[REM 300] - Midterm Exam Guide - Comprehensive Notes for the exam (16 pages long!)

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 300
• Professor: David Scofield

Document Summary

A system of parcelling land emerged after 1066 began as a system of tenure related to the duties owed the landlord. Tenants on crown land gradually obtained rights through legal system. Estates- many different types: life estate, future estate, lease hold estate, fee simple estate (also known as the most complete bundle of rights) Fee simple estate-typical canadian property owner has this. The bundle of rights is transferred through legal document known as deed . Interest in land for a definite period (a week, month, year, etc) If fee simple estate holder wants to lease their property, they create a leasehold estate using a legal document called a lease. Tenant gets the right to use the rented property for a limited time frame in exchange for rent payment: rent is determined differently in commercial/residential. Many laws govern relationship between landlord and tenant, these vary a lot from country to country.