HUMBER REAL ESTATE - COURSE 2, MODULE 3,
UNDERSTANDING RESIDENTIAL PROPERTY TYPES,
OWNERSHIP AND PLANNING
Define a 'Dwelling Unit'
answers: 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?
answers: - 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'
answers: The interest or rights associated with real property.
Holding a fee simple interest in a property can also be referred to as what?
answers: - Freehold ownership
- Freehold estate
What rights are included under fee simple ownership?
answers: 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?
answers: 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?
answers: - 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?
answers: The right to regulate (aka Police Power)
What are 'Private Limitations'?
, answers: Restrictions placed on a property by a landowner rather than a
government body.
What are 2 common types of private limitations?
answers: - Restrictive Covenants
- Easements
Define 'Restrictive Covenant'
answers: 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?
answers: Tenancy in common
What are the 2 types of concurrent ownership?
answers: - 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?
answers: - Possession
- Interest
- Time
UNDERSTANDING RESIDENTIAL PROPERTY TYPES,
OWNERSHIP AND PLANNING
Define a 'Dwelling Unit'
answers: 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?
answers: - 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'
answers: The interest or rights associated with real property.
Holding a fee simple interest in a property can also be referred to as what?
answers: - Freehold ownership
- Freehold estate
What rights are included under fee simple ownership?
answers: 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?
answers: 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?
answers: - 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?
answers: The right to regulate (aka Police Power)
What are 'Private Limitations'?
, answers: Restrictions placed on a property by a landowner rather than a
government body.
What are 2 common types of private limitations?
answers: - Restrictive Covenants
- Easements
Define 'Restrictive Covenant'
answers: 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?
answers: Tenancy in common
What are the 2 types of concurrent ownership?
answers: - 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?
answers: - Possession
- Interest
- Time
