Humber Real Estate - Course 1, Module 3 Exam Questions and Answers (Solved Papers) Define 'Estate' - Correct Answers ✅An interest in land that contains various rights associated with ownership or tenancy.What are the 2 most common types of estates? - Correct Answers ✅Fee simple & leasehold.What type of rights would be required to build a bridge, railroad or skyscraper? - Correct Answers ✅Air rights What type of rights would be required to build on a parcel of land? - Correct Answers ✅Surface (or ground level) rights What type of rights manage the property owner's access to and use water, and are often encountered in the listing and selling of recreational properties? - Correct Answers ✅Riparian rights What type of rights would be required before removing gas, gold, oil, silver or precious metals from the ground? - Correct Answers ✅Mineral rights What are the 2 types of concurrent ownership? - Correct Answers ✅- Joint tenancy
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Humber Real Estate - Course 1, Module 3 Exam Questions and Answers (Solved Papers) What is the primary difference between joint tenancy and tenants in common? - Correct Answers ✅Survivorship A man buys a home with his new spouse, but upon his death he wants the estate to be passed down to his adult daughter from a previous marriage, not his new spouse. What type of concurrent ownership should the couple choose? - Correct Answers ✅Tenants In Common Two women invest in a two-storey house to use as an investment property before they are in a car accident together. One woman dies and the house is passed directly to the surviving woman. What type of concurrent ownership did the partners have? - Correct Answers ✅Joint Tenancy What are the 4 required unities for joint tenancy? - Correct Answers ✅Title, Time, Possession, Interest What is the definition of a standard condominium? - Correct Answers ✅A fee simple ownership of the unit and a tenant in common ownership of the portion used jointly with others known as the common elements (hallways, elevators, playgrounds, lobby, etc.) What is the definition of a common elements condominium? - Correct Answers ✅An ownership where there are no units,
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