Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

In a three-year commercial lease,the tenant must give the landlord two months' notice before leaving.

Accepted Answer

A) True 
 B)False

Question 3

Explain what is meant by riparian rights.

Accepted Answer

A person living on a river has

Question 4

Business interruption insurance is designed to cover which of the following situations?

Accepted Answer

A) A person owns a restaurant business and the restaurant is destroyed by fire.The insurance coverage pays for the repair of the building. 
B) A person is an employee at a restaurant business and gets ill.The insurance coverage pays him his wages while he is off work sick. 
C) A person owns a restaurant business and the restaurant is destroyed by fire.The insurance covers the losses caused by the business being closed down for several months. 
D) A person operates a restaurant business and some customers suffer injury due to food poisoning.The insurance coverage provides for payment to cover any losses incurred because of claims by the restaurant arising from damages paid to these customers. 
E) A person has a partner in his restaurant business and that partner catches a disease and dies.The insurance provides for coverage of the death of the partner. 
A) A person owns a restaurant business and the restaurant is destroyed by fire.The insurance coverage pays for the repair of the building. 
B) A person is an employee at a restaurant business and gets ill.The insurance coverage pays him his wages while he is off work sick. 
C) A person owns a restaurant business and the restaurant is destroyed by fire.The insurance covers the losses caused by the business being closed down for several months. 
D) A person operates a restaurant business and some customers suffer injury due to food poisoning.The insurance coverage provides for payment to cover any losses incurred because of claims by the restaurant arising from damages paid to these customers. 
E) A person has a partner in his restaurant business and that partner catches a disease and dies.The insurance provides for coverage of the death of the partner.

Question 5

Consider the following statements regarding the nature of the landlord-tenant relationship.Indicate the true one.

Accepted Answer

A) A leasehold is one kind of interest less than an estate. 
B) Leases are only available in residential tenancies. 
C) The term of a lease must be for a definite period of time. 
D) An oral lease is never enforceable. 
E) A characteristic of leaseholds is that they grant to the holder the right of exclusive possession. 
A) A leasehold is one kind of interest less than an estate. 
B) Leases are only available in residential tenancies. 
C) The term of a lease must be for a definite period of time. 
D) An oral lease is never enforceable. 
E) A characteristic of leaseholds is that they grant to the holder the right of exclusive possession.

Question 6

A periodic lease means:

Accepted Answer

A) a lease in which the parties agree to no set termination date but to the rental period being automatically renewed. 
B) a term lease. 
C) a lease created when a tenant is over-holding after the termination date of his lease without the landlord's permission. 
D) a tenancy created when an owner of property allows a purchaser to take possession before title transfers to him. 
E) a lease granting the lessee exclusive possession for one year. 
A) a lease in which the parties agree to no set termination date but to the rental period being automatically renewed. 
B) a term lease. 
C) a lease created when a tenant is over-holding after the termination date of his lease without the landlord's permission. 
D) a tenancy created when an owner of property allows a purchaser to take possession before title transfers to him. 
E) a lease granting the lessee exclusive possession for one year.

Question 7

Explain how a judicial sale or order can have the effect of shortening the foreclosure period.

Accepted Answer

Foreclosure takes place in a two-stage p

Question 8

Distinguish a condominium from a cooperative in terms of ownership.

Accepted Answer

Condominium owners have a fee simple int

Question 9

Discuss the various obligations of bailees when looking after the property of others.

Accepted Answer

Bailment takes place when one person has

Question 10

A gratuitous bailment can occur when someone borrows an item from a neighbour.

Accepted Answer

A) True 
 B)False

Question 11

If a person wanted to build a log cabin in a new subdivision.what might prevent him or her from doing so?

Accepted Answer

A) restrictive covenant 
B) federal statute 
C) prescription 
D) easement 
E) strata regulations 
A) restrictive covenant 
B) federal statute 
C) prescription 
D) easement 
E) strata regulations

Question 12

Explain what is meant by bonding.

Accepted Answer

Bonding is where a person dealing with a

Question 13

What is a fidelity bond?

Accepted Answer

Wilful and wrongful actions of a company

Question 14

John finds a small industrial lot he would like to purchase for storage purposes.He meets with the owner and they discuss price.The owner makes an offer which John would like to accept but he requires one month to determine if he can come up with the needed funds.Rather than enter into an agreement of purchase and sale conditional on financing,John can also:

Accepted Answer

A) enter into an option to purchase contract in which the owner commits to hold the offer open for thirty days. 
B) register a notice of pending sale on title to caution subsequent interested purchasers. 
C) register an easement. 
D) file a building scheme with the municipality confirming his interest in the property. 
E) claim adverse possession. 
A) enter into an option to purchase contract in which the owner commits to hold the offer open for thirty days. 
B) register a notice of pending sale on title to caution subsequent interested purchasers. 
C) register an easement. 
D) file a building scheme with the municipality confirming his interest in the property. 
E) claim adverse possession.

Question 15

Indicate the extent of ownership above and below land.

Accepted Answer

You own above and below your l

Question 16

Which of the following is incorrect in relation to commercial tenancies?

Accepted Answer

A) A lease does not grant an interest in land. 
B) The Statute of Frauds requires that leases be evidenced in writing to be enforceable. 
C) Most jurisdictions consider a lease of less than three years to be enforceable even without writing. 
D) A leasehold interest will run with the land if it is properly registered. 
E) If construction interferes with the tenant's access to the property,this is a breach to the tenant's right to quiet enjoyment. 
A) A lease does not grant an interest in land. 
B) The Statute of Frauds requires that leases be evidenced in writing to be enforceable. 
C) Most jurisdictions consider a lease of less than three years to be enforceable even without writing. 
D) A leasehold interest will run with the land if it is properly registered. 
E) If construction interferes with the tenant's access to the property,this is a breach to the tenant's right to quiet enjoyment.

