Podcast
Questions and Answers
What condition protects the interest and claim of the first party who registers land?
What condition protects the interest and claim of the first party who registers land?
Which of the following is a claim that the party who registers second may have?
Which of the following is a claim that the party who registers second may have?
Which statement most accurately reflects a feature of the registry system?
Which statement most accurately reflects a feature of the registry system?
What is a key disadvantage of land titles systems in comparison to registry systems?
What is a key disadvantage of land titles systems in comparison to registry systems?
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What legal principle explains the risk that buyers face when purchasing land?
What legal principle explains the risk that buyers face when purchasing land?
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Which of the following statements about the registry system is false?
Which of the following statements about the registry system is false?
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What factor influences the certainty and reliability of a registry system?
What factor influences the certainty and reliability of a registry system?
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What is typically not required when assessing the title of a piece of land within a registry system?
What is typically not required when assessing the title of a piece of land within a registry system?
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What is the purpose of covenants in a housing development?
What is the purpose of covenants in a housing development?
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Which of the following statements about foreign property purchases in Canada is true as of January 2023?
Which of the following statements about foreign property purchases in Canada is true as of January 2023?
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What fine may be imposed for violating the ban on foreign property purchases?
What fine may be imposed for violating the ban on foreign property purchases?
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Which provinces in Canada have specific restrictions on foreign ownership of agricultural land?
Which provinces in Canada have specific restrictions on foreign ownership of agricultural land?
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What is one justification for restrictions on foreign ownership of agricultural land in Canada?
What is one justification for restrictions on foreign ownership of agricultural land in Canada?
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Which country places few restrictions on foreign land ownership?
Which country places few restrictions on foreign land ownership?
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What type of land has seen stringent policies regarding foreign ownership in various nations?
What type of land has seen stringent policies regarding foreign ownership in various nations?
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What is the maximum land area that foreign entities are allowed to own in Alberta before facing restrictions?
What is the maximum land area that foreign entities are allowed to own in Alberta before facing restrictions?
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What may happen if an unregistered title document is discovered during a property search?
What may happen if an unregistered title document is discovered during a property search?
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What is the primary responsibility of lawyers in a property transaction?
What is the primary responsibility of lawyers in a property transaction?
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In a land titles system, what key function do administrators serve?
In a land titles system, what key function do administrators serve?
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What does a certificate of title provide in a land titles system?
What does a certificate of title provide in a land titles system?
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What consequence does a historical search typically have in a land titles system?
What consequence does a historical search typically have in a land titles system?
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What happens when there are conflicting claims to a piece of land?
What happens when there are conflicting claims to a piece of land?
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What kind of fund do administrators of a land titles system maintain?
What kind of fund do administrators of a land titles system maintain?
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Which of the following is a benefit of the land titles system compared to the registry system?
Which of the following is a benefit of the land titles system compared to the registry system?
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What responsibility does the seller have regarding environmental audits before selling the property?
What responsibility does the seller have regarding environmental audits before selling the property?
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What should Domino Industries do as part of its due diligence when considering the property?
What should Domino Industries do as part of its due diligence when considering the property?
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What is NOT a requirement for the seller in terms of environmental contamination?
What is NOT a requirement for the seller in terms of environmental contamination?
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What action can a buyer take to ensure they are not obligated to purchase a property without financing?
What action can a buyer take to ensure they are not obligated to purchase a property without financing?
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Which entities are typically approached for mortgage financing in real estate purchases?
Which entities are typically approached for mortgage financing in real estate purchases?
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What factors are established in a mortgage contract between a purchaser and lender?
What factors are established in a mortgage contract between a purchaser and lender?
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If Domino discovers contamination after purchasing the property, what is the seller's liability?
If Domino discovers contamination after purchasing the property, what is the seller's liability?
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What does it imply if a buyer has a good working relationship with their lender?
What does it imply if a buyer has a good working relationship with their lender?
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What is a primary purpose of hiring an environmental auditor during a property investigation?
