Question 1

What typically occurs during the "closing" stage of a real estate transaction?

Accepted Answer

A)  The seller accepts the buyer's offer. 
B)  The buyer decides to buy the land. 
C)  The seller delivers the title document,and the buyer makes final payment. 
D)  The seller hires a surveyor to confirm boundaries. 
A)  The seller accepts the buyer's offer. 
B)  The buyer decides to buy the land. 
C)  The seller delivers the title document,and the buyer makes final payment. 
D)  The seller hires a surveyor to confirm boundaries.

Question 2

Drew meets with Sherry to have a second look at an apartment block his corporation may be interested in purchasing.Why might Drew call an appraiser when he returns to the office?

Accepted Answer

A)  to get a report on the structural integrity of the building 
B)  to get a formal valuation based on the structure and market 
C)  to determine the physical boundaries and the building's location 
D)  to check for environmental hazards 
A)  to get a report on the structural integrity of the building 
B)  to get a formal valuation based on the structure and market 
C)  to determine the physical boundaries and the building's location 
D)  to check for environmental hazards

Question 3

Joint tenancy,which is typically the form of ownership in land used for property acquired by spouses as their marital home,is distinguished by the right of survivorship.

Accepted Answer

A) True 
 B)False

Question 4

At any point before the foreclosure process is complete,ownership of the land can be regained if the borrower is able to repay the loan.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is NOT an advantage of land titles systems over registry systems?

Accepted Answer

A)  the sequence of registration is irrelevant 
B)  transactions are less time consuming 
C)  transactions are less costly 
D)  there is greater reliability and certainty 
A)  the sequence of registration is irrelevant 
B)  transactions are less time consuming 
C)  transactions are less costly 
D)  there is greater reliability and certainty

Question 6

Often,matters relating to either the supply of water or soil contamination are addressed in an accepted offer for the purchase and sale of real property.Which statement best describes future legal relevance in instances where such matters are addressed in this manner?

Accepted Answer

A)  They are most often influenced by the misuse of erroneous information. 
B)  They are both forms of contractual warranties that survive closing. 
C)  They are both typically excluded by entire agreement clauses. 
D)  They are most often affected by the misuse of negligent information. 
A)  They are most often influenced by the misuse of erroneous information. 
B)  They are both forms of contractual warranties that survive closing. 
C)  They are both typically excluded by entire agreement clauses. 
D)  They are most often affected by the misuse of negligent information.

Question 7

Minimarket Grocers is in a one year lease of a bay in a strip mall that is subject to a periodic tenancy.The one year period will be completed in three months.What will happen if Minimarket allows the three months to pass without taking any further steps?

Accepted Answer

A)  Minimarket will be in breach of the terms of the lease. 
B)  The lease will expire and Minimarket will have to vacate the premises. 
C)  The lease will automatically renew for another year. 
D)  The lease will renew for an additional one month period. 
A)  Minimarket will be in breach of the terms of the lease. 
B)  The lease will expire and Minimarket will have to vacate the premises. 
C)  The lease will automatically renew for another year. 
D)  The lease will renew for an additional one month period.

Question 8

The Burtons are selling their home which has long standing basement flooding problems which have damaged the foundation of the home.Before putting the home up for sale,they renovated the basement and the foundation crack is now behind a wall and cannot be seen.Which statement best describes the Burton's obligations toward potential buyers of the home?

Accepted Answer

A)  They have no obligations to disclose anything to potential buyers. 
B)  They do not have to disclose the crack unless they are asked about the condition of the foundation. 
C)  They have a positive duty to disclose the hidden defect. 
D)  They have an ethical duty but not a legal duty to disclose the defect. 
A)  They have no obligations to disclose anything to potential buyers. 
B)  They do not have to disclose the crack unless they are asked about the condition of the foundation. 
C)  They have a positive duty to disclose the hidden defect. 
D)  They have an ethical duty but not a legal duty to disclose the defect.

Question 9

Describe some of the statutory and common law restrictions frequently imposed on land use.

Accepted Answer

The numerous restrictions on land use im

What typically occurs during the "closing" stage of a real estate transaction?

Drew meets with Sherry to have a second look at an apartment block his corporation may be interested in purchasing.Why might Drew call an appraiser when he returns to the office?

Joint tenancy,which is typically the form of ownership in land used for property acquired by spouses as their marital home,is distinguished by the right of survivorship.

At any point before the foreclosure process is complete,ownership of the land can be regained if the borrower is able to repay the loan.

Which of the following is NOT an advantage of land titles systems over registry systems?

Often,matters relating to either the supply of water or soil contamination are addressed in an accepted offer for the purchase and sale of real property.Which statement best describes future legal relevance in instances where such matters are addressed in this manner?

Minimarket Grocers is in a one year lease of a bay in a strip mall that is subject to a periodic tenancy.The one year period will be completed in three months.What will happen if Minimarket allows the three months to pass without taking any further steps?

Describe some of the statutory and common law restrictions frequently imposed on land use.

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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Exam 19: Real Property

What typically occurs during the "closing" stage of a real estate transaction?

Drew meets with Sherry to have a second look at an apartment block his corporation may be interested in purchasing.Why might Drew call an appraiser when he returns to the office?

Joint tenancy,which is typically the form of ownership in land used for property acquired by spouses as their marital home,is distinguished by the right of survivorship.

At any point before the foreclosure process is complete,ownership of the land can be regained if the borrower is able to repay the loan.

Which of the following is NOT an advantage of land titles systems over registry systems?

Often,matters relating to either the supply of water or soil contamination are addressed in an accepted offer for the purchase and sale of real property.Which statement best describes future legal relevance in instances where such matters are addressed in this manner?

Minimarket Grocers is in a one year lease of a bay in a strip mall that is subject to a periodic tenancy.The one year period will be completed in three months.What will happen if Minimarket allows the three months to pass without taking any further steps?

Describe some of the statutory and common law restrictions frequently imposed on land use.

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

Filters