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1. What type of land ownership confers the most comprehensive level of ownership possible?
a. life estate
b. fee simple
c. joint tenancy
d. full estate
ANSWER: b
2. Which of the following is a distinguishing characteristic of a joint tenancy?
a. a right of survivorship
b. division of ownership over time
c. two undivided half interests
d. right of first refusal
ANSWER: a
3. Graham has granted a cellphone company permission to erect a transmission tower on his property. What
type of right has Graham granted?
a. a restrictive covenant
b. a lease
c. an easement
d. joint tenancy
ANSWER: c
4. What is the term for the system of land registration that guarantees title to land?
a. registry system
b. land titles system
c. first to file system
d. the deed system
ANSWER: b
5. Isabella and Martina are joint tenants of a commercial warehouse. What would happen if either Isabella or
Martina were to die?
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.
ANSWER: c
6. Which of the following is “tenant” synonymous with in the realm of real property law?
a. an individual who leases space rather than having outright ownership
b. a contract allowing owners to deal with their respective interests
c. an owner of any form of right or title in land
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d. a contract limiting ownership by division in time
ANSWER: c
7. What distinguishes an undivided one-half interest held in a tenancy in common from a one-half interest held
in a joint tenancy with respect to the co-ownership of real estate?
a. Each owns an undivided co-ownership of the whole.
b. Each owns an undivided co-ownership of each portion.
c. Each owns an undivided interest in ownership of the whole.
d. Each owns an undivided interest in ownership of their portion.
ANSWER: d
8. Aaron and Janelle enjoyed years of experiences shared through their rewarding ownership of Crystal Lake
Cottage Resort Inc. When Aaron died unexpectedly, the title automatically transferred to Janelle. Aaron’s
family has decided to dispute Janelle’s right to ownership. What is the name given to the type of ownership
interest enjoyed by Aaron and Janelle that allowed her to acquire ownership in this manner?
a. co-ownership
b. tenancy in common
c. joint tenancy
d. fee simple
ANSWER: c
9. How many years back will a title search in a registry system normally extend?
a. 100 years
b. 40 years
c. 25 years
d. 10 years
ANSWER: b
10. 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. authority to regulate zoning
b. authority of restrictive covenant
c. authority to expropriate
d. authority of easement of ownership
ANSWER: c
11. François and Wallace have been neighbours for ten years. François arranged to have a new garage
constructed in his backyard. He provided the builders with his surveyor’s certificate, but after completion the
garage encroached onto Wallace’s land. What is the most likely and amicable method of resolving the
encroachment?
a. a restrictive covenant
b. a lease
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c. civil litigation
d. an easement agreement
ANSWER: d
12. What typically occurs during the “closing” stage of a real estate transaction?
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.
ANSWER: c
13. Sarafal was disappointed to learn that she would be unable to plant a hedge along the front borders of her
property. She didn’t object to having mountain ash trees planted along the street, but the absence of any
possibility of a hedge affected her purchasing decision. In this instance, what is the ability to place conditions
on ownership most strongly influenced by?
a. an encroachment agreement
b. zoning regulations
c. a restrictive covenant
d. planning schemes
ANSWER: c
14. Meagan has been asked to search the chain of title to a cottage property located on the Lake of the Woods in
Northwestern Ontario. What was the most likely result of the investigation if the deal proceeds after Meagan
completes the search?
a. notification of deed of ownership
b. vicarious liability for deed defects
c. notification of unregistered deed
d. verification of ownership and clear title
ANSWER: d
15. In what way is a registry system different from a land titles system?
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
ANSWER: d
16. From a lender’s perspective, which of the following is the focus of a mortgage?
a. preserving the value of the land in question
b. scheduling payments
c. controlling use of the land
d. the personal guarantee of the borrower
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ANSWER: a
17. What are the circumstances that would allow a party to disregard the particular type of registry system used
to register documents securing a loan against a title?