What is a primary purpose of hiring an environmental auditor during a property investigation?
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Which of the following is NOT a reason to make the purchase offer conditional?
Which of the following is NOT a reason to make the purchase offer conditional?
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What does title insurance primarily cover in real estate transactions?
What does title insurance primarily cover in real estate transactions?
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Why is it important to hire a surveyor when purchasing a property?
Why is it important to hire a surveyor when purchasing a property?
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What should be verified about tenants before purchasing a property?
What should be verified about tenants before purchasing a property?
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What factor might affect a property’s insurability according to mortgage lenders?
What factor might affect a property’s insurability according to mortgage lenders?
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Which of these statements about title insurance is accurate?
Which of these statements about title insurance is accurate?
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What is a potential issue that could arise regarding the condition of the property?
What is a potential issue that could arise regarding the condition of the property?
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What did the court find regarding Gap's argument about the force majeure clause?
What did the court find regarding Gap's argument about the force majeure clause?
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Which statement reflects the court's view on the doctrine of frustration?
Which statement reflects the court's view on the doctrine of frustration?
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What does the court indicate about Gap's ability to operate its retail store?
What does the court indicate about Gap's ability to operate its retail store?
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What is a crucial aspect of engaging the doctrine of frustration, according to the court?
What is a crucial aspect of engaging the doctrine of frustration, according to the court?
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Why is it essential for buyers to seek legal advice in real estate transactions?
Why is it essential for buyers to seek legal advice in real estate transactions?
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What does 'buyer-beware' imply in real estate transactions?
What does 'buyer-beware' imply in real estate transactions?
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What is a key consideration for sellers when preparing a sale agreement?
What is a key consideration for sellers when preparing a sale agreement?
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What aspect of language in real property transactions is highlighted as crucial?
What aspect of language in real property transactions is highlighted as crucial?
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Title insurance protects the insured from known defects with the property.
Title insurance protects the insured from known defects with the property.
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A surveyor can help determine if buildings on the property comply with local setback requirements.
A surveyor can help determine if buildings on the property comply with local setback requirements.
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Environmental auditors are primarily tasked with assessing the financial value of a property.
Environmental auditors are primarily tasked with assessing the financial value of a property.
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Mortgage lenders may hesitate to provide financing if a property cannot be insured.
Mortgage lenders may hesitate to provide financing if a property cannot be insured.
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It is unnecessary for buyers to investigate the presence of squatters on a property before purchase.
It is unnecessary for buyers to investigate the presence of squatters on a property before purchase.
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Assurances regarding the adequacy of water supply should be included in the purchase contract.
Assurances regarding the adequacy of water supply should be included in the purchase contract.
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The building inspector focuses on the property's compliance with fire safety regulations only.
The building inspector focuses on the property's compliance with fire safety regulations only.
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Making an offer to purchase a property without conditions is a common practice in real estate.
Making an offer to purchase a property without conditions is a common practice in real estate.
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The Underused Housing Tax Act imposes a 2 percent annual tax levy on unoccupied, foreign-owned, residential property.
The Underused Housing Tax Act imposes a 2 percent annual tax levy on unoccupied, foreign-owned, residential property.
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Properties designated as the primary residence of the owner are exempt from the Underused Housing Tax.
Properties designated as the primary residence of the owner are exempt from the Underused Housing Tax.
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Purchasers in land titles jurisdictions benefit from acquiring title insurance.
Purchasers in land titles jurisdictions benefit from acquiring title insurance.
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The Underused Housing Tax Act was enacted in 2020.
The Underused Housing Tax Act was enacted in 2020.
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The seller of a property has no responsibility to disclose problems with the property.
The seller of a property has no responsibility to disclose problems with the property.
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A purchaser of real estate may have to adhere to agreements made by previous owners, including easements.
A purchaser of real estate may have to adhere to agreements made by previous owners, including easements.
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The Underused Housing Tax applies only to properties occupied by Canadian citizens.
