ADMS 2610 Chapter Notes - Chapter 11: Leasehold Estate, Fee Simple, Life Estate

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rubymammoth169

4 Dec 2018

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Jack Furman

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Document Summary

Chapter 27 (7th edition) / chapter 28 (8th edition) (please refer to the week 11 course notes for the corresponding page numbers and questions for both the 7th and 8th editions. ) Question: describe briefly how landholding developed in canada, and identify the system upon which it is based. The legal nature of interests in land in canada comes from the feudal system developed in england centuries ago. The right to use a defined portion of land was given by the crown, initially in exchange for military service. The right to use the land is the extent of property in land in canada, as well as the u. k. , the crown retains ownership of all the land. Military service gave way to allow payment of money for the granting of land, or other things of value. The use of services for acquiring land was abolished by statute in. In canada, an interest in land was created / granted by crown patent.

Related Questions

TRUE OR FALSE

1. _____ Under the feudal system of land ownership, the responsibility for providing services, determining land use, etc., was held by the king.

2. _____ Government rights limit private rights in real property by the use of appropriation.

3. _____ When real property is taken by means of eminent domain, the government has to pay the landowner fair market value.

4. _____ Railroads have the right to condemn private property for public use.

5. _____ A family had a lion as a pet at their home outside the city. When the area became incorporated, the city made him get rid of the lion by their use of police power.

6. _____ A government may acquire ownership of privately held land by patent.

7. _____ If title to real property is said to be fee simple, it can NOT be alienated.

8. _____ A fee simple estate in real property may not be transferred with a bill of sale.

9. _____ The greatest estate in real property is a fee simple estate.

10. _____ The bundle of rights includes the right of escheat.

11. _____ An encumbrance affects the loan to value ratio.

12. _____ An easement may be created by a written document granting the right to another.

13. _____ An easement may be removed from county records by a quit claim deed signed by the owner of the easement.

14. _____ When a parcel of real property is sold in foreclosure, the easement rights transfer with title.

15. _____ An easement appurtenant passes with the title to the dominant estate.

16. _____ A private road on Donâs property has often been used by fishermen as a walkway to the lake. If Don wishes to break the fishermenâs claim to an easement by prescription, while still allowing the use, he must give notice of his consent to their use of the property.

17. _____ The legal right of a utility company to maintain power lines along the back of a lot is called adverse possession.

18. _____ The best way to determine whether a property has an encroachment is to search the title.

19. _____ A property owner lived in an area newly zoned for business but his deed contains a restriction against commercial usage. In this case the zoning laws would prevail.

20. _____ The type of lien used by someone who does work or supplies materials for a home and has not been paid is called a mechanicâs lien.

Chapter 13 Assignment Law of Property: Real and Personal

Due Date: Refer to the Course Calendar

Submit questions and answers, not just your answers.

Please answer the following questions with complete sentences.

Points will be deducted if answers are not in complete sentences.

1. What are the similarities and differences between a cooperative and a condominium?

2. Sometimes courts offer multiple reasons for their decisions. The fact that the lower court offered two distinctly different reasons for granting summary judgment to the Homeowners Associations was especially important in the case of Burton Stevens v. Elk Run Homeowners. Association, Inc. Why? Please be very detailed.

3. Why might an inventor prefer to protect an invention using trade secret law rather than patent law, or vice versa?

4. The Trade-Related Aspects of International Property Rights (TRIPS) is administered by whom?

5. The patent holder has a guarantee of an exclusive monopoly on the use of the invention for how many years?

6. Many countries require a business to be what to register a domain name in the country?

7. Because of the Takings Clause of the U. S. Constitution, what are the two requirements when the government wishes to take someoneâs private property?

