Zack,Virgil,and Craig,friends for several years and all worried about the alarming rise in land prices,want to go in together to buy a four-hectare parcel in the country.There is a small cabin on it.They hope that the land value will appreciate,and they want to sell it in a few years to help finance a house of their own.Read each of the following separately and indicate which is true with regard to their ownership of this property.
A) Ownership of the property does not guarantee their right to everything below the surface of their property.
B) Ownership of the property entitles them not only to the surface of the earth between the boundaries,but also to the infinite airspace above and everything below the surface of their property.
C) In Canada,in strict legal terms,the only owner of land is the Crown,and if they buy land free and clear,they are only getting a life estate.
D) Once a decision is made to hold property as joint tenants,that decision cannot be changed.
E) If they buy the land and later use it to secure debt,possession of the property will be transferred to the creditor until the debt is repaid.
Correct Answer:
Verified
Q23: If Niles and Frasier buy a "fee
Q24: Mario bought a small house in Nelson
Q26: Indicate the extent of ownership above and
Q29: Which of the following describes involuntary bailment?
A)Someone
Q30: If Sam buys the fee simple,which of
Q48: Real property refers to land only.
Q53: An estate in the land describes a
Q61: If someone stores goods on your property
Q62: A gratuitous bailment can occur when someone
Q132: The bailee is not liable for damage
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents