MCS 3040 Chapter Notes - Chapter 19: Caveat Emptor, Royal Lepage, Giro

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Andrew Mac Dougall

Document Summary

Fixtures (cid:28708) tangible personal property that is attached to land, buildings, or other fixtures. Land is permanent, immovable, and the quantity is limited. Fee simple (cid:28708) legal interest in real property that is closest to full ownership. Owner owns virtually all the rights associated with the real property. Fee simple is the highest level of land ownership. Tenancy in common (cid:28708) co-ownership whereby each owner of an undivided interest can dispose of that interest as they see fit. Joint tenancy (cid:28708) co-ownership whereby the survivor inherits the undivided interest of the deceased. Examples imposed by statute law and common law: Foreign ownership of land may be limited by the government. There are numerous restrictions on land use imposed by statute law and common law. Municipal governments: planning schemes and zoning regulations. Environmental regulations: limiting harmful substances, clean up environmental contamination. The common law of nuisance limits use of land that interferes with other owners" (cid:28664)(cid:28673)(cid:28669)(cid:28674)(cid:28684)(cid:28672)(cid:28664)(cid:28673)(cid:28679) (cid:28674)(cid:28665)