HUMBER REAL ESTATE - COURSE 1,
MODULE 3 EXAM
Define 'Estate' - Correct Answers -An interest in land that contains various rights
associated with ownership or tenancy.
What are the 2 most common types of estates? - Correct Answers -Fee simple &
leasehold.
What type of rights would be required to build a bridge, railroad or skyscraper? - Correct
Answers -Air rights
What type of rights would be required to build on a parcel of land? - Correct Answers -
Surface (or ground level) rights
What are the 3 ways an easement can be terminated? - Correct Answers -- Merge
(when the dominant and servient tenements merge)
- Release (the dominant tenement removes the easement from the title)
- Ceasing of purpose (if the purpose of the easement disappears, so does the
easement)
What are the 3 types of easement? - Correct Answers -- Right-of-way (allows another
person to travel or pass through another's land)
- Party wall (i.e. shared wall between units)
- Mutual shared driveway (easement exists on each property)
What type of easement allows a person the right to enter on the lands of the servient
tenement for the purpose of maintaining the easement and making repairs? - Correct
Answers -Right-of-way
What type of rights manage the property owner's access to and use water, and are
often encountered in the listing and selling of recreational properties? - Correct Answers
-Riparian rights
What type of rights would be required before removing gas, gold, oil, silver or precious
metals from the ground? - Correct Answers -Mineral rights
What are the 2 types of concurrent ownership? - Correct Answers -- Joint tenancy
, - Tenancy in common
What is the primary difference between joint tenancy and tenants in common? - Correct
Answers -Survivorship
A man buys a home with his new spouse, but upon his death he wants the estate to be
passed down to his adult daughter from a previous marriage, not his new spouse. What
type of concurrent ownership should the couple choose? - Correct Answers -Tenants In
Common
Two women invest in a two-storey house to use as an investment property before they
are in a car accident together. One woman dies and the house is passed directly to the
surviving woman. What type of concurrent ownership did the partners have? - Correct
Answers -Joint Tenancy
What are the 4 required unities for joint tenancy? - Correct Answers -Title, Time,
Possession, Interest
What is the definition of a standard condominium? - Correct Answers -A fee simple
ownership of the unit and a tenant in common ownership of the portion used jointly with
others known as the common elements (hallways, elevators, playgrounds, lobby, etc.)
What is the definition of a common elements condominium? - Correct Answers -An
ownership where there are no units, rather owners enjoy the common elements and pay
a maintenance fee for the repair, maintenance and replacement of any common
element. Each owner has an ownership interest in their own property and an undivided
interest in the common elements. The owner's property is known as a "Parcel of Tied
Land."
What is a co-operative? - Correct Answers -A join ownership alternative in which a
property is owned by a corporation, and members have an agreement to occupy a
specific unit.
What types of co-operatives exist? - Correct Answers -- Equity co-operative
- Non-profit co-operative
What is the definition of an 'Equity Co-Operative?' - Correct Answers -A corporation that
owns the land and buildings with members as shareholders in the corporation.
Ownership is by way of a share certificate in combination with an occupancy agreement
relating to a specific unit, usually accompanied by parking and locker.
What is the primary way a co-operative is different than a condominium? - Correct
Answers -Owners hold shares in a corporation which owns the building vs. owning a
title for a specific unit in the building only.
MODULE 3 EXAM
Define 'Estate' - Correct Answers -An interest in land that contains various rights
associated with ownership or tenancy.
What are the 2 most common types of estates? - Correct Answers -Fee simple &
leasehold.
What type of rights would be required to build a bridge, railroad or skyscraper? - Correct
Answers -Air rights
What type of rights would be required to build on a parcel of land? - Correct Answers -
Surface (or ground level) rights
What are the 3 ways an easement can be terminated? - Correct Answers -- Merge
(when the dominant and servient tenements merge)
- Release (the dominant tenement removes the easement from the title)
- Ceasing of purpose (if the purpose of the easement disappears, so does the
easement)
What are the 3 types of easement? - Correct Answers -- Right-of-way (allows another
person to travel or pass through another's land)
- Party wall (i.e. shared wall between units)
- Mutual shared driveway (easement exists on each property)
What type of easement allows a person the right to enter on the lands of the servient
tenement for the purpose of maintaining the easement and making repairs? - Correct
Answers -Right-of-way
What type of rights manage the property owner's access to and use water, and are
often encountered in the listing and selling of recreational properties? - Correct Answers
-Riparian rights
What type of rights would be required before removing gas, gold, oil, silver or precious
metals from the ground? - Correct Answers -Mineral rights
What are the 2 types of concurrent ownership? - Correct Answers -- Joint tenancy
, - Tenancy in common
What is the primary difference between joint tenancy and tenants in common? - Correct
Answers -Survivorship
A man buys a home with his new spouse, but upon his death he wants the estate to be
passed down to his adult daughter from a previous marriage, not his new spouse. What
type of concurrent ownership should the couple choose? - Correct Answers -Tenants In
Common
Two women invest in a two-storey house to use as an investment property before they
are in a car accident together. One woman dies and the house is passed directly to the
surviving woman. What type of concurrent ownership did the partners have? - Correct
Answers -Joint Tenancy
What are the 4 required unities for joint tenancy? - Correct Answers -Title, Time,
Possession, Interest
What is the definition of a standard condominium? - Correct Answers -A fee simple
ownership of the unit and a tenant in common ownership of the portion used jointly with
others known as the common elements (hallways, elevators, playgrounds, lobby, etc.)
What is the definition of a common elements condominium? - Correct Answers -An
ownership where there are no units, rather owners enjoy the common elements and pay
a maintenance fee for the repair, maintenance and replacement of any common
element. Each owner has an ownership interest in their own property and an undivided
interest in the common elements. The owner's property is known as a "Parcel of Tied
Land."
What is a co-operative? - Correct Answers -A join ownership alternative in which a
property is owned by a corporation, and members have an agreement to occupy a
specific unit.
What types of co-operatives exist? - Correct Answers -- Equity co-operative
- Non-profit co-operative
What is the definition of an 'Equity Co-Operative?' - Correct Answers -A corporation that
owns the land and buildings with members as shareholders in the corporation.
Ownership is by way of a share certificate in combination with an occupancy agreement
relating to a specific unit, usually accompanied by parking and locker.
What is the primary way a co-operative is different than a condominium? - Correct
Answers -Owners hold shares in a corporation which owns the building vs. owning a
title for a specific unit in the building only.