a. where both systems require lawyers to provide an opinion on the accuracy of title
b. where the right to an interest prioritized by registration is at issue
c. where the authenticity of an individual’s right to ownership is unknown
d. where both systems require validation of good or other valuable considerations
ANSWER: b
18. Sylvano requested a copy of Certificate of Title No. 12312 from the land titles office. He intends to purchase
the land for development if it is unencumbered by registrations affecting its use. This particular land titles office
maintains an insurance fund to compensate for loss due to their error. What significance does that fact have with
respect to the copy of title Sylvano will receive in exchange for payment of the prescribed fee?
a. Title defects can be fixed to give first priority.
b. It is justification of the valuation of the land.
c. It provides verified ownership by searching chain of title.
d. It is authoritative proof of the status of title.
ANSWER: d
19. Which of the following terms refers to the concept of “buyer beware”?
a. res judicata
b. caveat emptor
c. volenti
d. the sophisticated buyer rule
ANSWER: a
20. 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?
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
ANSWER: b
21. What is the legal effect of a financing condition in an offer?
a. There is no contract until the vender provides the seller with financing.
b. The transaction will not proceed unless the buyer’s lender grants a mortgage.
c. The lender must approve the price, deposit, and method of payment.
d. The lender will be given control of the money needed to complete the deal.
ANSWER: b
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22. Before the real estate market took a serious downturn, Prime Lenders Inc. had entered into a high-ratio
mortgage agreement with Juha Dally. Dally ceased making mortgage payments six months ago, and Prime now
wants to commence foreclosure proceedings, but it appears that the proceeds of the sale will not be sufficient to
pay the outstanding debt. Which of the following statements describes Prime’s legal position?
a. Prime cannot sue Dally for the shortfall if it elects to proceed with foreclosure.
b. Prime cannot sell the property if Dally is still using it as her primary residence.
c. Prime cannot sell the property if it will result in a shortfall.
d. Prime can sue Dally for the shortfall between the outstanding mortgage and proceeds from the sale.
ANSWER: d
23. Which of the following is a primary contributing factor regarding the necessity of a registry search to consist
of a 40-year history?
a. to ensure no lingering environmental problems exist
b. to ensure the boundaries described in the title fit the physical land boundaries
c. to facilitate the registration of unregistered deeds to fix defects
d. to ensure a clear title to the property
ANSWER: d
24. 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 of the following is most likely to be a valid statement with
respect to future legal relevance in instances where such matters are addressed in this manner?
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.
ANSWER: b
25. Martina is purchasing a home in Winnipeg. The closing date is October 1. Each year’s real property taxes
are payable in June for taxes owed up to December 31. The amount of the taxes paid by the vendor for the
entire year is $2400. In the circumstances of this transaction, which of the following is a valid statement with
respect to an adjustment on taxes?
a. The vendor will receive approximately $1200 in adjustment from the purchaser.
b. The vendor will receive approximately $600 in adjustment from the purchaser.
c. The purchaser will receive approximately $1800 in adjustment from the vendor.
d. The purchaser will receive approximately $800 in adjustment from the vendor.
ANSWER: b
26. What principle has the Supreme Court endorsed when dealing with the broad social issue of how to balance
the need to encourage development and commercial activity with the need to control and prohibit dangerous
activities?
a. nuisance principle
b. negligence principle
c. public policy principle
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d. polluter pays principle
ANSWER: d
27. On May 1, Orianna forwarded her client’s signed title transfer document, keys, and remote control for the
garage door to the purchaser’s lawyer. The items were sent in trust, on the express condition that she receive the
payment of the balance of the purchase price in return. John will comply, then submit the transfer document to
the registry promptly for registration. In the meantime, which of the following should John’s clients have
effectively put in place for the May 1 closing date?
a. a certificate of mortgage financing
b. a certificate of insurance coverage
c. a registrable mortgage to pay the balance of the price due
d. mortgage financing and executed mortgage documents
ANSWER: b
28. Jacqueline listed her home for $200 000. She received six offers to purchase, all with a closing date of April
1. She accepted the unconditional offer, though it was $3000 less than the highest offer of $246 000. The
purchasers abandoned the deal on March 27. Jacqueline received an unsolicited offer that was $10 000 over the
original asking price. She accepted that offer with a closing date of May 15. What remedy, if any, is available to
Jacqueline with respect to the first accepted offer?