The Underused Housing Tax applies only to properties occupied by Canadian citizens.
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A purchaser can terminate an agreement if they are unable to secure financing due to a lack of good-faith efforts.
A purchaser can terminate an agreement if they are unable to secure financing due to a lack of good-faith efforts.
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Conducting a search of the land registration system is unnecessary when purchasing property.
Conducting a search of the land registration system is unnecessary when purchasing property.
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The recent federal legislation regarding foreign-owned residential properties aims to increase demand for local real estate.
The recent federal legislation regarding foreign-owned residential properties aims to increase demand for local real estate.
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Alpha's agreement with the seller can be changed without the consent of both parties after it is signed.
Alpha's agreement with the seller can be changed without the consent of both parties after it is signed.
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It is a legal requirement for agreements of purchase and sale to be written and signed by both parties.
It is a legal requirement for agreements of purchase and sale to be written and signed by both parties.
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A satisfactory engineer's report is an example of a condition that can be included in a purchase agreement.
A satisfactory engineer's report is an example of a condition that can be included in a purchase agreement.
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A tenant is allowed to terminate the lease if the landlord fails to meet any requirement of the lease.
A tenant is allowed to terminate the lease if the landlord fails to meet any requirement of the lease.
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In a commercial lease, repairs and maintenance responsibilities typically fall to the landlord.
In a commercial lease, repairs and maintenance responsibilities typically fall to the landlord.
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Covenants in a commercial lease are essentially the rights and obligations negotiated between the parties.
Covenants in a commercial lease are essentially the rights and obligations negotiated between the parties.
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A tenant can withhold rent if the landlord breaches a fundamental term of the lease.
A tenant can withhold rent if the landlord breaches a fundamental term of the lease.
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A commercial lease usually has a time period lasting between two to four years.
A commercial lease usually has a time period lasting between two to four years.
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Tenants usually have exclusive possession of the leased premises throughout the lease term.
Tenants usually have exclusive possession of the leased premises throughout the lease term.
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Provisions for assignment and subletting are rarely included in commercial leases.
Provisions for assignment and subletting are rarely included in commercial leases.
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The calculation of rent in a commercial lease can be based on either the space amount or a percentage of gross sales.
The calculation of rent in a commercial lease can be based on either the space amount or a percentage of gross sales.
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A commercial landlord is obligated to seek a new tenant if the previous tenant abandons the premises.
A commercial landlord is obligated to seek a new tenant if the previous tenant abandons the premises.
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In a sublease, the original tenant is still fully liable under the lease agreement.
In a sublease, the original tenant is still fully liable under the lease agreement.
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The landlord's primary goal is to ensure that the tenant does not cause any damage to the property.
The landlord's primary goal is to ensure that the tenant does not cause any damage to the property.
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If a commercial landlord chooses to distrain for unpaid rent, they can also terminate the lease for the same breach.
If a commercial landlord chooses to distrain for unpaid rent, they can also terminate the lease for the same breach.
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A sublease transfers full rights and obligations from the original tenant to the subtenant.
A sublease transfers full rights and obligations from the original tenant to the subtenant.
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Landlords may not unreasonably withhold consent for tenants to assign a lease or sublet the property.
Landlords may not unreasonably withhold consent for tenants to assign a lease or sublet the property.
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The landlord's obligations include collecting unpaid rent and terminating the lease for non-payment.
The landlord's obligations include collecting unpaid rent and terminating the lease for non-payment.
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A commercial landlord has the right to seize the tenant's property located on leased premises for unpaid rent.
A commercial landlord has the right to seize the tenant's property located on leased premises for unpaid rent.
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Ownership is only concerned with the land that is above the ground, but not what is below it.
Ownership is only concerned with the land that is above the ground, but not what is below it.
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The primary systems of land registration in Canada are registry and land titles.
The primary systems of land registration in Canada are registry and land titles.
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A mortgage protects the lender's right to occupy the land if the loan is not repaid.
