Chapter 3 - Interest In Land

Front 1

Fee simple land is

Back 1

(freehold) means they own the rights to the land

Front 2

Abosule right belongs to

Back 2

the crown

Front 3

example of leasehold land is

Back 3

native land

Front 4

Life estate means

Back 4

it lasts for the lifetime of the holder

Front 5

what if some one days without a will, where does the house go?

Back 5

the house goes through the courts, and goes to the next of kin, if they can find no one, then it go the crown. (eschetes to the crown)

Front 6

What is a remainderman

Back 6

you leave a place to your wife

you die
you write the will saying the place goes to your son when she does
you son in the remainderman

Front 7

Estate pur autrie vie means

Back 7

an estate based on another life, (remainderman)

Front 8

What are your rights as a life tenant in a life estate (property owner)

Back 8

Use, possess, receive income

Front 9

What are the obligations, or types of "waste" (acts you could or not commit) and what law do they fall under?

Back 9

(Common law) - PAVE
Permissive
Ameliorate
Voluntary
(equitable law)
Equitable

Front 10

What is permissive waste

Back 10

naturally occurring waste e.g. paint fades
held liable - allowable

Front 11

what is ameliorate

Back 11

to improve - bring value up by building a deck or doing renovations

Front 12

what is voluntary waste

Back 12

de-valuing - taking down the deck and destroying things - liable

Front 13

Equitable waste is

Back 13

Leave nothing to the remainderman

Front 14

giving the property without impeachment of waste means you are not liable for:

Back 14

P permissive waste
A ameliorate
V voluntary

still liable for equitable

Front 15

Interest in land less than estate is called

Back 15

an Easement

Front 16

An easement means

Back 16

right of way -> lot access through another lot -> stadium needs walking path through a property

Front 17

Servient is the lot that the

Back 17

the easement (gives)

Front 18

Dominant is the land that

Back 18

Gets

Front 19

Servient is written to accomodate the

Back 19

Dominant

Front 20

If BC hydro can access your property to check their equipment that means your property has an ______ and its written in the _______

Back 20

Easment, written in the contract

Front 21

Restrictive covenant is

Back 21

Restriction in one lot to benefit another - selling a lot you own, you can put a restriction on it before selling, e.g. you sell your second lot and say you cant build higher then 20ft (will block your first lot view)
Can be removed by the lot that has the benefits

Front 22

Restrictive covenant on 2 or more lots is a

Back 22

building scheme

Front 23

How much airspace do you own

Back 23

as much as you can use, air space rights - check zoning by laws

Front 24

Extent of ownership characterstics are:

Back 24

Fixture or Chattel

Front 25

The fixture
how is it affixed and who does it benefit

Back 25

Things that are fixed and not easily removed has to stay
fixture stays

Front 26

Chattel
how is it affixed and who does it benefit

Back 26

fixtures that can be removed but benefit the home owner
chattel goes

Front 27

What are the two ways of showing the co-ownership?

Back 27

1. Joint tenancy
2. Tenancy in common

Front 28

Joint tenancy is based on

Back 28

the right of survivor ship
the last remaining survivor gets the land if he gets one partner dies

Front 29

Tenancy in common is

Back 29

the place can be divided between people in a percentage, you can sell those percentages, cant sell the property unless everyone signs