a. $0; injunction for specific performance
b. $26 000, damages for equity redemption
c. $33 000, damages for contractual breach
d. $36 000, for breach of contract damages
ANSWER: c
29. Merrilee and Keith own several of acres of vacant land adjoining the property where their greenhouse
operations and large garden centre facility are located. The greenhouse side of the business is ready to expand.
A senior lending officer of ImaBigBank is meeting with Merrilee and Keith to discuss the expansion plans and
the financial needs and circumstances of their business. How will the parties most likely be described on the
mortgage if ImaBigBank approves the financing?
a. Keith and Merrilee’s business is the mortgagee, and ImaBigBank is the mortgagor.
b. ImaBigBank is the mortgagee, and Keith and Merrilee are the mortgagors.
c. Keith and Merrilee are the mortgagees, and ImaBigBank is the mortgagor.
d. ImaBigBank is the mortgagee, and Keith and Merrilee’s business is the mortgagor.
ANSWER: d
30. Which of the following is a key feature of a real estate lease?
a. the right to alter the property
b. pre-emptive possession
c. the right of exclusive possession
d. the right to sublease
ANSWER: c
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31. 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?
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.
ANSWER: d
32. Which of the following is synonymous with equity of redemption with respect to real property law?
a. the right to have legal ownership restored upon the repayment of the mortgage
b. damages based on the value of the property on the date of equity redemption
c. the right of owners to exclusively control land during the term of a lease
d. damages substituted for the court’s decree of a right to equity redemption
ANSWER: a
33. A bank took immediate possession of real property for the non-payment of a mortgage installment on its due
date. It is taking steps to have the property sold. The bank is aware that, due to poor market conditions, the
amount of the mortgage is higher than the value of the property. What are the most likely legal matters that will
come before the courts?
a. distress and equity redemption
b. default and deficiency
c. foreclosure and deficiency
d. foreclosure and court-supervised sale
ANSWER: c
34. In which of the following circumstances will an original mortgagor, who has allowed its mortgage to be
assumed by a new buyer, be held liable under the assumed mortgage?
a. if there is a deficiency in assigned insurance proceeds
b. if the original mortgagor agrees to pay a penalty for lost interest
c. if the new buyer defaults under the terms of the mortgage
d. if the lending bank assigned the mortgage to another financial entity
ANSWER: c
35. What is the name given to the right of a commercial landlord to seize the property of the tenant located in
the leased premises?
a. distress
b. seizure
c. injunction
d. forced sale
ANSWER: a
36. What is the main factor in deciding whether a lease has been created?
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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
ANSWER: d
37. What is the major consequence of the creation of a lease?
a. a specified term of tenancy
b. an increase in the value of property
c. contractual obligations
d. exclusive possession
ANSWER: d
38. Why is a commercial lease dependent upon the value, nature, and size of the property?
a. they determine the complexity of the lease agreement
b. they determine the extent of leasehold improvements
c. they determine the permitted alternation of the space
d. they determine the responsibility for repairs and maintenance
ANSWER: a
39. Andrea manages several strip malls for a mid-sized real estate holding company. One tenant appears to have
abandoned the offices he had leased, leaving a lot of possessions of value behind. Andrea has taken all of the
necessary steps to sell the property and apply the proceeds to the tenant’s rent arrears. What is the legal
description of the remedy Andrea is pursuing?
a. assignment of lease
b. commercial sublet of lease
c. exclusive occupation
d. landlord’s right of distress
ANSWER: d
40. Which of the following is a distinguishing characteristic of a tenancy that runs from fiscal year to fiscal
year?
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.