A mortgage protects the lender's right to occupy the land if the loan is not repaid.
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The lease ends automatically when the tenant decides to leave before the specified term expires.
The lease ends automatically when the tenant decides to leave before the specified term expires.
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The holder of the fee simple has the freedom to dispose of their interest in the land as they choose.
The holder of the fee simple has the freedom to dispose of their interest in the land as they choose.
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The right of exclusive possession is granted to the landlord during the term of a lease.
The right of exclusive possession is granted to the landlord during the term of a lease.
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A deficiency in a real estate transaction refers to a surplus between the mortgage balance and the proceeds from the sale.
A deficiency in a real estate transaction refers to a surplus between the mortgage balance and the proceeds from the sale.
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An easement allows one party to entirely own another party's land for a specific purpose.
An easement allows one party to entirely own another party's land for a specific purpose.
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The registry system offers limited protection to the first person who registers land against fraudulent claims.
The registry system offers limited protection to the first person who registers land against fraudulent claims.
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In a registry system, the second party who registers has a valid claim to the land.
In a registry system, the second party who registers has a valid claim to the land.
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The principle of caveat emptor states that buyers should be cautious when purchasing land.
The principle of caveat emptor states that buyers should be cautious when purchasing land.
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The registry system guarantees compensation for all losses incurred due to registration errors.
The registry system guarantees compensation for all losses incurred due to registration errors.
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A historical search is required to understand the title status of land in a registry system.
A historical search is required to understand the title status of land in a registry system.
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Transactions in land titles systems are generally more time-consuming compared to registry systems.
Transactions in land titles systems are generally more time-consuming compared to registry systems.
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The sequence of registration is of little importance in land titles systems.
The sequence of registration is of little importance in land titles systems.
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The registry system relies on the validity of documents filed rather than the administrators' responsibility for those documents.
The registry system relies on the validity of documents filed rather than the administrators' responsibility for those documents.
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Alpha does not require the involvement of a legal advisor during the property purchase process.
Alpha does not require the involvement of a legal advisor during the property purchase process.
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Alpha's agreement to purchase the property should be conditional upon an environmental investigation.
Alpha's agreement to purchase the property should be conditional upon an environmental investigation.
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The Jardins have no obligation to disclose the condition of the aging sewer line to potential buyers.
The Jardins have no obligation to disclose the condition of the aging sewer line to potential buyers.
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It is important for Alpha to conduct a careful investigation of the property to mitigate risk.
It is important for Alpha to conduct a careful investigation of the property to mitigate risk.
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Once the basement has been renovated, the Jardins are exempt from any disclosure obligations about past flooding.
Once the basement has been renovated, the Jardins are exempt from any disclosure obligations about past flooding.
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The technical nature of real estate transactions makes the use of professionals unnecessary.
The technical nature of real estate transactions makes the use of professionals unnecessary.
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The concept of 'buyer beware' refers to the obligation of buyers to conduct their own diligence regarding a property.
The concept of 'buyer beware' refers to the obligation of buyers to conduct their own diligence regarding a property.
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Alpha is unconcerned about the historical use of the property and its potential environmental implications.
Alpha is unconcerned about the historical use of the property and its potential environmental implications.
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A title search will typically confirm the ownership of the property and reveal legal interests filed against it.
A title search will typically confirm the ownership of the property and reveal legal interests filed against it.
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In a land titles system, new purchasers have rights that automatically override any previously registered interests.
In a land titles system, new purchasers have rights that automatically override any previously registered interests.
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Lawyers are responsible for determining the reliability of land titles and typically perform a title search that goes back 10 years.
Lawyers are responsible for determining the reliability of land titles and typically perform a title search that goes back 10 years.
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Easements allow prior landowners to maintain certain rights over land that may not be apparent on the title.
Easements allow prior landowners to maintain certain rights over land that may not be apparent on the title.
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The primary purpose of professional liability insurance for lawyers in property transactions is to cover potential negligence.
