OREA Land Registration Systems 2

Question 1

In Ontario, what is a 'Property Identification Number' (PIN)?

Accepted Answer

A unique number assigned to each property parcel in the electronic land registration system for identification purposes

Answer

A personal identification number for property owners

Answer

A postal code for properties

Answer

A tax identification number

Question 2

What is an 'abstract of title' in Ontario's Registry system?

Accepted Answer

A condensed chronological summary of all documents registered against a property, including deeds, mortgages, liens, and other encumbrances

Answer

A summary of the property's architectural features

Answer

A brief description of the property's location

Answer

A financial summary of the property's value

Question 3

In Ontario, what does 'registration' of a document on title accomplish?

Accepted Answer

It provides notice to the world of the interest claimed and establishes priority over subsequent registrations

Answer

It makes the document legally valid between the parties

Answer

It guarantees the document is accurate

Answer

It replaces the need for a lawyer to review the document

Question 4

What is an 'encumbrance' in the context of Ontario land registration?

Accepted Answer

Any claim, lien, charge, or liability attached to and binding on the property, such as a mortgage, easement, or restrictive covenant

Answer

A structural problem with the building

Answer

A type of property insurance

Answer

A government subsidy for property development

Question 5

In Ontario, what is 'title insurance' and why is it important?

Accepted Answer

An insurance policy that protects against losses arising from defects in title, including fraud, forgery, encroachments, and survey issues

Answer

Insurance that covers the building against fire damage

Answer

Insurance required only for commercial properties

Answer

An insurance policy that covers the real estate agent's errors

Question 6

What is the 'nemo dat' rule and how does it relate to land registration in Ontario?

Accepted Answer

The principle that no one can give what they do not have — a person cannot transfer better title than they possess

Answer

A rule about property taxation

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A rule about construction permits

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A rule about mortgage interest rates