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Study Guide

REM 300 Study Guide - Comprehensive Final Exam Guide - City, Government Of Ontario, Canada


Department
Real Estate Management
Course Code
REM 300
Professor
Cynthia Holmes
Study Guide
Final

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REM 300

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Lecture 1 REM300
Evolution of Ownership
History:
- A system of parcelling (selling) land emerged after 1066 began a system of tenure (conditions) related
to the duties owed to the landlord
- Tenants on such land gradually obtained rights through the legal system
- Estates evolved to be a bundle of rights that are associated with land ownership
Growth is tired to development of common law
- Key Terms
Tenure: holding of land without ownership
Estate: the extent of rights associated with tenure (forms basis of modern R.E)
Estates:
- Described as an interest in land, and is the most common form of ownership
- Types of Estates:
1. Fee Simple Estate (FREEHOLD OWNERSHIP): Answer the last question
Maximum rights with minimum limitation
A typical Canadian property owner has this type of estate (rights)
Bundle of rights (TITLE) is transferred through a Deed and includes the ability to:
o Use property within legislative confines (rules)
o Sell, lease, or give away
o Decide who inherits property
o Gov. may impose some ownership limitations
2. Life Estate (SECOND HIGHEST AFTER ^):
A bundle of property rights the includes Use & Possession, not disposal
Terminates when the holder dies NOT ALLOWED TO DETERMINE WHO INHERITS
LAND CAN’T SELL IT
When holder dies, fee simple estate passes to on the party that was designated by the
previous fee simple interest holder
3. Leasehold Estate (RENTING):
An interest in land for a definite period of time
If fee simple estate holder wants to lease their property, then the create a Leasehold estate
using a lease
o Tenant gets right to use rented property for limited time, in exchange for rent
payment
o Many laws govern the relationship between landlord and tenant
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Lecture 1 REM300
4. Future Estate:
Arises when Life Estate ends
Fee simple remains after life estate expires
Reversion: when individual who granted life estate (or grantor) resumes fee simple
Remainder: if grantor gives balance to third party
Co ownership/Concurrent Ownership
- Property is often owned by a group of people who all have the same package of right at the same time
Interests cannot be physically separated
Indivisible as well as unique (no two assets exactly same)
- Two most important forms of direct Co ownership:
1. Joint Tenancy:
Survivorship co owner gets your share when you die (no hertitary)
Possession, Interest, Time, and title (PITT unities) must be met
Same rights of possession
Same share of interest (50 50)
Same time
Same legal doc giving title
2. Tenancy in Common:
Requires only one unity possession
Standard form except in special cases and in marriage
Fee simple estate with multiple owners
NO SURVIVORSHIP inherit based on heritage
Matrimonial Home:
- Set of laws associated with the residence owned by a family (married couple)
- Pre-set rules regarding settlements, in case of divorce or death
- Death of spouse: share goes to other spouse, not part of the will
- Divorce from spouse: certain rights available for spouse, even if house listen in other spouse name
If unities not met then it is
considered Tenancy in
Common
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