Question 1

In what way is a registry system different from a land titles system?

Accepted Answer

A)  conversion of paper records to microfiche records 
B)  sequence of registration is used solely in registry system 
C)  constitutional jurisdiction of the registry system 
D)  absence of responsibility for validity of documents 
A)  conversion of paper records to microfiche records 
B)  sequence of registration is used solely in registry system 
C)  constitutional jurisdiction of the registry system 
D)  absence of responsibility for validity of documents

Question 2

What type of land ownership confers the most comprehensive level of ownership possible?

Accepted Answer

A)  life estate 
B)  fee simple 
C)  joint tenancy 
D)  full estate 
A)  life estate 
B)  fee simple 
C)  joint tenancy 
D)  full estate

Question 3

Commercial leases are highly regulated by provincial legislation.

Accepted Answer

A) True 
 B)False

Question 4

Merrilee and Keith own several of acres of vacant land adjoining the property where their greenhouse operations and large garden centre facility are located.The greenhouse side of the business is ready to expand.A senior lending officer of ImaBigBank is meeting with Merrilee and Keith to discuss the expansion plans and the financial needs and circumstances of their business.How will the parties most likely be described on the mortgage if ImaBigBank approves the financing?

Accepted Answer

A)  Keith and Merrilee's business is the mortgagee,and ImaBigBank is the mortgagor. 
B)  ImaBigBank is the mortgagee,and Keith and Merrilee are the mortgagors. 
C)  Keith and Merrilee are the mortgagees,and ImaBigBank is the mortgagor. 
D)  ImaBigBank is the mortgagee,and Keith and Merrilee's business is the mortgagor. 
A)  Keith and Merrilee's business is the mortgagee,and ImaBigBank is the mortgagor. 
B)  ImaBigBank is the mortgagee,and Keith and Merrilee are the mortgagors. 
C)  Keith and Merrilee are the mortgagees,and ImaBigBank is the mortgagor. 
D)  ImaBigBank is the mortgagee,and Keith and Merrilee's business is the mortgagor.

Question 5

On May 1,Orianna forwarded her client's signed title transfer document,keys,and remote control for the garage door to the purchaser's lawyer.The items were sent in trust,on the express condition that she receive the payment of the balance of the purchase price in return.John will comply,then submit the transfer document to the registry promptly for registration.In the meantime,which of the following should John's clients have effectively put in place for the May 1 closing date?

Accepted Answer

A)  a certificate of mortgage financing 
B)  a certificate of insurance coverage 
C)  a registrable mortgage to pay the balance of the price due 
D)  mortgage financing and executed mortgage documents 
A)  a certificate of mortgage financing 
B)  a certificate of insurance coverage 
C)  a registrable mortgage to pay the balance of the price due 
D)  mortgage financing and executed mortgage documents

Question 6

What remedies are available to the mortgagee (lender)in the event of default by the homeowner?

Accepted Answer

The rights of the lender and the procedu

Question 7

Real property is largely governed by common law,which,by tradition,devotes its focus on protecting rights to property and,in particular,determining the rights of ownership to a piece of land.

Accepted Answer

A) True 
 B)False

Question 8

What distinguishes an undivided one half interest held in a tenancy in common from a one half interest held in a joint tenancy with respect to the co ownership of real estate?

Accepted Answer

A)  Each owns an undivided co ownership of the whole. 
B)  Each owns an undivided co ownership of each portion. 
C)  Each owns an undivided interest in ownership of the whole. 
D)  Each owns an undivided interest in ownership of their portion. 
A)  Each owns an undivided co ownership of the whole. 
B)  Each owns an undivided co ownership of each portion. 
C)  Each owns an undivided interest in ownership of the whole. 
D)  Each owns an undivided interest in ownership of their portion.

Question 9

What is the term for the system of land registration that guarantees title to land?

Accepted Answer

A)  registry system 
B)  land titles system 
C)  first to file system 
D)  the deed system 
A)  registry system 
B)  land titles system 
C)  first to file system 
D)  the deed system

Question 10

What is the main factor in deciding whether a lease has been created?

Accepted Answer

A)  the Residential Tenancy Act or Commercial Tenancy Act 
B)  the contract between the landlord and tenant 
C)  the parties' ability to negotiate their own terms 
D)  the legal concept of exclusive possession 
A)  the Residential Tenancy Act or Commercial Tenancy Act 
B)  the contract between the landlord and tenant 
C)  the parties' ability to negotiate their own terms 
D)  the legal concept of exclusive possession

Question 11

What principle has the Supreme Court endorsed when dealing with the broad social issue of how to balance the need to encourage development and commercial activity with the need to control and prohibit dangerous activities?

Accepted Answer

A)  nuisance principle 
B)  negligence principle 
C)  public policy principle 
D)  polluter pays principle 
A)  nuisance principle 
B)  negligence principle 
C)  public policy principle 
D)  polluter pays principle

Question 12

A tenancy in common is a form of undivided co ownership distinguished by the right of survivorship.

Accepted Answer

A) True 
 B)False

Question 13

Which term refers to the concept of "buyer beware"?

Accepted Answer

A)  res judicata 
B)  caveat emptor 
C)  volenti 
D)  the sophisticated buyer rule 
A)  res judicata 
B)  caveat emptor 
C)  volenti 
D)  the sophisticated buyer rule

Question 14

What are the circumstances that would allow a party to disregard the particular type of registry system used to register documents securing a loan against a title?

