Question 1

Briefly discuss joint tenancy.

Accepted Answer

A joint tenancy is a form of undivided co-ownership. It is distinguished from other forms of ownership of real property by the right of survivorship. When one of the joint tenants dies, his or her undivided interest in the real property is automatically transferred to the surviving joint tenant. The heirs of a deceased joint tenant would have no claim to land held under joint tenancy.

Question 2

Drew submitted two offers to purchase for two apartment buildings. Of course, he made the offers subject to financing approval. What is the effect of this condition?

Accepted Answer

A)  The lender has to approve the fair and adequate value of the transaction, or there is no deal. 
B)  The offer will be void if his lender does not grant a mortgage. 
C)  The lender will approve the price, deposit, and method of payment. 
D)  The lender will be given control of the money needed to complete the deal. 
A)  The lender has to approve the fair and adequate value of the transaction, or there is no deal. 
B)  The offer will be void if his lender does not grant a mortgage. 
C)  The lender will approve the price, deposit, and method of payment. 
D)  The lender will be given control of the money needed to complete the deal. B

Question 3

Briefly discuss the relevance of the sequence of registration in a land registry system and a land titles system. Also identify how the sequence of registration has recently become particularly problematic, and identify the parties affected by those problems.

Accepted Answer

The sequence of registration is crucial to both systems. If there are conflicting claims to the same piece of land, the person who registered his interest has first priority, regardless of which transaction was completed first. So long as the one who registers first has no knowledge of the earlier transaction and has paid valuable consideration for the land in question, that person's interest in and claim to the land is fully protected. The party who registers second has no claim to the land but may have actions against those who assisted in the failed transactions or who made representations concerning the status of title. This feature of registration is especially problematic in view of the recent increase in fraudulent mortgage activity, resulting in a conflict between an innocent landowner and an innocent bank.

Question 4

The city has decided to green up its public transportation system by converting to light rail transit. Plans are underway to commence compensation negotiations with affected landowners. What is the legal name given to the type of authority that has been exercised in these circumstances?

Accepted Answer

A)  authority to regulate zoning 
B)  authority of restrictive covenant 
C)  authority to expropriate 
D)  authority of easement of ownership 
A)  authority to regulate zoning 
B)  authority of restrictive covenant 
C)  authority to expropriate 
D)  authority of easement of ownership

Question 5

A lease in land is, in theory, affected by the sale of the property by the landlord. Each tenant is entitled to stay 30 days past the closing date, by which time a new lease arrangement must have been negotiated with the new landlord or the leased premises must be vacated.

Accepted Answer

A) True 
 B)False

Question 6

What distinguishes land from real estate with respect to the legal concept of real property?

Accepted Answer

A)  adaptable purposes 
B)  structures and fixtures 
C)  total infinite quality 
D)  value of land versus value of commodity 
A)  adaptable purposes 
B)  structures and fixtures 
C)  total infinite quality 
D)  value of land versus value of commodity

Question 7

Which of the following is a common policy shared among many world nations?

Accepted Answer

A)  the restriction on the quantity of land allowed to be owned by foreign interests 
B)  the delegation of authority to control and use to municipal governments 
C)  the delegation of authority to regulate environmental risks to municipal government 
D)  the restriction on governments regarding the imposition of land ownership restrictions 
A)  the restriction on the quantity of land allowed to be owned by foreign interests 
B)  the delegation of authority to control and use to municipal governments 
C)  the delegation of authority to regulate environmental risks to municipal government 
D)  the restriction on governments regarding the imposition of land ownership restrictions

Question 8

As co-owners of a portion of the whole interest in a parcel of land, each co-owner's share may be distinctly singled out and identified should one decide to sell that interest to some other party.

Accepted Answer

A) True 
 B)False

Question 9

Discuss the effects on ownership of land that come about as a result of a mortgage being registered against a deed of land in a province under a registry system.

Accepted Answer

In provinces using a registry system, th

Question 10

In a province using a registry system, a paralegal is typically employed by a lawyer to conduct title searches of the chain of title to determine the state of ownership. The lawyer must evaluate the title search to decide whether an opinion must be given to indicate whether the history reflects that the title is clear or that title defects exist.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is a distinguishing characteristic of a tenancy that runs from fiscal year to fiscal year?

Accepted Answer

A)  Either party may use the land as security for a loan for the duration of a lease term. 
B)  The tenancy automatically renews unless a notice of termination is given prior to expiry. 
C)  Either party will be bound by mutual obligations to negotiate a renewal or extension. 
D)  The tenancy terminates unless renegotiated on each fiscal year-end date in the tenancy lease. 
A)  Either party may use the land as security for a loan for the duration of a lease term. 
B)  The tenancy automatically renews unless a notice of termination is given prior to expiry. 
C)  Either party will be bound by mutual obligations to negotiate a renewal or extension. 
D)  The tenancy terminates unless renegotiated on each fiscal year-end date in the tenancy lease.

