Humber Real Estate - Course 2, Module 3, Understanding Residential Property Types, Ownership and Planning Graded A

Humber Real Estate - Course 2, Module 3, Understanding Residential Property Types, Ownership and Planning Graded A Define a 'Dwelling Unit' A self-contained housing unit with one or more habitable rooms containing at minimum a kitchen, bathroom facilities and an exit from the building. What is the difference between a semi-detached structure and a vertically divided duplex? - A duplex is under single ownership (under 1 title) ... the dwelling units can then be lived in or rented out - The 2 dwelling units in a semi-detached structure are each owned separately (under 2 titles) Define 'An Estate In Land' The interest or rights associated with real property. Holding a fee simple interest in a property can also be referred to as what? - Freehold ownership - Freehold estate What rights are included under fee simple ownership? The rights (aka Bundle of Rights) include the right to: - Sell - Lease - Use - Do nothing - Give away - Enter the property *Use the acronym SLUDGE to remember these rights What happens if a property fronts onto a public road and the property as a result cannot be directly accessed? An implied easement exists under the Road Access Act permitting the owner to cross over someone else's property to achieve access. What are the 4 categories of government limitations over land ownership rights? - The right to take property (expropriation) - The right to regulate - The right to levy taxes Zoning bylaws, building codes, traffic and sanitary regulations are based on what government right? The right to regulate (aka Police Power) What are 'Private Limitations'? Restrictions placed on a property by a landowner rather than a government body. What are 2 common types of private limitations? - Restrictive Covenants - Easements Define 'Restrictive Covenant' A limitation placed on the use of property and is registered on title for that property. It's a contract between 2 land owners, where 1 owner (the "covenantee") acquires the right to restrain the other owner (the "covenantor") from putting the land to specific uses. Unless documented explicitly, what is the default form of concurrent ownership? Tenancy in common What are the 2 types of concurrent ownership? - Tenancy in common - Joint tenancy (one person dies, property gets passed to other joint tenant) What are the 4 unities that must be present to constitute joint tenancy? - Possession - Interest - Time - Title Define 'Joint Tenancy: Spousal Interest' It a married person passes away while owning an interest in a matrimonial home as a join tenant with an individual who is not their surviving spouse, the joint tenancy is immediately severed and reverts to tenancy in common. This provision allows for the deceased's interest in assets of the property to revert to their legal spouse. If a joint tenant wishes to destroy the right of survivorship before their death without the consent of the other joint tenant(s), what is this called? Severance What happens when a joint tenancy is severed? This act turns joint tenancy into tenants in common with the other tenant or tenants. Even afterwards, if there are 2 or more other tenants remaining, they still remain joint tenants with each other, but are tenants in common with the person who holds the severed interest.