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LGL153 Legal Entities Test 2
Fichas del conjunto (94)
- 1MortgagorThe party (typically a homeowner) borrows money to purchase property
- 2MortgageeThe lender (typically a bank)
- 3PropertyAnything that can be owned
- 4Personal PropertyMoveable Property; also known as Chattels
- 5Real PropertyImmovable Property (land and anything attached to the land). Does not include personal property or chattels.
- 6The two types of property law are treated __________________ under the lawThe two types of property are treated differently under the law.
- 7True or False: Minerals below the surface of the land is "real property".True
- 8True or False: Airspace above the land is considered "real property".True
- 9True or False: Buildings occupying ling land are considered "real property".True
- 10True or False: Fixtures on the land are not considered "real property".False
- 11What is the Agreement of Purchase of Sale?Contract between buyer and seller of real property:
Fixtures included unless specifically excluded; Chattels excluded unless specifically included - 12What role does the Crown have in land ownership?Crown is ultimate owner of all Ontario Land and may pass by laws restricting and regulating land use/size, expropriate land, doctrine of escheat applies. ie "call before you dig" campaign
- 13Doctrine of Escheatis a common law doctrine that transfers the property of a person who dies without heirs to the crown or state. It serves to ensure that property is not left in "limbo" without recognized ownership.
- 14Fee Simple EstateHighest form of land owners; holder is true owner and has all rights associated with ownership (subject to Crown's rights)
- 15Life EstateLife tenant has right to exclusive possession for duration of his/her lifetime and is req. to maintain property/not commit waste on land. When they die, life estate ends and property reverts to a fee simple.
- 16Leasehold EstateTenant: has right to exclusive possession for specified period of time in return for payment of rent. ie The Rental market.
- 17EasementRight to use part of someone else's land for a specific purpose (right of way). ie Shared driveway.
- 18Servient TenementLand that provides the easement (it serves the easement)
- 19Dominant TenementLand that benefits from the easement
- 20Express Grant:Owner of property must grant permission for right of easement
- 21Adverse InterestA claim against the property, such as an easement. Exists only in the Registry System of land registration.
- 22Restrictive CovenantImposes restrictions on the use of property, so long as it is reasonable, in accordance with public policy, and not negative in nature.
- 23Adverse PossessionRight to fee simple estate in someone else's land as a result of exercising exclusive possession of that land adversely (without owner's permission), openly and continuously for 10 years.
- 24Easement by PrescriptionOpen and continuous use for at least 20 years. Owner of servient property has not consented to use of easement but knows its occurring. If servient tenement owner does not stop use of easement during 20 year period, dominant tenement can use easement forever.
- 25Encroachment by PrescriptionOwner of land who permits encroachment to exist for at least 20 years loses right to object to the encroachment
- 26Title is equal to...Ownership
- 27If two or more people own property together they hold title either as...Joint Tenants or Tenants-in-common
- 28Joint TenantsEach owner has undivided interest in property, right of survivorship when one joint tenant dies.
- 29Tenants-in-CommonNo right of survivorship, can have unequal interests, can transfer interest to third party or by will.
- 30Title related information is recordedin land registration systems.
- 31The two types of land registration systems in Ontario are1. Registry
2. Land Titles - 32The Registry System isOlder system
Governed by the Registry Act
Provides notice, does not guarantee validity
Documents affecting land recorded in abstract book - 33The Land Titles System isGoverned by the Land Titles Act
Government guarantees title
Documents affecting land recorded in parcel registry
All land in Ontario is being converted to this system - 34This involves checking entries recorded in abstract book, parcel registry, and/or automated title index and examining listed documents affecting titleTitle Searching
- 35Title Search is used fordetermining ownership of land and whether there are outstanding claims or emcumbrances
- 36Registry System Title Search examines how many years of history ownership?Must examine history of ownership of property for 40 years prior to date of search. ie in 2016, we must look back at least 40 years, or to 1976.
- 37What is a root deed?It is the deed registered immediately before 40 year period.
- 38Land Titles System Title Search examines how many years of title history?None. State of title is guaranteed, so no need to conduct a 40 year search.
- 39Planning ActProhibits landowners from severing land except under specific circumstances set out in the Act
Search Required if property is not an entire lot on a plan of subdivision - 40Execution means...Claim against someone resulting form a court judgement.
A lien is created against land owned by the person named in the execution at time of filing and any lands acquired afterward. - 41An Execution Search is important becauseYou must ensure there are no outstanding execustions in the Registry System or Land Titles System
- 42Title InsuranceAn insurance policy that protects purchasers and mortgagees of real property against title-related problems
Insurance deals with any issues of title - 43Principal =amount of money borrowed
- 44Interestamount added to the loan for the right to obtain and use the money
- 45Interest Rate is calculated:as an annual percentage of the amount of the loan.
- 46Fixed Interest rateRate does not fluctuate during term
- 47Variable Interest raterate fluctuates in accordance wth prime lending rate
- 48Frequency of calculation affects amamount of interest payable, typically calculated semi-annually or twice a year.
- 49Mortgage are paid inArrears, not in advance.