The primary purpose of professional liability insurance for lawyers in property transactions is to cover potential negligence.
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Restrictive covenants are legally enforceable agreements that limit the use of land by future owners.
Restrictive covenants are legally enforceable agreements that limit the use of land by future owners.
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Landowners have no obligation to honor agreements made by previous owners regarding the use of their property.
Landowners have no obligation to honor agreements made by previous owners regarding the use of their property.
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The land titles system accepts full responsibility for inaccuracies in recording interests in land.
The land titles system accepts full responsibility for inaccuracies in recording interests in land.
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A mortgage typically transfers ownership of the land to the lender for the duration of the lending period.
A mortgage typically transfers ownership of the land to the lender for the duration of the lending period.
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A mortgage can be registered even if there are existing registrations against the property.
A mortgage can be registered even if there are existing registrations against the property.
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The registration of a mortgage creates a legal charge on the property that will appear on the certificate of title.
The registration of a mortgage creates a legal charge on the property that will appear on the certificate of title.
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A financing condition in a real estate offer ensures that the transaction will proceed only if the seller provides the buyer with financing.
A financing condition in a real estate offer ensures that the transaction will proceed only if the seller provides the buyer with financing.
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Lenders have practices to verify borrowers' identity and ensure necessary documentation is authentic due to the risk of fraud.
Lenders have practices to verify borrowers' identity and ensure necessary documentation is authentic due to the risk of fraud.
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A mortgage allows the borrower complete freedom to do anything with the land without consequences.
A mortgage allows the borrower complete freedom to do anything with the land without consequences.
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If the mortgagor does not insure the property, the mortgagee has the right to secure insurance and charge the borrower for it.
If the mortgagor does not insure the property, the mortgagee has the right to secure insurance and charge the borrower for it.
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The lender's approval is necessary for the method of payment specified in a financing condition.
The lender's approval is necessary for the method of payment specified in a financing condition.
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The closing occurs before all investigations and price adjustments are complete.
The closing occurs before all investigations and price adjustments are complete.
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If the purchaser imposes a condition requiring financing, they must make their best effort to obtain it.
If the purchaser imposes a condition requiring financing, they must make their best effort to obtain it.
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Alpha is responsible for the property only after the formal transfer of ownership at closing.
Alpha is responsible for the property only after the formal transfer of ownership at closing.
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Problems revealed by property investigations will always lead to the termination of the sales agreement.
Problems revealed by property investigations will always lead to the termination of the sales agreement.
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Registration of the title at the local registry is optional for purchasers.
Registration of the title at the local registry is optional for purchasers.
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The seller is not obligated to ensure the property remains in the same condition as it was at the time of agreement.
The seller is not obligated to ensure the property remains in the same condition as it was at the time of agreement.
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Alpha can deduct unpaid municipal property taxes from the total amount due to the seller at closing.
Alpha can deduct unpaid municipal property taxes from the total amount due to the seller at closing.
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If electronic registration is available, it reduces the risk of competing claims on the property.
If electronic registration is available, it reduces the risk of competing claims on the property.
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Gap paid full rent for April and May 2020 during the COVID-19 pandemic.
Gap paid full rent for April and May 2020 during the COVID-19 pandemic.
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The closure of Gap's store was due to a provincial state of emergency declared by the Government of Ontario.
The closure of Gap's store was due to a provincial state of emergency declared by the Government of Ontario.
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The lease included a force majeure clause that excused Gap from paying rent during the shutdown.
The lease included a force majeure clause that excused Gap from paying rent during the shutdown.
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Gap unilaterally decided to vacate the premises in September 2020.
Gap unilaterally decided to vacate the premises in September 2020.
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The doctrine of frustration relieved Gap of its obligations under the lease.
The doctrine of frustration relieved Gap of its obligations under the lease.
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The landlord successfully sought rent arrears totaling $208,211 from Gap after the store closure.
The landlord successfully sought rent arrears totaling $208,211 from Gap after the store closure.
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Gap made partial rent payments from June 2020 until September 2020.
Gap made partial rent payments from June 2020 until September 2020.
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The trial judge concluded that the force majeure clause could exempt Gap from all lease obligations.
The trial judge concluded that the force majeure clause could exempt Gap from all lease obligations.
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The Supreme Court of Canada ruled that higher life forms are patentable.
The Supreme Court of Canada ruled that higher life forms are patentable.
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Monsanto's Roundup Ready canola is resistant to a pesticide called Roundup.
Monsanto's Roundup Ready canola is resistant to a pesticide called Roundup.
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Growing canola plants that contain patented cells constitutes an infringement of the patent.
Growing canola plants that contain patented cells constitutes an infringement of the patent.
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Percy Schmeiser purchased seeds for Roundup Ready canola from Monsanto.
Percy Schmeiser purchased seeds for Roundup Ready canola from Monsanto.
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The legal question in the case against Schmeiser centered around whether he cultivated canola seeds without permission.
The legal question in the case against Schmeiser centered around whether he cultivated canola seeds without permission.
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The court confirmed that higher life forms, such as plants, are patentable under Canadian law.
The court confirmed that higher life forms, such as plants, are patentable under Canadian law.
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The analogy used by the majority compares infringing use of patented Lego blocks to growing plants containing patented cells.
The analogy used by the majority compares infringing use of patented Lego blocks to growing plants containing patented cells.
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The decision in Harvard College v Canada indicated that processes for genetic engineering are not patentable.
The decision in Harvard College v Canada indicated that processes for genetic engineering are not patentable.
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Schmeiser's activities led to a unanimous decision in his favor regarding patent infringement.
Schmeiser's activities led to a unanimous decision in his favor regarding patent infringement.
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Farmers are allowed to sue patent holders if genetically modified seeds unintentionally enter their property.
Farmers are allowed to sue patent holders if genetically modified seeds unintentionally enter their property.
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Cells and genes are not considered patentable under the law.
Cells and genes are not considered patentable under the law.
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Monsanto's patents on genetically modified canola were considered invalid by the Supreme Court.
Monsanto's patents on genetically modified canola were considered invalid by the Supreme Court.
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The introduction of Roundup Ready canola was met with widespread approval from the biotechnology sector.
The introduction of Roundup Ready canola was met with widespread approval from the biotechnology sector.
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The 2004 Supreme Court decision in Monsanto v Schmeiser established that the definition of 'use' extends beyond just using the patented gene itself.
The 2004 Supreme Court decision in Monsanto v Schmeiser established that the definition of 'use' extends beyond just using the patented gene itself.
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Monsanto's patents cover not just the modified genes, but also any organisms that contain those genes.
Monsanto's patents cover not just the modified genes, but also any organisms that contain those genes.
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According to the ruling, exclusive protection under patent law also applies to software.
According to the ruling, exclusive protection under patent law also applies to software.
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LAC was found liable for breach of confidence by the Supreme Court of Canada.
LAC was found liable for breach of confidence by the Supreme Court of Canada.
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The court determined that all information conveyed by Corona was confidential.
The court determined that all information conveyed by Corona was confidential.
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Confidential information can remain protected if it is discovered through reverse engineering.
Confidential information can remain protected if it is discovered through reverse engineering.
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The elements required to impose liability for breach of confidence include misuse of information, confidentiality, and circumstances of communication.
The elements required to impose liability for breach of confidence include misuse of information, confidentiality, and circumstances of communication.
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A reasonable person in LAC's position would not consider the information given by Corona to be confidential.
A reasonable person in LAC's position would not consider the information given by Corona to be confidential.
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Information is considered no longer confidential if it becomes part of an employee's personal knowledge or skill.
Information is considered no longer confidential if it becomes part of an employee's personal knowledge or skill.
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The court found that LAC breached its fiduciary duty to Corona.
The court found that LAC breached its fiduciary duty to Corona.
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If Estelle manufactures products using a secret method, she can prevent reverse engineering of that method indefinitely.
If Estelle manufactures products using a secret method, she can prevent reverse engineering of that method indefinitely.
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Estelle Perez works in the engineering department of ELEX Technologies Inc.
Estelle Perez works in the engineering department of ELEX Technologies Inc.
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ELEX Technologies Inc. primarily manufactures agricultural equipment.
ELEX Technologies Inc. primarily manufactures agricultural equipment.
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Estelle's primary responsibility at ELEX is to market their products.
Estelle's primary responsibility at ELEX is to market their products.
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As much as 15 percent of ELEX's products malfunctioned last year due to shipping issues.
As much as 15 percent of ELEX's products malfunctioned last year due to shipping issues.
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Electrostatic discharge (ESD) is a common issue for automotive manufacturers.
Electrostatic discharge (ESD) is a common issue for automotive manufacturers.
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Estelle aims to establish her own company focused on her passion for invention and design.
Estelle aims to establish her own company focused on her passion for invention and design.
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ELEX Technologies Inc. is a large corporation with thousands of employees.
ELEX Technologies Inc. is a large corporation with thousands of employees.
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The main cause of product breakdown at ELEX was identified as faulty wiring.
The main cause of product breakdown at ELEX was identified as faulty wiring.
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An industrial design protects only the functional features of a product.
An industrial design protects only the functional features of a product.
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To register an industrial design, it must be both original and novel.
To register an industrial design, it must be both original and novel.
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A high degree of creativity is essential for registering an industrial design.
A high degree of creativity is essential for registering an industrial design.
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Disclosure of an industrial design occurring more than a year prior to the application can bar its registration.
Disclosure of an industrial design occurring more than a year prior to the application can bar its registration.
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Industrial designs can never include electronic or computer-generated icons.
Industrial designs can never include electronic or computer-generated icons.
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An industrial design must contain some spark of inspiration to qualify for registration.
An industrial design must contain some spark of inspiration to qualify for registration.
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The application for an industrial design typically includes only a written description.
The application for an industrial design typically includes only a written description.
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An industrial design can be registered even if it is a simple variation of existing designs.
An industrial design can be registered even if it is a simple variation of existing designs.
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Once confidential information becomes generally known in the industry, it retains its protection.
Once confidential information becomes generally known in the industry, it retains its protection.
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Intellectual property rights are generally not assignable.
Intellectual property rights are generally not assignable.
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Licensing intellectual property involves a transfer of ownership.
Licensing intellectual property involves a transfer of ownership.
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A well-structured intellectual property program can help businesses effectively exploit their intellectual assets.
A well-structured intellectual property program can help businesses effectively exploit their intellectual assets.
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Moral rights can be assigned to another party in intellectual property.
Moral rights can be assigned to another party in intellectual property.
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Acquiring a license for intellectual property is typically straightforward and uncomplicated.
Acquiring a license for intellectual property is typically straightforward and uncomplicated.
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All forms of intellectual property can be protected by legal rights.
All forms of intellectual property can be protected by legal rights.
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Technological developments have no impact on intellectual property protection practices.
Technological developments have no impact on intellectual property protection practices.
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Study Notes
Chapter 19: Real Property
- Objectives: After studying this chapter, students should understand the sources of real property law, what constitutes real property, types of interests in privately owned property, and how ownership can be divided.
Business Law in Practice
- Ashley Bishop owns a furniture store in Halifax, Nova Scotia, and wants to expand.
- She's considering buying a strip mall.
- She wants to know how to get out of her current lease and how to manage the purchase, financing, & future tenants.
- Potential legal issues for Ashley to consider include the planned purchase, risk of borrowing, and rights/obligations of current and future leases.
Sources of Real Property Law
- Real property includes land, mineral rights, and leases.
- Rules governing real property are based on historical roots, including constitutional, statutory, and common law.
