Law 2024- Real Estate Law & Conveyancing Exam || Questions & Answers (Graded A+)
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Course
Conveyancing
Institution
Conveyancing
Law 2024- Real Estate Law & Conveyancing Exam || Questions & Answers (Graded A+)
Law 2024- Real Estate Law & Conveyancing Exam || Questions & Answers (Graded A+)
Leasehold Property - ANSWER - What type of property is where the registered owner owns only the structure on the land that is leased ...
Law 2024- Real Estate Law &
Conveyancing Exam || Questions &
Answers (Graded A+)
, Law 2024- Real Estate Law &
Conveyancing Exam || Questions &
Answers (Graded A+)
Leasehold Property - ANSWER - What type of property is where the registered
owner owns only the structure on the land that is leased from the Government or
First Nations band for a period of time
Conflict check - ANSWER - What is it called when you must conduct a type of search
to ensure you can act on behalf of the purchaser or vendor
Contract of Purchase and Sale - ANSWER - What type of contract is between the
purchaser and vendor that sets out the terms of the purchase
Listing agent - ANSWER - Who prepares the contract of purchase and sale,
represents the vendors and is sometimes called the seller's agent
Selling agent - ANSWER - Who drives you around to look at houses for you to buy
and is sometimes called the buyer's agent
Deposit - ANSWER - What is it called when the purchaser pays an amount of money
to guarantee the contract of purchase and sale
Completion Date - ANSWER - What is the date that cash is exchanged for clear title,
the purchaser's names are registered on title and the purchase price must be paid in
full
Adjustment Date - ANSWER - What is the date that the purchaser becomes
responsible for all the financial obligations of the property
Possession Date - ANSWER - What is the date the purchaser get physical
possession of the property
Purchase price - ANSWER - What is it called when the purchaser pays a vendor
money when buying property
Conditions precedent - ANSWER - What is it called when there are subjects or
conditons that must be fulfilled before the contract is binding
Buyer financing - ANSWER - What is it called when the seller may still have a
mortgage on title but the buyer needs to get a mortgage in order to afford to buy the
property
Undertakings - ANSWER - What is it called when the lawyer promises something to
another lawyer
, Title search - ANSWER - What is the printout called showing the registered owners,
legal description and encumbrances.
Encumbrances - ANSWER - What is registered on title when there is money owing
on the property aka a mortgage
In person, by land title agent or electronically - ANSWER - What are the three ways
you can conduct a title search
Lot and plan - ANSWER - What are the two words that describe the property as a full
parcel of land
Strata lot and strata plan - ANSWER - What are the two words that describe the
property as a subdivided property or condo
Charges, liens or interests - ANSWER - What is it called on the title search that show
there are registrations that claim an interest against the property aka encumbrances
Property tax certificate - ANSWER - What certificate shows or whether or not the
taxes have been paid on the property for the year or if there are outstanding taxes,
fees or penalities on the property
Municipality - ANSWER - Who do you pay your property taxes to if you live in a city
Surveyor of Taxes - ANSWER - Who do you pay your property taxes to if you in a
rural area
Property taxes - ANSWER - What are the taxes called that pay for government
services such as schools and police, community centres, libraries and infrastructure
improvement
Utilities - ANSWER - What are the services called that pay for the cost of water,
sewer services and garbage and recycling removal
Form A Transfer - ANSWER - What form transfers property from the vendor to the
purchaser
Form B Mortgage - ANSWER - What form registers a mortgage on title as a lender's
security
Form C Release - ANSWER - What form releases a mortgage on title
Form D - ANSWER - What form is used when you need space for extra signatures
Form E - ANSWER - What form is used when you need a schedule for extra terms,
legal descriptions etc.
Form 17 - ANSWER - What form is used to transfer or register a charge while
reserving an interest for the transferor
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