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Study Guide

[REM 300] - Final Exam Guide - Everything you need to know! (50 pages long)


Department
Real Estate Management
Course Code
REM 300
Professor
David Scofield
Study Guide
Final

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Ryerson
REM 300
FINAL EXAM
STUDY GUIDE

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REM300 Introduction to Real Estate:
CHAPTER ONE: THE EVOLUTION OF OWNERSHIP:
English laws were necessary to codify the rights and limitations associated with
ownership.
England is the starting point for any discussion of Canadian ownership.
In Canada there are 2 doctrines of laws relating to law ownerships: doctrine of tenure
and doctrine of estate.
The Feudal System of Tenure:
Tenure: land holding for a temporary time period but does not involve ownership of the
land. Right to possess not own subject to payment. *
Land holding system was introduced known as feudalism in 1066.
The king appointed 1,500 tenants- in- chief who became lords of the lands (landlords) of
the entire domain.
Tenants- in- chief did not own the land as they were merely tenants of the king.
Lords had to pay in order to be able to occupy the large area of land. Thus they were
aloud to sublet their land.
Parceling land was established which allowed tenants to pay with goods and services.
Doctrine of Estates:
Estate: an interest in land. The status or extent of rights associated with tenure.
For example: the right to pass on tenure from parent to child.
Growth of Estates:
Growth of Estate is tied to the development of common law which developed codifying
rights and restrictions associated with land ownership.
Common law: has developed over time based on common practices and legal
precedents as a oppose to statutory provisions.
Evolution of Land:
Property ownership unfolds  Estates (Interest)  Limitations of Ownership  Extent of Ownership Codified
Types of Estates:
-Each type has there own sets of rights.
1. Estate to Uses Concept: a method of holding ownership.
-Title was in the name of the registered owner who may have held title as a trustee for
the real of beneficial owner.
-* this type of estate is not used anymore.
2. Fee Simple (freehold interest): The highest estate or absolute right to real property.
-Have the most rights and fewest limitations.
-Bundle of rights such as: can use, sell, lease, enter or give away the property, or retain
from any of these rights.
-Nevertheless these “bundles of rights” are subject to imposed governmental laws.
3. Fee Simple with Conditions: Fee simple can be created so that it terminated under
certain conditions.
-If the land is used for a purpose that it was not meant to be used for the fee simple
would be automatically terminated.
4. Fee Tail: Restricted the inheritability of land to a limited class of heirs ex. Eldest male.
-*this type of estate is not used anymore.
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5. Future Estate: An interest in land that arises at the end of a life estate.
-Reversion: when the grantor of the list estate reserves the balance for him.
-The grantor can give the balance to a third party, thus the remaining portion is called a
remainder.
-BASICALLY: There are 2 individuals in this type of estate: a life estate (person who
currently owns the land) and a remainder (the person who will possess the land in the
future). The remainder cannot use the property as long as the life estate exists. The life
estate may be restricted to what he or she can do to the property. Life estate also has
the current obligations and has the benefit of current assets. While the remainder will
have the capital benefits and obligations.
-The 2 individuals may wish, through an agreement, to deal with the property in another
manner ie sell it, tea it down etc.
6. Leasehold Estate: A interest in land for a specified period of time.
-The person who has the interest is called the lessee or tenant.
-The grantor of the interest is called the lessor or landlord.
7. Life Estate: An ownership in land for a specified period of time.
-When a grantor may grant someone through a deed or in a will an interest in land for a
lifetime period.
-Example: To Jones for his life.
-The grantor may specify rights and obligations that affect the life tenancy. Example: use
of the land, limitations on alterations/ improvements and payment of usual expenses
such as taxes and maintenances.
-Terms are usually in a will.
Freehold v. Leasehold Interests:
-FREEHOLD (fee simple) is ownership for indeterminate period of time. Whereas
LEASEHOLD is finite and is capable of being made certain.
Concurrent Ownership: two or more person having ownership at the same time. There are two
primary types: Joint Tenancy and Tenants in Common.
-Ownership is carried out through an agreement. If the owners cannot agree then an
application (partition) can be made to the court that leads to the forced sale of the
property and distribution of proceeds.
1. Joint Tenancy: ownership of land by 2 + persons whereby, on the death of one, the
survivor or the survivors take the whole estate.
-All owners have the same size of interest, the same possession and the same title to the
land equal rights.
-Joint tenancy is only created when: expressly created in the grant of the estate or
afterwards by an express agreement between the holders of the estate. Example: “ I
leave my fee simple in 123 Main Street to my 5 nephews equally.”
-It must state that it is a joint tenancy or clear evidence that it is* If not then it is assumed
that they are tenants.
-The four unities must be satisfied in order for a joint tenancy to be created.
-1. UNITY OF TITLE: from the same instrument: deed of will.
-2. UNITY OF TIME: interest of each joint tenant must begin at the same time.
-3. UNITY OF POSSESSION: equal ownership as a whole. P.9
-4. UNITY OF INTEREST: interest of each joint tenant must be identical in nature, extent
and duration. EXAMPLE: if there are 3 brothers that own a fee simple they each own
1/3.
-^ ** if 4/4 is not satisfied than a tenancy in common is created.
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