Zack, Virgil, and Craig Have Been Friends for Several Years

question 58

Multiple Choice

Zack, Virgil, and Craig have been friends for several years and are all worried about the alarming rise in land prices. They want to go in together and buy a four-acre parcel of land in the country. There is a small cabin on it. They hope that the land value will appreciate, and they want to sell it in a few years to help finance a house of their own. Read each of the following separately and indicate which is true with regard to their ownership of this property.

• A) If they do not indicate on the transfer documents the nature of the co-ownership, the law presumes they will be joint tenants.
• B) In Canada, in strict legal terms, the only owner of land is the Crown, and if they buy land free and clear, they are only getting a life estate.
• C) Ownership of the fee simple does not guarantee their right to everything below the surface of their property.
• D) If they buy the land and do not take possession, in some provinces they could lose their right to claim possession and their rights become a fee simple estate.
• E) Ownership of the property entitles them not only to the surface of the earth between the boundaries, but also to the infinite airspace above and everything below the surface of their property.

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Definitions:

Overactive Thyroid

A condition, also known as hyperthyroidism, where the thyroid gland produces excessive amounts of thyroid hormones, leading to various health issues.

Overactive Pituitary

A condition in which the pituitary gland produces an excess of one or more hormones, which can lead to various health issues.

Underactive Thyroid

A condition also known as hypothyroidism, where the thyroid gland doesn't produce sufficient hormones, affecting metabolism and energy levels.

Underactive Pituitary

A condition where the pituitary gland does not produce adequate amounts of certain hormones, which can affect various bodily functions.