Question 12

An equity redemption is a credit arrangement where a title to land is security for the loan.

Accepted Answer

A) True 
 B)False

Question 13

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 14

A mortgage covering the loan arranged by Kryhalla Spa Inc. has been forwarded to the land titles system. What is the most likely result once the document has been registered?

Accepted Answer

A)  Registration gives the owner an occupier's right to the land. 
B)  Registration transfers ownership to the lender for the duration of the loan. 
C)  Registration creates a right to have ownership restored. 
D)  Registration creates a charge on land until repayment is complete. 
A)  Registration gives the owner an occupier's right to the land. 
B)  Registration transfers ownership to the lender for the duration of the loan. 
C)  Registration creates a right to have ownership restored. 
D)  Registration creates a charge on land until repayment is complete.

Question 15

Although a landlord's basic obligation is to refrain from interfering with the tenant's use of property, where a tenant has willfully damaged that property, the landlord may exercise a right of distress to evict the tenant and preserve the value in the property.

Accepted Answer

A) True 
 B)False

Question 16

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 17

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 18

Isabella and Martina are joint tenants of a commercial warehouse. What would happen if either Isabella or Martina were to die?

Accepted Answer

A)  The property would be subdivided, and each half interest would be sold by auction. 
B)  The survivor would have the right to buy out the deceased owner's interest. 
C)  Each interest is subject to a right of survivorship, and the rights of the deceased owner would pass to the surviving owner. 
D)  The rights of the deceased owner would be inherited by the deceased's heirs. 
A)  The property would be subdivided, and each half interest would be sold by auction. 
B)  The survivor would have the right to buy out the deceased owner's interest. 
C)  Each interest is subject to a right of survivorship, and the rights of the deceased owner would pass to the surviving owner. 
D)  The rights of the deceased owner would be inherited by the deceased's heirs.

Question 19

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 20

If a bank has foreclosed on a property located in Alberta, Saskatchewan, or British Columbia and has been left with a deficiency after its sale, the vendor cannot personally sue individual borrowers and can sue only corporations that have waived their statutory protection.

Accepted Answer

A) True 
 B)False

Exam 19: Real Property

Briefly discuss joint tenancy.

Drew submitted two offers to purchase for two apartment buildings. Of course, he made the offers subject to financing approval. What is the effect of this condition?

Briefly discuss the relevance of the sequence of registration in a land registry system and a land titles system. Also identify how the sequence of registration has recently become particularly problematic, and identify the parties affected by those problems.

The city has decided to green up its public transportation system by converting to light rail transit. Plans are underway to commence compensation negotiations with affected landowners. What is the legal name given to the type of authority that has been exercised in these circumstances?

A lease in land is, in theory, affected by the sale of the property by the landlord. Each tenant is entitled to stay 30 days past the closing date, by which time a new lease arrangement must have been negotiated with the new landlord or the leased premises must be vacated.

What distinguishes land from real estate with respect to the legal concept of real property?

Which of the following is a common policy shared among many world nations?

As co-owners of a portion of the whole interest in a parcel of land, each co-owner's share may be distinctly singled out and identified should one decide to sell that interest to some other party.

Discuss the effects on ownership of land that come about as a result of a mortgage being registered against a deed of land in a province under a registry system.

Which of the following is a distinguishing characteristic of a tenancy that runs from fiscal year to fiscal year?

An equity redemption is a credit arrangement where a title to land is security for the loan.

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.

A mortgage covering the loan arranged by Kryhalla Spa Inc. has been forwarded to the land titles system. What is the most likely result once the document has been registered?

Although a landlord's basic obligation is to refrain from interfering with the tenant's use of property, where a tenant has willfully damaged that property, the landlord may exercise a right of distress to evict the tenant and preserve the value in the property.

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

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

Isabella and Martina are joint tenants of a commercial warehouse. What would happen if either Isabella or Martina were to die?

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?

If a bank has foreclosed on a property located in Alberta, Saskatchewan, or British Columbia and has been left with a deficiency after its sale, the vendor cannot personally sue individual borrowers and can sue only corporations that have waived their statutory protection.

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

Personal Property

Intellectual Property

The Employment Relationship

Terminating the Employment Relationship

Professional Services

Sales and Marketing: the Contract, Product, and Promotion

Sales and Marketing: Price, Distribution, and Risk Management

Business and Banking

The Legal Aspects of Credit

Bankruptcy and Insolvency

Insurance

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