Creature of statute-title of condominium be registered

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Reference no: EM131611198

1. Salesperson Garcia calls Buyer Jones concerning a new lisitng at 125 West Drive that has just appeared on the market. Garcia describes the property as the fee ownership of a specified amount of space in a mulitple dwelling with tenancy-in-common ownership of portions used jointly with other owners.

WHAT IS SALESPERSON GARCIA DESCRIBING?

A. Condominium ownership

B. Joint tenancy

C. Co-operative ownership

D. Limited Partnership

2. A Condominium is often said to be a "CREATURE OF STATUTE". With this in mind, how would the title of a condominium be registered?

a. Each unit would be registered in the Registry or Land Titles Sytem by depositng an Exclusive Use Agreement.

b. If the municipality has both a Registry system and Land Titles system in operation, a new condominium would be regsitered in the Registry system.

c. Since the Registry office is based on Land descriptions, only the land and common elements have deed that can be registered.

d. Once the Declaration and Description is registered, each unit can be registered with separate deed

3. Multiple representation is one form of an agency relationship a brokerage can have with buyers and sellers. Which one of the following is an example of a multiple representation scenario?

A. Both ABC REALTY INC and XYZ REAL ESTATE LIMITED have co-listed a property and represent the seller as a client

B. ABC REALTY INC represents the seller as a client and is providing customer service to the buyer

C. ABC REALTY INC represents the seller as a client and XYZ REAL ESTATE LIMITED represents the buyer as a client

D. ABC REALTY INC represents both the buyer and the seller in a transction as a client

Reference no: EM131611198

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