Solicitor Bar Exam Ontario UPDATED ACTUAL Questions and CORRECT Answers
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Course
Solicitor Bar
Institution
Solicitor Bar
Solicitor Bar Exam Ontario UPDATED
ACTUAL Questions and CORRECT
Answers
Upon reviewing a list of beneficiaries for an estate what relationship pose a potential
conflict? - CORRECT ANSWER- A current client of the firm in a separate matter.
A client demands an answer on short notice about how...
Solicitor Bar Exam Ontario UPDATED
ACTUAL Questions and CORRECT
Answers
Upon reviewing a list of beneficiaries for an estate what relationship pose a potential
conflict? - CORRECT ANSWER✔✔- A current client of the firm in a separate matter.
A client demands an answer on short notice about how a recent court decision will impact
their ongoing lawsuit on a similar issue. - CORRECT ANSWER✔✔- A lawyer should advise
the client in writing that a proper opinion cannot be rendered within the designated
timeframe.
A real estate lawyer who is acting for purchaser and lender learns of an addendum to the
price. What must the lawyer do? - CORRECT ANSWER✔✔- The lawyer in a joint retainer
must provide a copy of any changes provided by one party to the other party. If a conflict
arises the lawyer must withdraw from representing both parties.
To whom can a private corporation issue its shares within the exemption from registration
and prospectus. - CORRECT ANSWER✔✔- A private corporation may issue shares to
current or former directors or current officers of the corporation only.
Your client is the director of a family corporation who is having marital difficulties. They
want you to terminate their husband's employment with the corporation. What action should
you take? - CORRECT ANSWER✔✔- The lawyer should advice the client that only the
board of directors can terminate an employee and that the lawyer can represent the
corporation only with instructions from the board of directors.
A lawyer is on joint retainer in a complex real estate transaction when one of the clients states
they will be the only one on title. Who must the lawyer contact? - CORRECT ANSWER✔✔-
The lawyer must receive instructions from all parties in the joint retainer and the lender
before altering title documents.
Can a lawyer represent the purchaser and lender in a single transaction if the lender is an
unrelated, private person? - CORRECT ANSWER✔✔- No if the loan is for more than
$50,000 and the lender is not a registered lender.
,what is the best advice a lawyer could give his client to manage their expectations in respect
to a proposed offer to extend a closing in a real estate matter? - CORRECT ANSWER✔✔-
when a party requests an extension so they may fulfill their obligations under an agreement to
purchase and sale the lawyer should advice the client counter offer with realistic timelines
and a responsibility for costs.
What is satisfactory evidence that the legal use of a property is accurate according to intended
use. - CORRECT ANSWER✔✔- Only confirmation from the appropriate municipal
authority is satisfactory evidence of legal use.
If the client in a joint retainer asks a lawyer to change the legal use of the property they are
purchasing is this a new retainer? - CORRECT ANSWER✔✔- A new retainer must be
signed if the client changes the action or subject matter of the issue.
Smith conveyed parcel B to Jones with consent under the planning act. Jones then mortgaged
Parcel B to his bank without a consent. Is this a valid transaction? - CORRECT
ANSWER✔✔- The conveyance to Jones and the mortgage to the bank are valid as a consent
to convey was obtained, s. 50.12 states once a consent always a consent, s.50.3.f the
mortgage is subsequent dealing for the identical parcel where a consent was obtained.
smith mortgaged Parcel B to his bank with a consent under the Planning Act and then Smith
conveyed Parcel B to Jones without consent. Is this a valid transaction? - CORRECT
ANSWER✔✔- The mortgage to the bank is valid as a consent to mortgage was obtained.
The conveyance to Jones is not valid. s.50.3.f the conveyance was a subsequent action but the
consent was to mortgage and not convey.
Jones conveys parcel c to Smith who in turn gives a vendor take back mortgage to Jones for
the purchase price. - CORRECT ANSWER✔✔- Jones does not own the abutting land so the
vendor take back mortgage from Smith to Jones is valid, s.50.8 provides that Vendor take
back mortgages do not fall within the basic prohibition of s.50.3
What is the minimum number of directors for a newly incorporated company with 2
shareholder/owners? - CORRECT ANSWER✔✔- only 1 director is required if the
corporation is not an offering or public corporation.
A CCPC can pay an eligible dividend to the extent it has a sufficient general rate income
pool. - CORRECT ANSWER✔✔- Yes
, A shareholder is unhappy with the name of the corporation and would like to propose to
amend the name. Who must approve the proposal? - CORRECT ANSWER✔✔- Two-Thirds
of the shareholders voting on a specific matter must agree by vote to a change in name
proposal.
How may a corporate seller exercise an unpaid seller's lien on a defaulting corporation? -
CORRECT ANSWER✔✔- By giving notice to an affiliate of the buyer.
How may a corporation be dissolved? - CORRECT ANSWER✔✔- A corporation may be
dissolved by court order, breach of statutory provisions, or resolution of a majority of
shareholders.
A private corporation with 50 outstanding shares would like to redeem 25 shares at $10 per
share. The PUC is $4 per share and the ACB is $5 per share. What would the income tax
impact be on the purchaser for the redemption? - CORRECT ANSWER✔✔- The
shareholder recognizes a deemed dividend of $150 and a capital loss of $25.
What is the best method to perfect a security interest when dealing with investment property?
- CORRECT ANSWER✔✔- The best method to perfect a security interest is control in the
direct holding system.
how may a sole limited partner NOT be able to dissolve the limited partnership? - CORRECT
ANSWER✔✔- by giving notice that the limited partnership was created for a defined
number of years.
When would an asset sale be preferable? - CORRECT ANSWER✔✔- An asset sale is
preferable if the corporation is CCPC qualified and earning an active business income.
A young lawyer in Thunder Bay is asked to draft a Will. Who do they ow a duty to? -
CORRECT ANSWER✔✔- The estate lawyer owes a duty to the testator and the clients
beneficiaries.
A deceased failed to provide for biological son in Will. How would his son make a claim
under Part V of the SLRA? - CORRECT ANSWER✔✔- To make a claim under Part V of
the SLRA the beneficiary must show the testator was under duress when making their Will.
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