Reference no: EM133458714

Part 1

Chapter 1: Overview of the Residential Real Estate Transaction

True or False

1. The Agreement of Purchase and Sale transfers title from the seller to the buyer. 

a) True

b) False

2. It is ultimately the responsibility of the buyer's lawyer to correct any title problems before closing.

a) True

b) False

3. Usually the seller's lawyer prepares the Statement of Adjustments.

a) True

b) False

4. The buyer is responsible for payment of the realty taxes up to and including the date of closing.

a) True

b) False

5. The lawyers for both the seller and the buyer are responsible for ensuring that any undertakings given on closing have been satisfied.

a) True

b) False

6. Rural or cottage properties may require special inquiries and concerns for such things as well water, road access, and septic systems.

True

False

7. It is up to the seller's lawyer to ensure that there are no writs of execution filed with the sheriff of the relevant judicial district by doing an execution search.

True

False

8. Unpaid utilities, such as water, can sometimes constitute a lien on title to a property

True

False

9. The agreement of purchase and sale "signed back" by the prospective buyer is known as a counter-offer.

True

False

10. "Execution" of the agreement of purchase and sale means the transfer of title to the buyer.

True

False

SHORT ANSWERS

1. Who completes and reviews the title search?

2. Why is it important for a buyer's lawyer to ensure that realty taxes are paid up to date?

3. What are some of the financial benefits to obtaining title insurance for a purchase transaction?

4. What happens on "closing?"

5. What is the role of the seller's laywer in a real estate transaction?

CHAPTER 2

Fill in the Blank

1. The _______ provides professional insurance coverage for lawyers.

2. A deductible of _______ per claim is typical for most lawyers but may vary depending on a lawyer's claims history or choice of coverage.

3. A _______ must supervise and be responsible for the real estate file.

4. A lawyer may act for both a borrower and an unrelated lender, for any amount of mortgage funds, if the lender is _______ or _______ and both parties agree.

5. A lawyer must at all times hold in strict _______ ] all client information, unless certain conditions are met.

True or False

1. An important part of a law clerk's job includes noting and meeting critical deadlines.

a) True

b) False

2. A lawyer's errors and omissions insurance will cover any claim of negligence made against the lawyer or the lawyer's law clerk.

a) True

b) False

3. A law clerk is required to be aware of and follow the Law Society's Rules of Professional Conduct.

a) True

b) False

4. A law clerk may review and sign a requisition letter.

a) True

b) False

5. A law clerk may explain and review the various title insurance options to a client.

a) True

b) False

6. An important part of a law clerk's job includes noting and meeting critical deadlines.

a) True

b) False

7. A lawyer's errors and omissions insurance will cover any claim of negligence made against the lawyer or the lawyer's law clerk.

a) True

b) False

8. A law clerk is required to be aware of and follow the Law Society's Rules of Professional Conduct.

a) True

b) False

9. A law clerk may review and sign a requisition letter.

a) True

b) False

10. A law clerk may explain and review the various title insurance options to a client. (p. 15)

a) True

b) False

PART - 2

CHAPTER 4

1. All land in Ontario has a legal description, which begins with its municipal address.

a) True

b) False

2. Early Ontario land surveyors used a measuring tool called a "Gunter's chain," which is the equivalent of 6 feet (or approximately 2 metres).

a) True

b) False

3. An Ontario concession lot is about 200 acres.

a) True

b) False

4. A metes and bounds description describes, in words, the boundaries and dimensions of a parcel of land in relation to lot lines.

a) True

b) False

5. An R-Plan is a registered plan of subdivision.

a) True

b) False

Fill in the Blank

1. A road allowance is _______ wide.

2. A _______ is a form of urban organization which includes cities, towns, and villages.

3. An Ontario land surveyor prepares a _______ in order to illustrate, in pictorial form, boundaries of land that were previously described in words.

4. A property has been severed, creating a property with irregular boundaries. A new legal description is required for the severed portion. A _______ would likely be used to simplify the legal description.

5. All land in Ontario was originally described by reference to _______ and lots, together with a metes and bounds description, if necessary.

CHAPTER 5

Chapter 5: Land Registration Systems

1. Registration of a document in a land registration system makes the document legally effective.

a) True

b) False

2. Competing claims in a land registration system will be determined by the date of registration.

a) True

b) False

3. As of 2019, almost 100 percent of lands in Ontario are registered under the Land Titles system.

a) True

b) False

4. A property with the legal description "Parcel 2-4, Section 66M3456, City of Welland" is in the Registry system.

a) True

b) False

5. A compliance-with-law statement may be made electronically only by qualified lawyers.

a) True

b) False

6. A power of attorney is a document that authorizes someone to deal with land or other property on behalf of the deceased owner.

a) True

b) False

Fill in the Blank

1. The purpose of a land registration system is to provide protection for subsequent transactions with respect to the same land. It does so by establishing _______ between competing claims against land and by providing public _______ of interests in land.

2. Any person who deals with land is _______ to have notice of the interests that are already registered against the land.

3. The use of POLARIS document forms eliminated the requirement for personal and corporate _______ and the need for lengthy affidavits that previously accompanied documents affecting land.

4. POLARIS consists of three databases: title index database, property index database, and _______ database.

5. The combination of the block and property numbers under POLARIS creates a unique property identifier number of _______ digits for every property in Ontario.

6. The term _______ refers to the process of carrying forward electronic information and entering it automatically into a document.