LSO Barrister Real Estate Law

Question 1

In Ontario, which legislation governs the registration of title to land and the protection of registered interests?

Accepted Answer

Land Titles Act

Answer

Registry Act

Answer

Real Estate and Business Brokers Act

Answer

Planning Act

Question 2

In Ontario, what is the standard form Agreement of Purchase and Sale governed by?

Accepted Answer

The Ontario Real Estate Association (OREA) standard form contract

Answer

The Real Estate and Business Brokers Act, 2002 (REBBA)

Answer

The Land Transfer Tax Act

Answer

The Conveyancing and Law of Property Act

Question 3

Under the Ontario Land Transfer Tax Act, who is responsible for paying land transfer tax?

Accepted Answer

The purchaser

Answer

The vendor (seller)

Answer

Both parties equally

Answer

The real estate agent

Question 4

What is a 'title search' in Ontario real estate transactions used to determine?

Accepted Answer

Whether the vendor has good and marketable title free from undisclosed encumbrances

Answer

The property's market value

Answer

The property's zoning classification

Answer

The physical condition of the property

Question 5

In Ontario, what is a 'mortgage discharge statement' and when is it obtained?

Accepted Answer

A statement from the lender stating the amount required to pay off the mortgage, obtained before closing

Answer

A statement from MPAC confirming no property taxes are owed, obtained before closing

Answer

A statement from the municipality confirming no local improvement charges, obtained after closing

Answer

A statement from the title insurer confirming coverage

Question 6

Under the Planning Act (Ontario), what is a 'consent' (severance) used for?

Accepted Answer

Creating a new lot from an existing parcel by severing part of it for conveyance

Answer

Subdividing land into more than 5 lots

Answer

Changing the zoning of a property

Answer

Obtaining a building permit