HUMBER REAL ESTATE EXAMINERS UPDATED
MANUAL QUESTIONS AND ANSWERS SURE A+
✔✔4 conditions of joint tenancy - ✔✔- title: each owner's interest must be the same &
created at the same time in same document
- time: interests of all joint tenants must be created at the same time & for the same
period
- possession: each owner must have equal, undivided ownership in the property
- interest: each joint tenant must have undivided share at the same time as others &
none is entitled to any part to the exclusion of other co-owners
✔✔tenants in common - ✔✔shared ownership of a single property among two or more
persons; interests need not be equal and no right of survivorship exists
✔✔condominium ownership definition - ✔✔form of ownership where there's fee simple
ownership of the unit and tenant in common ownership of the common elements; an
individual holds shares in a condo corporation
✔✔common elements condominium (CEC) - ✔✔- consists only of common elements
(e.g., roads, parking lots, common green space) and has no units
- owners enjoy common elements and pay maintenance fees for common elements
- owner has ownership interest in their property and undivided interest in common
elements
- owner's property is "tied" to the CEC that's referred to as a parcel of tied land (POTL)
✔✔co-operative - ✔✔joint ownership alternative in which a property is owned by a
corporation & members have an agreement to occupy a specific unit; can be either with
share capital (equity co-operative) or without share capital (non-profit co-operative)
✔✔equity co-operative - ✔✔corporation owns the land & buildings; members are
shareholders in the corporation; ownership is by way of a share certificate in
combination with an occupancy agreement relating to a specific unit
, ✔✔non-profit co-operative - ✔✔without shares, members have no ownership interest;
primary purpose is to provide housing for its members; members simply pay rent to
corporation owner (e.g., government housing)
✔✔fractional ownership - ✔✔shared ownership that allows an individual to partially own
an asset; multiple buyers obtain part of a property title as tenants in common with usage
rights allocated depending on the size of the fraction purchased
✔✔co-ownership - ✔✔- 2 or more persons own property jointly
- is a tenant in common ownership alternative, in which deed outlines proportionate
interest in property held by each owner (doesn't need to be equally divided)
✔✔life lease - ✔✔- person doesn't own a property but an interest in that property in
exchange for a lump sum payment up-front
- person has to pay monthly maintenance fees
- right to occupy or live in a unit rather than owning unit itself
✔✔timeshare - ✔✔division of property rights into fractional interests based on time
✔✔fee simple ownership interest timeshare - ✔✔- buyer purchases an actual deed
interest in the property for a specific period of time each year
- ownership doesn't end after a specific time period
- usage rights can be sold, gifted, or included in a will
✔✔right-to-use interest timeshare - ✔✔- buyer purchases right to use a unit but doesn't
have an ownership interest in the property
- right to use for a specific time period, then reverts back to the owner
✔✔rights of a timeshare owner in Ontario only - ✔✔- agreement must be in writing
- have 10-day cooling off period when they can cancel without reason
- consumer may cancel time share agreement within one year after date of entering into
agreement if consumer doesn't receive a copy of the agreement
✔✔easement - ✔✔- the right to use the land of another for a particular purpose
- binds subsequent owners
- agreements related to easements are usually registered against title to both properties
affected by it
✔✔defining characteristics of easements - ✔✔- specific use: must be granted for a clear
& specific use
- must be comprised of dominant & servient tenements (unless by statute)
- two different parties: dominant & servient can't be owned by same person
- sole benefit: easements must solely benefit the dominant
- transferable: easements run with the land; once granted, it binds subsequent owners
MANUAL QUESTIONS AND ANSWERS SURE A+
✔✔4 conditions of joint tenancy - ✔✔- title: each owner's interest must be the same &
created at the same time in same document
- time: interests of all joint tenants must be created at the same time & for the same
period
- possession: each owner must have equal, undivided ownership in the property
- interest: each joint tenant must have undivided share at the same time as others &
none is entitled to any part to the exclusion of other co-owners
✔✔tenants in common - ✔✔shared ownership of a single property among two or more
persons; interests need not be equal and no right of survivorship exists
✔✔condominium ownership definition - ✔✔form of ownership where there's fee simple
ownership of the unit and tenant in common ownership of the common elements; an
individual holds shares in a condo corporation
✔✔common elements condominium (CEC) - ✔✔- consists only of common elements
(e.g., roads, parking lots, common green space) and has no units
- owners enjoy common elements and pay maintenance fees for common elements
- owner has ownership interest in their property and undivided interest in common
elements
- owner's property is "tied" to the CEC that's referred to as a parcel of tied land (POTL)
✔✔co-operative - ✔✔joint ownership alternative in which a property is owned by a
corporation & members have an agreement to occupy a specific unit; can be either with
share capital (equity co-operative) or without share capital (non-profit co-operative)
✔✔equity co-operative - ✔✔corporation owns the land & buildings; members are
shareholders in the corporation; ownership is by way of a share certificate in
combination with an occupancy agreement relating to a specific unit
, ✔✔non-profit co-operative - ✔✔without shares, members have no ownership interest;
primary purpose is to provide housing for its members; members simply pay rent to
corporation owner (e.g., government housing)
✔✔fractional ownership - ✔✔shared ownership that allows an individual to partially own
an asset; multiple buyers obtain part of a property title as tenants in common with usage
rights allocated depending on the size of the fraction purchased
✔✔co-ownership - ✔✔- 2 or more persons own property jointly
- is a tenant in common ownership alternative, in which deed outlines proportionate
interest in property held by each owner (doesn't need to be equally divided)
✔✔life lease - ✔✔- person doesn't own a property but an interest in that property in
exchange for a lump sum payment up-front
- person has to pay monthly maintenance fees
- right to occupy or live in a unit rather than owning unit itself
✔✔timeshare - ✔✔division of property rights into fractional interests based on time
✔✔fee simple ownership interest timeshare - ✔✔- buyer purchases an actual deed
interest in the property for a specific period of time each year
- ownership doesn't end after a specific time period
- usage rights can be sold, gifted, or included in a will
✔✔right-to-use interest timeshare - ✔✔- buyer purchases right to use a unit but doesn't
have an ownership interest in the property
- right to use for a specific time period, then reverts back to the owner
✔✔rights of a timeshare owner in Ontario only - ✔✔- agreement must be in writing
- have 10-day cooling off period when they can cancel without reason
- consumer may cancel time share agreement within one year after date of entering into
agreement if consumer doesn't receive a copy of the agreement
✔✔easement - ✔✔- the right to use the land of another for a particular purpose
- binds subsequent owners
- agreements related to easements are usually registered against title to both properties
affected by it
✔✔defining characteristics of easements - ✔✔- specific use: must be granted for a clear
& specific use
- must be comprised of dominant & servient tenements (unless by statute)
- two different parties: dominant & servient can't be owned by same person
- sole benefit: easements must solely benefit the dominant
- transferable: easements run with the land; once granted, it binds subsequent owners
