Question 1

The term "equity" is often used to refer to the value left in an asset after what is owed on it is subtracted.

Accepted Answer

A) True 
 B)False

Question 2

A finder has no obligation to return found goods to the proper owner.

Accepted Answer

A) True 
 B)False

Question 3

Life estates are another way of describing landlord and tenant relationships.

Accepted Answer

A) True 
 B)False

Question 4

When pollution takes place, the law is clear that the polluter will pay for all cleanup obligations.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is true in relation to insurable interest?

Accepted Answer

A) Shareholders do not have a sufficient interest in the assets of a corporation to take out insurance on them and receive compensation if they are damaged or destroyed. 
B) If Chuck takes out insurance on his ex-wife's home and it burns down, he will be able to collect from the insurance company. 
C) If Joe has an insurable interest in property, he will likely enjoy an insurance windfall in the event of a loss of that property. 
D) If Sam arranges a comprehensive, all-risk insurance policy, this will guarantee that he holds an insurable interest in the insured property. 
E) If Mr.Cole takes out the proper insurance on his home and it burns down, he will be able to collect from the insurance company. 
A) Shareholders do not have a sufficient interest in the assets of a corporation to take out insurance on them and receive compensation if they are damaged or destroyed. 
B) If Chuck takes out insurance on his ex-wife's home and it burns down, he will be able to collect from the insurance company. 
C) If Joe has an insurable interest in property, he will likely enjoy an insurance windfall in the event of a loss of that property. 
D) If Sam arranges a comprehensive, all-risk insurance policy, this will guarantee that he holds an insurable interest in the insured property. 
E) If Mr.Cole takes out the proper insurance on his home and it burns down, he will be able to collect from the insurance company.

Question 6

Environmental concerns have become a very important aspect of carrying on business.

Accepted Answer

A) True 
 B)False

Question 7

A judicial sale does not affect a mortgagor's right to redeem the property.

Accepted Answer

A) True 
 B)False

Question 8

Term lease describes a period-to-period rental.

Accepted Answer

A) True 
 B)False

Question 9

When a person acquires temporary possession of a chattel by arrangement with the owner, it is known as which of the following?

Accepted Answer

A) Bailment 
B) Fixture 
C) Consignment 
D) Chose in action 
E) Holder in due course 
A) Bailment 
B) Fixture 
C) Consignment 
D) Chose in action 
E) Holder in due course

Question 10

Jack and Joan got married.It was the second marriage for both of them, and each brought one teenage child to the family.They bought a house in Langley as joint tenants.They worked very hard to create a loving home, but when the children had disputes it affected the relationship between Jack and Joan because of their loyalty to their own child.Joan now thinks that it was a mistake to buy the house as joint tenants and wants her share in the house to go to her child in the event of her death.Which of the following will bring about such a change?

Accepted Answer

A) Joan could have a will drawn up by which her share in the house would be left to her child. 
B) Joan could lease her interest in the house. 
C) Joan could sell her interest in her house to her uncle and have him sell it back to her. 
D) Joan could purchase an option agreement to lease her interest in the house to herself. 
E) Jack and Joan cannot sever the joint tenancy. 
A) Joan could have a will drawn up by which her share in the house would be left to her child. 
B) Joan could lease her interest in the house. 
C) Joan could sell her interest in her house to her uncle and have him sell it back to her. 
D) Joan could purchase an option agreement to lease her interest in the house to herself. 
E) Jack and Joan cannot sever the joint tenancy.

Question 11

The following are the mortgages registered against Holly's Holly Farm when it defaulted, and the amounts owed on each: first, in favour of the Royal Bank for $100 250; second, in favour of Kits Credit Union for $50 250; third, in favour of Aunt Suzy for $25 250.The Royal Bank petitioned for foreclosure.Which of the following is false?

Accepted Answer

A) If the Royal Bank eventually received the order absolute of foreclosure, the interest in the land of all those ranking below it would be lost because it forecloses the equity of redemption and that is the security the others had taken. 
B) Any of the parties to the action can ask the court for a judicial sale. 
C) If the property is sold by way of judicial sale, the equity of redemption is extinguished. 
D) If the property is sold by judicial sale and there is not enough to pay all mortgagees, those not paid can sue for the difference. 
E) If the property is sold by way of a judicial sale, and the first and second mortgagees are paid in full, but the third is not paid in full, the third is out of luck; Aunt Suzy has no further remedy. 
A) If the Royal Bank eventually received the order absolute of foreclosure, the interest in the land of all those ranking below it would be lost because it forecloses the equity of redemption and that is the security the others had taken. 
B) Any of the parties to the action can ask the court for a judicial sale. 
C) If the property is sold by way of judicial sale, the equity of redemption is extinguished. 
D) If the property is sold by judicial sale and there is not enough to pay all mortgagees, those not paid can sue for the difference. 
E) If the property is sold by way of a judicial sale, and the first and second mortgagees are paid in full, but the third is not paid in full, the third is out of luck; Aunt Suzy has no further remedy.

Question 12

In Ontario, both the tenant and the landlord must give 60 days' notice of termination of tenancy.

Accepted Answer

A) True 
 B)False

Question 13

The provincial governments can create legislation that controls hazardous materials.

Accepted Answer

A) True 
 B)False

Question 14

Distinguish between an easement and a right of way.

Accepted Answer

A right of way is a particular type of e

Question 15

What is the general requirement of the Canadian Environmental Assessment Act?