- 50What are the three types of mortgages?New Mortgage
Assumed Mortgage
Vendor Take-Back Mortgage - 51New MortgageOwner or purchaser of real property borrows money from a lender and gives the bank a charge on the property (as security for the loan)
- 52Assumed MortgagePurchaser of real property takes over an existing mortgage on the property he/she is buying
Good option when interest rate on existing mortgage is lower than it would be if arranging a new mortgage - 53Vendor Take-Back MortgageVendor lends money to purchaser and takes back a mortgage on the property
Used when purchaser us unable to borrow the money needed from another lender and vendor wants the deal to close - 54TermLength of time covered y contract between mortgagor and mortgagee (usually between one and five years)
- 55Amortization PeriodLength of time it will take to pay off the loan in full making blended payments of principal and interest (usually 25 years)
- 56Amortization ScheduleSets out how blended payments (of principal and interest) are applied
- 57Balloon PaymentAmount owing on a mortgage at the end of its term
- 58Blended PaymentCombines principal and interest into one single monthly payment
- 59Non-blended paymentamount of principal and amount of interest in each payment are separate and distinct
- 60Open MortgagePermits mortgagor to pay off principal whenever he/she wants
- 61Closed MortgageMortgagee can refuse early repayment (unless mortgagor pays a penalty)
- 62Partially Open Mortgaageclosed mortgage that contains open privileges (mortgagor can pay off some of the principal at specified times)
- 63Standard Charge of TermsSet out Obligations of Mortgagor and rights of mortgagee (copy given to mortgagor who is bound by them)
- 64The Interest Adjustment Date (IAD) isThe date from which interest is calculated
- 65Interest adjustment amount isOnly for mortgages where the IAD is not the same as the date the loan is advanced
Amount of interest that accumulates between date the loan is advanced and the interest adjustment date - 66What is the last day of a term for a mortgage called?The Balance Due Date
- 67In the event of a default, how are pay outs determined?The mortgage with the earliest date of reistration comes first, and so on.
- 68What are the 4 obligations of a Mortgagor?1. Make all mortgage payments in full and on time
2. Maintain fire insurance on mortgaged property
3. Pay all realty taxes
4. Keep mortgaged property in good condition - 69How is a mortgage discharged?When the loan is paid in full Discharge of Charge/Mortgage is registered on title.
- 70DefaultOccurs when mortgagor breaches one or more obligations, commonly because principal and interest payments not made when due
- 71Acceleration clause in the charge permitsPermits chargee to demand immediate payment of full amount of the loan.
Sue chargor for payment of debt
Sell charged proeprty (Power of Sale)
Obtain Title to the property (foreclosure) - 72Power of SaleChargee sells the property to a third party
Common remedy because it is quick and inexpensive - 73ForeclosureGives legal title to chargee
- 74Judicial SaleCourt orders sale of property and oversees all matters related to the sale
- 75Intellectual Property (IP) isCreation or invention of the mind
- 76Is an idea alone protected as intellectual property?No. Only expression of an idea is protected, such as a book, an image or an invention.
- 77Name three examples of intellectual propertyArtitistic Works (drawings, paintings, photos, sculpture)
Designs
Inventions
Literary works (novels, poems, plays)
Music and films
Software
Symbols - 78What is the purpose of IP Protection lawsCreate an artificial security fence are a creation which:
Allows creators to benefit from their creation and encourages authors, musicians etc to keep creating and producing material (benefits society as a whole) - 79What are the 3 main types of IP Protection?Copyright
Patents
Trademark - 80Copyright isThe right to copy
Governed by the Copyright Act
Work must be original and expressed in a fixed form
Not required to be registered, but provides evidence of protection and ownership - 81Infringement of CopyrightWhen someone other than the copyright owner does anything that only the owner can do, without the owner's consent
- 82PatentsWay inventors protect their inventions
Give creator exclusive right to produce, use, sell his/her new invention for 20 years (after 20 years inventors exclusive right is extinguished)
Only protected in country granting patent - 83Patent PendingInventor has applied for patent
- 84Trademarksword, design, slogan, symbol, logo or any other mark that identifies and distinguishes a person's goods or services; a unique way of packaging goods
- 85Trade namename that sole proprietorship, partnership or corporation uses to carry on business
- 86A trademark is not registrable if it is:Mostly mde up of name or surname of someone who is alive, or who died within 30 years.
Merely descriptive
Misleading
The actual name of the goods/services
Too similar to existing trademark
Similar to an official design
Considered immoral, obscene or scandalous - 87Owner of a registered trademark has exclusive right to use trademark fork for how many years?15 years.
It can be renewed every 15 years.
Registration constitutes proof of ownership. - 88Passing-offUse of another persons registered trademark intending misrepresententation. Plaintiff must establish action to passing-off
- 89Why is it advisable to register a trademark?Enforcement by owner of registered trademark is simpler
- 90Remedies to infringement on trademarks?Injuction and Damages
- 91TM symbol is registered or unregisteredUnregistered
- 92R symbol for trademarks isfor registered trademarks.
- 93Industrial design isthe way a finished product looks - it's visual appeal only (not the way it function)
Governed by the federal Industrial Design Act - 94—
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- Law Fichas sobre LGL153 Legal Entities Test 2, creado por Kate Harrison el 14/11/2016.
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- Kate Harrison
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