Accepted Answer

A)  where both systems require lawyers to provide an opinion on the accuracy of title 
B)  where the right to an interest prioritized by registration is at issue 
C)  where the authenticity of an individual's right to ownership is unknown 
D)  where both systems require validation of good or other valuable considerations 
A)  where both systems require lawyers to provide an opinion on the accuracy of title 
B)  where the right to an interest prioritized by registration is at issue 
C)  where the authenticity of an individual's right to ownership is unknown 
D)  where both systems require validation of good or other valuable considerations

Question 15

Which of the following would NOT typically be contained in an Agreement of Purchase and Sale?

Accepted Answer

A)  purchase price 
B)  mortgage terms 
C)  closing date 
D)  legal description of property 
A)  purchase price 
B)  mortgage terms 
C)  closing date 
D)  legal description of property

Question 16

Describe the role of the administrators of a land titles system

Accepted Answer

The administrators of a land titles syst

Question 17

One of MSM Properties' tenants is now three months behind on its rent and MSM plans to exercise its remedy of distress.How will this remedy assist MSM?

Accepted Answer

A)  MSM can relet the property to a different tenant. 
B)  MSM can lock the tenant out of the property. 
C)  MSM can seize property belonging to the tenant. 
D)  MSM can evict the tenant. 
A)  MSM can relet the property to a different tenant. 
B)  MSM can lock the tenant out of the property. 
C)  MSM can seize property belonging to the tenant. 
D)  MSM can evict the tenant.

Question 18

Why is a commercial lease dependent upon the value,nature,and size of the property?

Accepted Answer

A)  they determine the complexity of the lease agreement 
B)  they determine the extent of leasehold improvements 
C)  they determine the permitted alternation of the space 
D)  they determine the responsibility for repairs and maintenance 
A)  they determine the complexity of the lease agreement 
B)  they determine the extent of leasehold improvements 
C)  they determine the permitted alternation of the space 
D)  they determine the responsibility for repairs and maintenance

Question 19

What is a distinguishing characteristic of a joint tenancy?

Accepted Answer

A)  a right of survivorship 
B)  division of ownership over time 
C)  two undivided half interests 
D)  right of first refusal 
A)  a right of survivorship 
B)  division of ownership over time 
C)  two undivided half interests 
D)  right of first refusal

Question 20

What is the purpose of a 'state of repair' clause in a real estate transaction?

Accepted Answer

A)  to relieve the seller of any liability for hidden defects in the property 
B)  to require the seller to notify the buyer of any defects that would impact its decision to purchase the property 
C)  to require the seller to ensure the condition of the property remains unchanged until closing 
D)  to require the seller to repair hidden defects in the property 
A)  to relieve the seller of any liability for hidden defects in the property 
B)  to require the seller to notify the buyer of any defects that would impact its decision to purchase the property 
C)  to require the seller to ensure the condition of the property remains unchanged until closing 
D)  to require the seller to repair hidden defects in the property

Exam 19: Real Property

In what way is a registry system different from a land titles system?

What type of land ownership confers the most comprehensive level of ownership possible?

Commercial leases are highly regulated by provincial legislation.

What remedies are available to the mortgagee (lender)in the event of default by the homeowner?

Real property is largely governed by common law,which,by tradition,devotes its focus on protecting rights to property and,in particular,determining the rights of ownership to a piece of land.

What distinguishes an undivided one half interest held in a tenancy in common from a one half interest held in a joint tenancy with respect to the co ownership of real estate?

What is the term for the system of land registration that guarantees title to land?

What is the main factor in deciding whether a lease has been created?

What principle has the Supreme Court endorsed when dealing with the broad social issue of how to balance the need to encourage development and commercial activity with the need to control and prohibit dangerous activities?

A tenancy in common is a form of undivided co ownership distinguished by the right of survivorship.

Which term refers to the concept of "buyer beware"?

What are the circumstances that would allow a party to disregard the particular type of registry system used to register documents securing a loan against a title?

Which of the following would NOT typically be contained in an Agreement of Purchase and Sale?

Describe the role of the administrators of a land titles system

One of MSM Properties' tenants is now three months behind on its rent and MSM plans to exercise its remedy of distress.How will this remedy assist MSM?

Why is a commercial lease dependent upon the value,nature,and size of the property?

What is a distinguishing characteristic of a joint tenancy?

What is the purpose of a 'state of repair' clause in a real estate transaction?

Knowledge of Law As a Business Asset

The Canadian Legal System

Managing Legal Risks

Dispute Resolution

An Introduction to Contracts

Forming Contractual Relationships

The Terms of a Contract

Non-Enforcement of Contracts

Termination and Enforcement of Contracts

Introduction to Tort Law

The Tort of Negligence

Other Torts

The Agency Relationship

Business Forms and Arrangements

The Corporate Form: Organizational Matters

The Corporate Form: Operational Matters

Introduction to Property Law

Intellectual Property

The Employment Relationship

Terminating the Employment Relationship

Professional Services

The Sale of Goods

Consumer Protection and Competition Law

Business and Banking

The Legal Aspects of Credit

Bankruptcy and Insolvency

Insurance

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