Exam 15: Real Property: Sales and Mortgages

Suneeta wants to buy a large commercial property called Blackacre from Horst.The property contains various types of buildings.It is currently used as a television studio.Suneeta wants to use it as an Internet telecommunications centre.Which of the following statements is true as a matter of risk management?

Astrid borrowed $500 000 from Bartholomew.As security for the repayment of that loan, she created a mortgage over a piece of land called Blackacre.That mortgage was immediately registered.Which of the following statements is TRUE?

A piece of land called Blackacre is subject to a mortgage in favour of Hal.The mortgage was created to secure a debt of $100 000 that Myriam owed to Hal.Myriam defaulted on the repayment of that debt.Blackacre is worth $250 000.Hal has announced that he intends to use the remedy of foreclosure.Because Myriam's default was negligent, a court would probably allow him to do so even if Myriam asked for an order for judicial sale instead.

In order to purchase an interest in piece of land called Blackacre, Rhiannon borrowed $100 000 from Nick.As security for the repayment of that loan, she entered into a mortgage over a piece of property.Which of the following statements is TRUE?

Which of the following statements is TRUE?

Identify and briefly explain why the remedy of possession often is not particularly attractive to a bank that is a mortgagee.

Which of the following interests in land is most likely enforceable despite the lack of registration?

On January 1, Ichiro contractually agreed to sell a piece of land called Blackacre to Mandy for $250 000.The sale was scheduled to close, and the price was expected to be paid in full on December 1.Before that date, however, the value of Blackacre increased to $350 000 because of a general increase in the real property market.Ichiro now refuses to complete the transaction by transferring Blackacre to Mandy.She admits that she wanted to purchase the property for investment purposes only.Nevertheless, she claims that if she does not receive specific performance, she will not enjoy the benefit of the contract.Will a court award specific performance? If not, is there any other way for Mandy to enjoy the benefit of the contract? Explain your answers.

Ramla borrowed $100 000 from Wilhelm.As security for repayment of that loan, she created a mortgage over a piece of land called Blackacre.Which of the following statements is TRUE?

Kevin owned a farm in Alberta, but until he returned last week, he had been living in Norway for five years.In his absence, he allowed his sister, Colleen, to reside on the property.Upon his return, however, he discovered that she had forged his signature and that Reginald's name now appears on the certificate of title.Which of the following is most likely to be TRUE?

Letitia contractually agreed to sell a piece of land called Blackacre to Rocco for $250 000.Closing was scheduled to occur on June 1.On May 15, however, Letitia told Rocco that she did not intend to transfer title to him.Which of the following statements is TRUE?

Alexis borrowed $500 000 from Chong.As security for the repayment of the loan, she gave a mortgage over her property.The property is registered under a land titles system.Alexis has now repaid the loan and otherwise satisfied the terms of the mortgage.Nevertheless, she may not be entitled to a re-conveyance of title.

A piece of land called Blackacre was subject to a mortgage in favour of Alona.After the mortgage went into default, she asked the court for the remedy of foreclosure.She was granted an order nisi.Blackacre therefore now belongs to her and cannot be taken away.

Syd borrowed $100 000 from Marnie.To secure repayment of that loan, he created a mortgage over a piece of land called Blackacre.Syd has now repaid the loan and complied with all of the terms of the mortgage.Under what circumstances will Marnie be required to complete a re-conveyance of title? Under what circumstance will she be required to complete a cessation of charge?

Alpha Inc is interested in purchasing a particular piece of land.The company's president is, however, worried that the land may be worth less than the current owner claims.The company should therefore retain the services of

Monique owns a piece of land called Blackacre.Blackacre is worth $500 000.Monique created a mortgage in Bjorn's favour to secure repayment of a $200 000 loan that she received from him.A short time later, she created a subsequent mortgage in Mike's favour to secure repayment of a $250 000 loan that she received from him.Does the existence of two mortgages expose Monique, Bjorn, or Mike to a substantial risk of financial loss? Explain your answer.

The remedies for breach of a mortgage were developed over several centuries by both the courts of law and the courts of equity.Consequently, it has not been necessary to legislate in the area.

A piece of land called Blackacre is subject to a mortgage in favour of Henri.The mortgage was used to secure a debt that Sophie owed to him.Sophie defaulted upon payment of that debt.Henri can extinguish her equity of redemption by exercising his right to take possession of Blackacre.

Which of the following statements provides the best definition for "the mirror principle"?

Which of the following statements is TRUE?