LSO Barrister Real Estate Law 2

Question 1

In Ontario, what does the term 'holdback' mean in the context of construction liens?

Accepted Answer

A statutory 10% of amounts payable to contractors held back by the owner as a lien fund

Answer

Under the Construction Act (Ontario), an owner must hold back 10% of the value of work done as a lien fund available to unpaid contractors and subcontractors.

Question 2

Under the Ontario Residential Tenancies Act, 2006, what notice period must a landlord give a tenant to terminate a month-to-month tenancy for a purchaser's own use?

Accepted Answer

90 days

Answer

Form N12 requires 60 days' notice to terminate a tenancy for the landlord's or purchaser's own use, with compensation equal to one month's rent.

Question 3

What is 'title insurance' in Ontario and what risk does it primarily protect against?

Accepted Answer

Insurance protecting against title defects, fraud, survey errors, and zoning issues discovered after closing

Answer

Title insurance protects purchasers and lenders from losses arising from title defects, fraud, encroachments, and certain zoning non-compliances that existed before the policy date.

Question 4

In Ontario, what is an 'easement' in real property law?

Accepted Answer

A right attached to land allowing the owner of one parcel (dominant tenement) to use another's land (servient tenement) for a specific purpose

Answer

An easement is a non-possessory interest in land that runs with both the dominant and servient tenements and survives changes in ownership.

Question 5

Under the Ontario Condominium Act, 1998, what is a 'status certificate' and why is it important to a purchaser?

Accepted Answer

A document disclosing the financial health, governance, and any outstanding issues of the condominium corporation

Answer

A status certificate reveals the condominium corporation's financial statements, reserve fund status, any special assessments, and existing legal proceedings affecting the purchaser's decision.

Ontario Bar Barrister Practice Test

Ontario Bar Barrister Practice Test

LSO Barrister Real Estate Law 2