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29 Cards in this Set
- Front
- Back
Fee simple land is |
(freehold) means they own the rights to the land |
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Abosule right belongs to |
the crown |
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example of leasehold land is |
native land |
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Life estate means |
it lasts for the lifetime of the holder |
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what if some one days without a will, where does the house go? |
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) |
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What is a remainderman |
you leave a place to your wife you die |
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Estate pur autrie vie means |
an estate based on another life, (remainderman) |
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What are your rights as a life tenant in a life estate (property owner) |
Use, possess, receive income |
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What are the obligations, or types of "waste" (acts you could or not commit) and what law do they fall under? |
(Common law) - PAVE |
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What is permissive waste |
naturally occurring waste e.g. paint fades |
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what is ameliorate |
to improve - bring value up by building a deck or doing renovations |
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what is voluntary waste |
de-valuing - taking down the deck and destroying things - liable |
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Equitable waste is |
Leave nothing to the remainderman |
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giving the property without impeachment of waste means you are not liable for: |
P permissive waste |
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Interest in land less than estate is called |
an Easement |
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An easement means |
right of way -> lot access through another lot -> stadium needs walking path through a property |
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Servient is the lot that the |
the easement (gives) |
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Dominant is the land that |
Gets |
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Servient is written to accomodate the |
Dominant |
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If BC hydro can access your property to check their equipment that means your property has an ______ and its written in the _______ |
Easment, written in the contract |
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Restrictive covenant is |
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) |
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Restrictive covenant on 2 or more lots is a |
building scheme |
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How much airspace do you own |
as much as you can use, air space rights - check zoning by laws |
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Extent of ownership characterstics are: |
Fixture or Chattel |
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The fixture |
Things that are fixed and not easily removed has to stay |
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Chattel |
fixtures that can be removed but benefit the home owner |
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What are the two ways of showing the co-ownership? |
1. Joint tenancy |
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Joint tenancy is based on |
the right of survivor ship |
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Tenancy in common is |
the place can be divided between people in a percentage, you can sell those percentages, cant sell the property unless everyone signs |