Question 17

The federal government has exclusive legislative power when it comes to protecting the environment.

Accepted Answer

A) True 
 B)False

Question 18

Explain what is meant by a landlord's obligation to provide quiet enjoyment.

Accepted Answer

It is the landlord's obligatio

Question 19

A husband and wife own Lot A as joint tenants and Lot B as tenants in common.The husband's will reads: "I leave Lot A to my son,John,and Lot B to my daughter,Mary." Who takes what when the husband dies?

Accepted Answer

A) The son,John,gets Lot A and the daughter,Mary,gets Lot B,just as their father wished and designated in his will. 
B) Mary will get her father's interest in Lot B,but John will get no interest in Lot A. 
C) Mary will get all of Lot B but John will not get Lot A because it was co-owned with the mother in joint tenancy,so the mother takes Lot A as the surviving joint tenant. 
D) Mary will get her father's interest in Lot B,but John will only get a life tenancy in Lot A. 
E) John will get Lot A but Mary will not get Lot B because it was co-owned with the mother as tenants in common,so the mother takes Lot B as the other tenant in common. 
A) The son,John,gets Lot A and the daughter,Mary,gets Lot B,just as their father wished and designated in his will. 
B) Mary will get her father's interest in Lot B,but John will get no interest in Lot A. 
C) Mary will get all of Lot B but John will not get Lot A because it was co-owned with the mother in joint tenancy,so the mother takes Lot A as the surviving joint tenant. 
D) Mary will get her father's interest in Lot B,but John will only get a life tenancy in Lot A. 
E) John will get Lot A but Mary will not get Lot B because it was co-owned with the mother as tenants in common,so the mother takes Lot B as the other tenant in common.

Question 20

Zack,Virgil,and Craig,friends for several years and all worried about the alarming rise in land prices,want to go in together to buy a four-hectare parcel in the country.There is a small cabin on it.They hope that the land value will appreciate,and they want to sell it in a few years to help finance a house of their own.Read each of the following separately and indicate which is true with regard to their ownership of this property.

Accepted Answer

A) Ownership of the property does not guarantee their right to everything below the surface of their property. 
B) Ownership of the property entitles them not only to the surface of the earth between the boundaries,but also to the infinite airspace above and everything below the surface of their property. 
C) In Canada,in strict legal terms,the only owner of land is the Crown,and if they buy land free and clear,they are only getting a life estate. 
D) Once a decision is made to hold property as joint tenants,that decision cannot be changed. 
E) If they buy the land and later use it to secure debt,possession of the property will be transferred to the creditor until the debt is repaid. 
A) Ownership of the property does not guarantee their right to everything below the surface of their property. 
B) Ownership of the property entitles them not only to the surface of the earth between the boundaries,but also to the infinite airspace above and everything below the surface of their property. 
C) In Canada,in strict legal terms,the only owner of land is the Crown,and if they buy land free and clear,they are only getting a life estate. 
D) Once a decision is made to hold property as joint tenants,that decision cannot be changed. 
E) If they buy the land and later use it to secure debt,possession of the property will be transferred to the creditor until the debt is repaid.

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

In a three-year commercial lease,the tenant must give the landlord two months' notice before leaving.

Explain what is meant by riparian rights.

Business interruption insurance is designed to cover which of the following situations?

Consider the following statements regarding the nature of the landlord-tenant relationship.Indicate the true one.

A periodic lease means:

Explain how a judicial sale or order can have the effect of shortening the foreclosure period.

Distinguish a condominium from a cooperative in terms of ownership.

Discuss the various obligations of bailees when looking after the property of others.

A gratuitous bailment can occur when someone borrows an item from a neighbour.

If a person wanted to build a log cabin in a new subdivision.what might prevent him or her from doing so?

Explain what is meant by bonding.

What is a fidelity bond?

Indicate the extent of ownership above and below land.

Which of the following is incorrect in relation to commercial tenancies?

The federal government has exclusive legislative power when it comes to protecting the environment.

Explain what is meant by a landlord's obligation to provide quiet enjoyment.

A husband and wife own Lot A as joint tenants and Lot B as tenants in common.The husband's will reads: "I leave Lot A to my son,John,and Lot B to my daughter,Mary." Who takes what when the husband dies?

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Exam 8: Property

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

In a three-year commercial lease,the tenant must give the landlord two months' notice before leaving.

Explain what is meant by riparian rights.

Business interruption insurance is designed to cover which of the following situations?

Consider the following statements regarding the nature of the landlord-tenant relationship.Indicate the true one.

A periodic lease means:

Explain how a judicial sale or order can have the effect of shortening the foreclosure period.

Distinguish a condominium from a cooperative in terms of ownership.

Discuss the various obligations of bailees when looking after the property of others.

A gratuitous bailment can occur when someone borrows an item from a neighbour.

If a person wanted to build a log cabin in a new subdivision.what might prevent him or her from doing so?

Explain what is meant by bonding.

What is a fidelity bond?

Indicate the extent of ownership above and below land.

Which of the following is incorrect in relation to commercial tenancies?

The federal government has exclusive legislative power when it comes to protecting the environment.

Explain what is meant by a landlord's obligation to provide quiet enjoyment.

A husband and wife own Lot A as joint tenants and Lot B as tenants in common.The husband's will reads: "I leave Lot A to my son,John,and Lot B to my daughter,Mary." Who takes what when the husband dies?

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