Accepted Answer

All projects that the federal

Question 16

Soon after marrying, John and Mary purchased a home in a new development.After living there for a number of years, they wanted to distinguish their home from others on the street by changing the roofing material and colour and installing old-fashioned light poles in the front of the house.When they shared their plans with neighbours, they were told that they would not be allowed to make such changes even though they owned the home.In checking their original home purchase documents, they discovered a building scheme that addressed roofs and outdoor lighting, among other things, leaving them very disappointed.Explain what is meant by a building scheme and how it compares with a restrictive covenant.

Accepted Answer

A building scheme is similar to a restri

Question 17

Most provinces have set up environmental protection agencies or departments.Indicate three functions of these departments.

Accepted Answer

Grant permits with restriction

Question 18

An estate in the land describes a person's right to the exclusive possession and use of that land.

Accepted Answer

A) True 
 B)False

Question 19

Mr.Bucks owned a 10-hectare property in Langley.He subdivided the land into two 5-hectare lots.He decided to keep lot A for himself and to sell lot B.His friend and neighbour, Ms.Goode, wanted lot B, so they made the following deal: For lot B, Goode would give Bucks $100 000, her car, a right of way of three metres along the east side of lot B to provide access to the highway, her promise not to remove any of the cedar trees (a row of which benefits lot A by blocking the view of a factory), and her promise to plant a 5-metre-long laurel hedge to block Bucks' view of her driveway.All promises were registered.Which one of the following is true?

Accepted Answer

A) If Ms.Goode sells lot B to Mr.Ho, Mr.Ho could cut down the cedar trees because the promise was part of the contract between Mr.Bucks and Ms.Goode to which Mr.Ho was not privy, and which therefore does not affect him. 
B) This kind of deal for land is not possible because it is too complicated. 
C) Ms.Goode would have to comply with all terms of this contract except for the part about the laurel hedge, because that is a positive covenant. 
D) If the right of way is properly registered in the land title office, it would bind subsequent purchasers of either lot A or lot B even though they were not privy to the original contract. 
E) With regard to the right of way, lot B is the dominant tenement and lot A is the servient tenement. 
A) If Ms.Goode sells lot B to Mr.Ho, Mr.Ho could cut down the cedar trees because the promise was part of the contract between Mr.Bucks and Ms.Goode to which Mr.Ho was not privy, and which therefore does not affect him. 
B) This kind of deal for land is not possible because it is too complicated. 
C) Ms.Goode would have to comply with all terms of this contract except for the part about the laurel hedge, because that is a positive covenant. 
D) If the right of way is properly registered in the land title office, it would bind subsequent purchasers of either lot A or lot B even though they were not privy to the original contract. 
E) With regard to the right of way, lot B is the dominant tenement and lot A is the servient tenement.

Question 20

When a person has the right to go across land to get to another location, this is referred to as what?

Accepted Answer

Either a r

The term "equity" is often used to refer to the value left in an asset after what is owed on it is subtracted.

A finder has no obligation to return found goods to the proper owner.

Life estates are another way of describing landlord and tenant relationships.

When pollution takes place, the law is clear that the polluter will pay for all cleanup obligations.

Which of the following is true in relation to insurable interest?

Environmental concerns have become a very important aspect of carrying on business.

A judicial sale does not affect a mortgagor's right to redeem the property.

Term lease describes a period-to-period rental.

When a person acquires temporary possession of a chattel by arrangement with the owner, it is known as which of the following?

In Ontario, both the tenant and the landlord must give 60 days' notice of termination of tenancy.

The provincial governments can create legislation that controls hazardous materials.

Distinguish between an easement and a right of way.

What is the general requirement of the Canadian Environmental Assessment Act?

Most provinces have set up environmental protection agencies or departments.Indicate three functions of these departments.

An estate in the land describes a person's right to the exclusive possession and use of that land.

When a person has the right to go across land to get to another location, this is referred to as what?

The Canadian Legal System

Torts and Professional Liability

Formation of Contracts

Enforcing Contractual Obligations

Legislation in the Marketplace

Agency and Employment

Methods of Carrying on Business

Ideas and Information

Electronic Commerce and International Trade

Filters

Exam 8: Property

The term "equity" is often used to refer to the value left in an asset after what is owed on it is subtracted.

A finder has no obligation to return found goods to the proper owner.

Life estates are another way of describing landlord and tenant relationships.

When pollution takes place, the law is clear that the polluter will pay for all cleanup obligations.

Which of the following is true in relation to insurable interest?

Environmental concerns have become a very important aspect of carrying on business.

A judicial sale does not affect a mortgagor's right to redeem the property.

Term lease describes a period-to-period rental.

When a person acquires temporary possession of a chattel by arrangement with the owner, it is known as which of the following?

In Ontario, both the tenant and the landlord must give 60 days' notice of termination of tenancy.

The provincial governments can create legislation that controls hazardous materials.

Distinguish between an easement and a right of way.

What is the general requirement of the Canadian Environmental Assessment Act?

Most provinces have set up environmental protection agencies or departments.Indicate three functions of these departments.

An estate in the land describes a person's right to the exclusive possession and use of that land.

When a person has the right to go across land to get to another location, this is referred to as what?

The Canadian Legal System

Torts and Professional Liability

Formation of Contracts

Enforcing Contractual Obligations

Legislation in the Marketplace

Agency and Employment

Methods of Carrying on Business

Ideas and Information

Electronic Commerce and International Trade

Filters