8. What are the bundles of rights associated with Real Property?

9. Explain everything that is included in the ownership of land.

10. List and describe the different interests in Real Property.

11. Define easement. List and describe the three different types of the easement.

12. List and describe the three types of co-ownerships.

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Financial Report Analysisâ Ford MotorCompany

View the 2013 Annual Report for the Ford Motor Company, aFortune 50 company, linked here as well as on the CourseInformation page. Using this report, answer the followingquestions:

1. Does the company use a multiple-step or a single-step formaton its income statement? Explain.

2. What was the net income for 2013? What was the basic netincome (earnings) per common share for 2013?

3. What was the gross profit for 2013? For 2012?

4. How much interest expense was incurred in 2013? In 2012?

5. What was the amount of income before income taxes for 2013?For 2012?

6. What was the amount of selling, general, and administrativeexpenses in 2013? Of this amount, what was the amount forstock-based compensation expense?

7. What amount of dividends on common stock was paid per shareand in total in 2013?

8. What were the total revenues and income before income taxes,respectively, for the fourth quarter of 2013?

9. How much was the net cash provided (or used) by operatingactivities in 2013? In 2012?

10. How much was the net cash provided (or used) by investingactivities in 2013? In 2012?

11. How much was the cash provided by the issuances of debt in2013? In 2012?

12. What were the cash and cash equivalents at the end of 2013and 2012? What does the company classify as cash equivalents?

13. What were the total accounts receivable (net) at the end of2013? At the end of 2012?

14. Assuming that all revenues were net credit sales, and thatthe total accounts receivable (net) at the end of 2011 were $8,281million, compute the receivables turnover for 2013 and 2012. (Hint:Assume the total of accounts receivable is in trade receivables).Round your answer to two decimal places. What is your evaluation ofthe ratio and the difference between the two years?

15. Which inventory method(s) does the company use? Explain whyyou think the company selected this method(s).

16. Compute the inventory turnover ratio for 2013 and 2012 usingthe ending inventory instead of the average inventory. What is yourevaluation of the difference?

17. What was the total amount of inventories on December 31,2013 and 2012? What were the principal categories of inventory onthese dates?

18. What was the amount of the current assets on December 31,2013?

19. What was the amount in the allowance for doubtful accountson December 31, 2013?

20. What is the par value of the companyâs common stock? Howmany shares had been issued at the end of 2013?

21. What was the long-term debt on December 31, 2013? Of thistotal, which was the highest long-debt item and how much wasit?

22. What was the accumulated depreciation on December 31, 2013?What method does the company use to depreciate its property, plant,and equipment?

23. What was the amount of accounts payable and accrued expenseson December 31, 2013? How much was for accrued interest expenses atDecember 31, 2013?

24. What were the reinvested (retained) earnings on December 31,2013?

25. What were the total assets on December 31, 2013?

26. What were the current liabilities on December 31, 2013?

27. What was the cost of the treasury stock held by the companyon December 31, 2013?

28. What are the companyâs operating segments?

29. What are the companyâs segment products and services?

30. What is the estimated useful life of the property, plant,and equipment; land improvement; and buildings?

31. What was the total amount of intangible assets that thecompany reported at the end of 2013, and how did the companycapitalize and amortize the different intangible assets?

32. Why does the company amortize some of its intangible assetsbut not others?

33. Do you think that the company has additional âintangiblesâthat are not recorded on the balance sheet? Why? How would thisissue affect your understanding of the companyâs financialperformance?

34. What were the total debt and debt components at the end of2013?

35. What are the companyâs commitments and contingencies?

36. What are the terms of the companyâs credit agreement?

Complete your assignment in a Microsoft Word document andclearly identify each numbered item to which you are responding.Part of your grade will be based on the organization of yourproject. Show all supporting calculations for your responses, asapplicable. Specifically, questions 3, 4, 13, 14, 16, 17, 18, and34 require calculations. In order to clearly show quantitativeresponses with calculations, insert a table(s) in Word so that yourcompleted assignment is well organized and composed of only onedocument for submission.

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ADMS 2610 Chapter Notes - Chapter 11: Leasehold Estate, Fee Simple, Life Estate

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