13 Real estate

Which of the following would be included in a transfer of the ownership of land?

• A) mineral rights

• B) house built on the land

• C) garage built on the land

• D) the surface of the land

• E) All of the above

Alex Anastopolous bought a plot of land from the Crown and built a barn on it.  Tired of farming, he rented the land to Matti Oonapuu.  What is the legal name for the interest Matti acquired in the land?

• A)  tenancy in common

• B)  joint tenancy

• C)  a leasehold estate

• D)  an easement

• E)  a reversion

Alex Anastopolous bought a plot of land from the Crown and built a barn on it.  Tired of farming, he rented the land to Matti Oonapuu.  What is the legal name for the type of ownership Alex has?

 

• A)  fee simple

• B)  a life estate

• C)  tenancy in common

• D)  an intangible estate

• E)  a leasehold

Timmy and June owned a house in a joint tenancy. Timmy died and in in his will, left his share of the property to his estranged wife Mavis. Mavis is insisting on moving into the property but June has objected to this. Which of the following statements most accurately describes the legal position?

• A) Mavis is now a joint tenant of the property with June.

• B) Mavis will not have an interest in the property until June dies.

• C) Mavis cannot be legally excluded from the property as she is now a part owner of it.

• D) Mavis has no ownership interest in the property.

• E) Both A and C

George Burton owned two lots, A and B.  Lot A he owned as tenants in common with his wife, Agnes, and Lot B they owned in joint tenancy.  George signed an instrument allowing his son, Edward, to use Lot A for the rest of his (Edward’s) life.  George left his interest in Lot B to his other son, Cedric, in his will.  Which of the following is TRUE?

• A)  Edward has a life estate and George and Agnes the remainder of the fee simple in Lot A.

• B)  If George dies before Agnes, Agnes will become the sole owner of Lot B.

• C)  If George dies before Agnes, Agnes and Cedric will become tenants in common of Lot B.

• D)  both A and B

• E)  both A and C

Fred Frick and Fran Frack own houses next to each other and share a mutual driveway.  What is the name for the property interest each has over the other’s property?

• A)  a licence

• B)  an easement

• C)  adverse possession

• D)  a restrictive covenant

• E)  a prêt a prendre

Janet and Tom were married in 2000. At the time they were married Tom owned a house himself in Ottawa that was worth $300,000 and it had no mortgage. The couple moved into the house and lived together there until 2015 when they decided to divorce. At the time of the divorce the house was then worth $500,000. As a result which of the following statements is TRUE?

• A)  the house belongs to Tom and Janet has no claim on it

• B)  Janet is entitled to half of the increased value of the house which is $100,000

• C)  Janet is entitled to half of the value of the house which is $250,000

• D)  the only way Tom could have prevented Janet from having a claim on the house is if they had signed a marriage contract to limit her claim

• E)  both C and D are true

Which of the following statements is TRUE?

• A)  By law, tenants generally are responsible for repairs to commercial premises.

• B)  By law, landlords generally are responsible for repairs to commercial premises.

• C)  By law, tenants are only responsible for repairs of deterioration caused by reasonable wear and tear.

• D)  By law, tenants are only responsible for repairs when the premises become unusable.

• E)  both B and C

Arthur Ross leases a commercial premise.  He does not pay his rent when due on the first of the month.  On the 16^th, the landlord changes the locks and evicts him.  Which of the following is TRUE?

• A)  The eviction is improper because the landlord did not give notice of the eviction.

• B)  The eviction is improper because it can only be done one month after the rent is due.

• C)  The eviction is proper as it can be done any time without notice for non-payment of rent.

• D)  The eviction is proper as it was done more than 15 days after non-payment of rent.

• E)   The eviction is improper as a court must first rule that Ross can be evicted before the locks can be changed.

William Aitchison had a first mortgage on his house of $300,000 with Bank A, a second mortgage of $200,000 with Bank B, and a third mortgage of $100,000 with Bank C. All of these mortgages were registered and in that order. Arthur missed his mortgage payments to Bank C. Which of the following statements is TRUE?

• A)  No bank alone can force the sale of the house

• B)  If the house is sold, Bank A must be paid in full before any other bank receives any money

• C)  If Bank C forces the sale of the house, Bank C will get its $100,000 before any other bank receives any money

• D)  If the house is sold Bank A will get 50% of the proceeds of the sale

• E)  If the house is sold Bank C will get 33% of the proceeds of the sale