- Provincial statutes determine land registration and development.
- Real property is also impacted by environment and zoning policies.
Private Ownership of Real Property
- Highest ownership is fee simple, an absolute ownership interest with the least restrictions.
- Other ownership types include life estates (lasting for the holder's lifetime), and condominiums (shared ownership of a unit and common property).
- Mineral rights, such as oil and gas, can be owned separately from surface land.
Quiz Questions & Answers
- Question 19.1: Fee simple grants the most comprehensive ownership.
- Question 19.2: Differences between tenancy in common and joint tenancy lie in the right of survivorship. In a tenancy in common, an individual's interest passes on to their heirs; in a joint tenancy, the interest passes directly to the surviving joint tenant.
- Question 19.3: The registry system facilitates record-keeping of land ownership records but doesn't verify ownership; the duty rests with the lawyer.
- Question 19.4: Transactions being less time-consuming is a key advantage of land titles over registry systems.
- Question 19.8: "Caveat emptor" is the concept of buyer beware in real estate transactions.
- Question 19.9: Sellers have a positive duty to disclose known defects, especially those that are hidden.
- Question 19.10: Environmental audits are not always required for land sale transactions
Purchasing Land
- Investigation is crucial to evaluate the property.
- Title searches are conducted to confirm ownership and uncover any existing legal interest.
- Prior owners' agreements, such as leases or easements, impact ownership.
- Purchasers are responsible for limitations on ownership from prior contracts.
International Perspective 19.1
- Foreign land ownership policies vary significantly by country.
- Some provinces in Canada have restrictions on agricultural land ownership for foreign buyers.
New Restrictions on Foreign Ownership of Residential Property
- Recent legislation in Canada restricts foreign ownership in residential real estate.
- Penalties are enforced for breaches by individuals, corporations, and entities.
Financing the Purchase of Real Estate
- Mortgages involve contracts between borrowers (mortgagors) and lenders (mortgagees).
- Property serves as collateral.
- Registration is necessary for establishing priority and protecting lender interests.
- Mortgages can come with provisions for repayment, potential penalties for non-payment, and avenues for foreclosure.
Stages of a Sale of Land Transaction
- Agreement of Purchase and Sale: Outlines terms and conditions, including price, deposit, and conditions such as financing or property inspections.
- Investigation: Purchasers inspect the property, review title records, assess environmental factors, and address any concerns. An environmental audit may be required.
- Closing: Formal transfer of ownership, payment, and delivery of documents occur.
Mortgage's Remedies
- Foreclosure is a lender's final remedy where the borrower is in default, the lender may obtain legal possession of the mortgaged property and sell it to recover the debt.
- This includes selling the property through a public auction.
- Legal protections are available to the borrower to protect their interests in the property.
Quiz Questions & Answers
- Question 19.11: In a registry system, the mortgage usually passes to the lender during the loan period.
- Question 19.12: The transaction is likely to go ahead if the buyer's lender approves (and the lender is responsible for their due diligence).
- Question 19.13: The lender's primary concern is preserving the value and security of the land, including the possibility of a drop in the land market affecting the security.
- Question 19.14: Prime Inc. can sue for the shortfall between the outstanding mortgage and the proceeds of sale.
- Question 19.15: Refusal to complete (with appropriate justification) is a breach of contract; the purchasing party has recourse to remedies such as specific performance to proceed with the transaction, only if the property is unique.
- Question 19.16: Registering the title documents is a common closing step.
- Question 19.17: The seller is required to pay the amount of taxes due up to the closing date.
- Question 19.18: The legal concept of exclusive possession is the key factor for determining if a lease has been created.
- Question 19.19: In a commercial lease agreement, the landlord has no obligation to mitigate damages if the tenant abandons the premises.
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Description
Test your knowledge on land registration systems in Canada with this quiz. Explore topics such as the rights of registered landowners, the features of registry systems, and legal principles affecting land purchases. Understand the implications of foreign property ownership and current regulations.
