2 types: joint tenancy, tenancy in common
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,If the type^ don't specified, it's deemed tenancy in common
What does PITT stand for and what is it about - Correct answer-P- possession
I- interest
T- time
T- Title
4 unities creating joint tenancy
Condominium Ownership - Correct answer-Ownership in a condominium involves
fee simple ownership of a unit and tenancy-in-common ownership of the common
elements such as hallways, elevators, play grounds, etc
Common elements condominium - Correct answer-Consists of only common
elements such as roads, parking lots, etc. NO UNITS IN CEC
Co-operatives ownership - Correct answer-A form of joint ownership in which the
property is owned by the co-operating corporation and the members have an
agreement to occupy (lease) a specific unit
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, Equity co-operative - Correct answer-This is a corporation where members are
shareholders. Members receive a share certificate and the occupant agreement for a
specific agreement
non-profit co-operative - Correct answer-This corporation is without share capital
with the primary purpose of providing housing to its members. The members do
not have any ownership interest but have only an occupancy agreements these
corporations are usually run by governments and charitable organizations
Rental housing owned by a community group, religious group, or non-profit
organization to provide affordable housing.
Fractional Ownership - Correct answer-Provides immediate partial ownership of an
asset without investment. All shared owners are treated as tenants in common and
their right to use depends on the size of the fraction purchased.
Co-ownership - Correct answer-Alternative to tenancy in common ownership
wherein two or more individuals purchase proportionate interest in a property as
specified in the deed
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
