Question 1

Marian met with the owner of a warehouse and contracted for factory space for a two-year term. The amount to be paid ($22,400 yearly) and the premises were made clear, but nothing else was discussed. The law, however, implies some terms. Which of the following is a term of the contract?

Accepted Answer

The answer of Marian met with the owner of a...

Question 2

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

Accepted Answer

The answer of If Niles and Frasier buy a "fee...

Question 3

A periodic tenancy means

Accepted Answer

A periodic tenancy is characterized by no fixed end date but instead continues for successive periods until either the landlord or tenant gives notice to terminate. It is automatically renewed (e.g., month-to-month, week-to-week) until proper notice is given by either party.

Question 4

Most people understand that a mortgage involves the ________ borrowing money and giving the creditor a claim against their property (land and buildings) as added security in the event of a default.

Accepted Answer

The correct term for the party borrowing money in a mortgage agreement is the "debtor." This is because the debtor is the one who owes the debt to the creditor, secured by a claim against their property.

Question 5

Old Uncle Isaac has a cold and has become very morbid, talking continuously about funerals, death, and wills. Now he asks if he should give wife Juliet a life estate. Which of the following is a true statement about wills and life estates?

Accepted Answer

A life tenant is responsible for maintaining the property, paying taxes, and ensuring that the property's value is not diminished for the reversionary interest holder.

Question 6

It is common today for a ________, needing more funds, to transfer the equity of redemption to another creditor as security for a further loan.

Accepted Answer

The correct term is "mortgagor," which refers to the borrower in a mortgage agreement. When they need more funds, they might transfer the equity of redemption, which is their right to reclaim the property upon full repayment of the debt, to another creditor as security for a further loan.

Question 7

Which of the following is one of the implied rights of a lessee of a commercial tenancy?

Accepted Answer

The right to quiet enjoyment is an implied right in commercial tenancies, meaning the lessee can use the premises without interference from the lessor. This encompasses the lessee's ability to use and enjoy the leased property for its intended purpose without physical interference.

Question 8

If Sam buys the fee simple, which of the following is true with regard to his rights?

Accepted Answer

When Sam buys the fee simple, he owns the land and everything attached to it, including below the surface, except for any rights retained by the Crown, such as minerals or resources specified in the original Crown grant.

Question 9

When a house is built on a lot, the house is an example of

Accepted Answer

When a house is built on a lot, it becomes an integral part of the land, making it real property. Real property refers to land and any permanent structures attached to it, such as houses.

Question 10

In which of the following does a person have a true lease?

Accepted Answer

When he has contracted for a warehouse for a two-week period commencing June 1, 2016.

Question 11

Which one the following is true with regard to real-property law?

Accepted Answer

Restrictive covenants are conditions written into property deeds or lease agreements that restrict the use of the property in some way, and they indeed "run with the land." This means they apply to and bind subsequent owners, not just the original parties to the agreement.

Question 12

In 2015, Jonah sold a building to his two married sons: Bert and Charles. In 2016, Charles was thinking of severing the joint tenancy, but before anything was said or done, Charles and Bert both drowned in a boating accident. Charles died immediately, but Bert died two months later, never having regained consciousness. Charles had willed his interest in the property to his wife and Bert had willed his to his son. On these facts, which of the following is true?

Accepted Answer

The answer of In 2015, Jonah sold a building to...

Question 13

If you grant your grandma a life estate and she asks about her rights and duties as a life tenant, which of the following is true?

Accepted Answer

A life tenant cannot transfer the fee simple interest because their interest in the property ends upon their death. They are responsible for ordinary maintenance and repairs, can rent out the property, and cannot unilaterally change the property's ownership or rights, such as establishing an easement. When the life estate ends, if there's no remainderman designated, the property typically reverts back to the grantor's estate.

Question 14

Jane had two teenaged sons. Her husband died when the boys were 14 and 16. She met Jack, who had a son and daughter by his first marriage. He was divorced from both a first and second wife. Jane and Jack decided to marry. After the marriage, they bought a house as co-owners. Which of the following is true with regard to co-ownership?

Accepted Answer

If it is a joint tenancy and no changes are made, the right of survivorship means that if Jane dies first, her husband Jack would automatically inherit her share of the property.

Question 15

After a default and pursuant to an application by a mortgagee, the court will issue a preliminary order of ________, setting a time limit within which time the mortgage must be redeemed by paying what is in arrears, rectifying any other mortgage defaults, and in some cases, costs.

Accepted Answer

A preliminary order of foreclosure is issued by the court after a default on a mortgage, setting a time limit for the mortgage to be redeemed by addressing the defaults.

Question 16

Brenna owns two adjacent lakeside lots. She sells one lot to Burt and Ernie, with the provisions that they agree not to develop any commercial facilities on the land and to plant a row of rose bushes between the properties. The covenants are registered in the appropriate Land Titles Office. Which of the following is true?

Accepted Answer

The answer of Brenna owns two adjacent lakeside lots. She...

Question 17

Mario bought a small house in Nelson and was puzzled when he saw the conveyancing documents, which referred to a transfer of a "fee simple." The following statements were made to him to explain the term. Which is incorrect?

Accepted Answer

C) is incorrect because if the owner of a fee simple dies without a will (intestate), the estate does not automatically revert back to the Crown. Instead, it is distributed according to the rules of intestacy, which typically means it goes to the closest living relatives of the deceased.

Question 18

After saving his money for years, Taylor was finally able to buy property with a small house and a lake. Which of the following is false?

Accepted Answer

In most jurisdictions, property owners do not have absolute rights to the airspace above and the subsurface below their land. Air rights and subsurface rights (such as mineral rights) can be limited by law, and ownership of these can be separate from surface land ownership.

Question 19

Mario bought a small house in Nelson and was puzzled when he saw the conveyancing documents, which referred to a transfer of a "fee simple." The following statements were made to him to explain the term. Which is correct?

Accepted Answer

A fee simple interest represents the highest degree of ownership interest one can have in real property, short of the sovereign's (or Crown's) ultimate ownership, granting the holder full possessory rights and powers of disposition.

Question 20

Which of the following statements is incorrect with respect to personal property that becomes attached to real property?

Accepted Answer

The statement that it is unlawful to remove attached personal property under any circumstances is incorrect. The law allows for exceptions, such as when a tenant has installed fixtures for trade or business purposes (trade fixtures) or when removal does not cause damage to the real property.

Quiz 14: Real and Personal Property and Protection of the Environment