ANSWER: b
41. Real estate includes buildings as well as anything attached to buildings such as light fixtures.
a. True
b. False
ANSWER: True
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42. Real property is largely governed by common law, which, by tradition, devotes its focus on protecting rights
to property and, in particular, determining the rights of ownership to a piece of land.
a. True
b. False
ANSWER: True
43. The highest and most comprehensive level of ownership of land possible is known as a fee simple.
a. True
b. False
ANSWER: True
44. Tenants in common each have an undivided interest in the land and are able to deal with their own interests
in any way they see fit without having to consult with one another.
a. True
b. False
ANSWER: True
45. The legal right to drive across someone’s land would typically be achieved through a restrictive covenant.
a. True
b. False
ANSWER: False
46. 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. True
b. False
ANSWER: True
47. One of the factors that distinguishes registration in a land titles system from registration in the registry
system is that the sequence of registration is unimportant in a land titles system.
a. True
b. False
ANSWER: False
48. Administrators of the land titles system do not guarantee the authenticity or accuracy of the registry records
because the historical authenticity of documents filed 40 years previously is difficult to prove.
a. True
b. False
ANSWER: False
49. Before Anya can draft the letter to the purchaser’s lawyer stating the balance due on closing, she must adjust
the sale price to take into consideration such things as prepaid annual municipal property taxes.
a. True
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b. False
ANSWER: True
50. An equity redemption is a credit arrangement where a title to land is security for the loan.
a. True
b. False
ANSWER: False
51. The mortgagor is the party who lends the money, and the mortgagee is the party who borrows the money
and signs the mortgage promising to repay the loan.
a. True
b. False
ANSWER: False
52. The rights of the mortgage lender are limited to a combination of the following three remedies: suing the
borrower, taking possession of the land, and foreclosure.
a. True
b. False
ANSWER: False
53. 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.
a. True
b. False
ANSWER: True
54. 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.
a. True
b. False
ANSWER: True
55. Exclusive possession is the mortgage lender’s remedy to terminate the borrower’s interest in land due to
default.
a. True
b. False
ANSWER: False
56. It is typical that a commercial lease will address such important matters as the responsibility for repairs and
maintenance to the leased space and any common areas, as well as permitted alterations a tenant may make to
the space and what happens with the alterations once the lease expires.
a. True
b. False
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ANSWER: True
57. 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.
a. True
b. False
ANSWER: True
58. A tenant cannot withhold rent, even if the landlord fails to meet a requirement in the lease and must instead
sue for compensation while continuing to pay rent.
a. True
b. False
ANSWER: True
59. 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.
a. True
b. False
ANSWER: False
60. The risk associated with borrowing a high percentage of the capital needed to acquire commercial real estate
is that, if there is default in payment due under the loan at any time and the company is unable to negotiate more
favourable terms with the lender, the ownership and possession of the property can be completely lost.
a. True
b. False
ANSWER: True
61. Describe some of the statutory and common law restrictions frequently imposed on land use.
ANSWER: The numerous restrictions on land use imposed by statute law and common
law include the following:
• Municipal governments have the authority to control land use through planning schemes and zoning
regulations. For example, if an area of a town is zoned for residential use, it is normally not available
for commercial development.
• Environmental regulations affect the use of land by limiting or prohibiting the discharge of harmful
substances and may even require owners to clean up environmental contamination caused by
previous owners.
• The common law of nuisance limits any use of land that unduly interferes with other owners’
enjoyment of their land. A landowner who produces smoke or noise is subject to being sued for the
tort of nuisance.
• Family law may designate property as matrimonial—to be shared by both spouses—despite
ownership registered in the name of one spouse. Both spouses must agree to the disposition of such
property.
• Many government agencies have the authority to expropriate land for particular purposes.
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• Government agencies can make use of privately owned land for a particular purpose, such as a
pipeline.
• Some jurisdictions impose restrictions on foreign ownership of land, particularly agricultural land.
62. Briefly discuss tenancy in common.
ANSWER: Tenancy in common provides each owner in the relationship with an undivided interest in the land.
