Zack, Virgil, and Craig, Friends for Several Years and All

question 32

Multiple Choice

Zack, Virgil, and Craig, friends for several years and all worried about the alarming rise in land prices, want to go in together and buy a four-acre parcel 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 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.
• B) Ownership of the fee simple does not guarantee their right to everything below the surface of their property.
• C) 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.
• D) If they do not indicate on the transfer documents the nature of the co-ownership, the law presumes they will take as joint tenants.
• E) 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.

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Definitions:

Hominoids

A taxonomic group of primates that includes apes and humans, characterized by higher intelligence and more complex social structures compared to other primates.

Anthropoids

The suborder of primates that includes New World monkeys, Old World monkeys, and apes (including humans).

Taxonomically

Pertaining to taxonomy, the science of classification, especially in biology for the classification of organisms into a systematic framework such as kingdoms, phyla, and species based on shared characteristics and genetic heritage.

Collarbone (Clavicle)

A bone located horizontally across the front of the shoulder, connecting the arm to the body.