This means each of the tenants in common is free to deal with her own interest in the land as she sees
fit and without having to consult with the other co-owner. Should one of the tenants in common die,
the tenant’s undivided interest in the real estate forms part of her personal estate and goes to her
heirs.
63. Briefly discuss joint tenancy.
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.
64. Identify the key features of the registry system.
ANSWER: In the registry system, the government provides the facilities for recording documents and the
maintenance of the registrations. The public has access to the records and can examine or search the
records to evaluate the state of ownership of a particular piece of land. The main purpose of the
search is to verify the seller’s ownership by investigating the “chain of title” in order to confirm that
no one has a conflicting claim to all or part of the land in question and to determine if the owner has
clear title. The administrators of a registry system take no responsibility for the validity of the
documents that are filed and express no opinion on the state of the title of a particular piece of
property. Lawyers retained by the buyer of property are responsible for the search and the evaluation
of the results. Law clerks or paralegals retained by the lawyer may do the actual search. If title
problems emerge later, those who searched the title bear the potential liability.
65. Identify the basic terms generally contained in an agreement of purchase and sale of real property.
ANSWER: The basic terms contained in an agreement of purchase and sale of real property generally include the
following:
i) the precise names of the parties
ii) the precise identification and description of the property, including reference to the registered title
and sufficient detail so as to leave no doubt as to location, size, and boundaries
iii) the purchase price, deposit, and method of payment
iv) a statement of any conditions on which the agreement depends, such as financing, zoning, or
environmental inspection
v) a list and description of exactly what is included in the price (equipment, fixtures)
vi) the date for closing and a list of what each party must deliver on that date
66. Briefly outline the stages in a typical real estate transaction.
ANSWER: First Stage: Agreement of Purchase and Sale
SELLER:
• decides to sell a piece of land
• determines the value of the land, possibly through a professional appraisal
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• engages a real estate agent to find a buyer and signs a listing agreement
• engages a lawyer to advise on the legal requirements
• engages a surveyor to confirm boundaries
BUYER:
• decides to buy land
• engages an agent to find suitable land
• engages an appraiser to value the seller’s land
• engages a lawyer to advise on the legal requirements
SELLER AND BUYER:
• negotiate, possibly with the assistance of their agents and lawyers
• reach agreement on all terms and conclude a formal written agreement
Second Stage: Investigations
SELLER:
• addresses any problems discovered through the buyer’s investigation
BUYER:
• investigates all aspects of the property, including the seller’s title and any
outstanding claims
• confirms the boundaries of the land by retaining a land surveyor
• arranges for financing
• has an engineer assess the structural soundness of the building
• has a consultant investigate environmental soundness
Final Stage: Closing
SELLER:
• delivers the title document
• delivers the keys to the property
BUYER:
• makes final payment
• registers the title document
• arranges for insurance
• moves in
67. Identify the limits on ownership that result from contracts made by the landowner.
ANSWER: The limits on ownership that result from contracts made by the landowner are as follows:
i) grant an easement to an adjoining landowner
ii) grant a lease to a tenant
iii) grant an occupancy lease
iv) grant a mortgage on land
vi) make the land subject to a restrictive covenant
68. Describe the role of the administrators of a land titles system
ANSWER: The administrators of a land titles system evaluate each document presented for registration and
maintain a record of the documents relating to each piece of property. They are also responsible for
the accuracy of the information they provide to the public and maintain an insurance fund to
compensate those who suffer loss because of their errors.
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69. 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.
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.
70. What basic terms might a lender typically included in a mortgage agreement?
ANSWER: • amount of the loan (known as the principal)
• interest rate
• date of renegotiation of the interest rate
• period of repayment over which the loan is amortized
• schedule of payments
• provision for payment of property taxes
• provision for full insurance coverage on the property, with the proceeds to be paid directly to the
lender
• borrower’s obligation to keep the property in a good state of repair and refrain from any activity
that would decrease its value
• complete legal description of the land
• provision for early repayment (possible penalty)
• acceleration clause, which provides that on default of payment by the borrower, the whole amount
of the loan becomes due
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