Contemporary Canadian Business Law

Business

Quiz 25 :

Commercial and Residential Real-Estate Transactions

Quiz 25 :

Commercial and Residential Real-Estate Transactions

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Bradford entered into a purchase and sale agreement with Frank, the vendor, to purchase a building lot for $45,000. Bradford arranged for a survey of the property, and the completed survey revealed that the width of the lot was narrower than the width stipulated in the purchase agreement. Where the parcel of land actually owned by the vendor is less than the parcel which the vendor has agreed to sell, the purchaser may still take the land, but demand an abatement of the purchase price.
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Who has the obligation of discharging encumbrances from title prior to closing?
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D

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Bradford entered into a purchase and sale agreement with Frank, the vendor, to purchase a building lot for $45,000. Bradford arranged for a survey of the property, and the completed survey revealed that the width of the lot was narrower than the width stipulated in the purchase agreement. Under the terms of the contract, the vendor is obliged to provide the purchaser with a parcel of land as stipulated in the agreement.
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A survey will establish
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Bradford entered into a purchase and sale agreement with Frank, the vendor, to purchase a building lot for $45,000. Bradford arranged for a survey of the property, and the completed survey revealed that the width of the lot was narrower than the width stipulated in the purchase agreement. If the agreement described the dimensions of the lot using the words "more or less," the vendor would not be required to make an abatement of the purchase price if the difference was minor.
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Bradford entered into a purchase and sale agreement with Frank, the vendor, to purchase a building lot for $45,000. Bradford arranged for a survey of the property, and the completed survey revealed that the width of the lot was narrower than the width stipulated in the purchase agreement. If the discrepancy between the survey dimensions and the land described in the agreement is substantial, the purchaser may avoid the transaction.
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Leo engaged Raveen, a real estate agent, to sell his house and lot for him. Without disclosing the fact to Leo, Raveen arranged for his brother-in-law to offer to purchase the house at a relatively low price, because he knew Leo was anxious to sell the property. After the transaction closed, Leo discovered the true facts. The relationship between Leo and Raveen is basically one of utmost good faith.
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The rarest of permitted actions of a real estate broker is to:
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In a real estate transaction, who has the obligation of searching the title to determine which encumbrances must be discharged?
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Leo engaged Raveen, a real estate agent, to sell his house and lot for him. Without disclosing the fact to Leo, Raveen arranged for his brother-in-law to offer to purchase the house at a relatively low price, because he knew Leo was anxious to sell the property. After the transaction closed, Leo discovered the true facts. Leo would be entitled to recover the commission he paid to Raveen on the sale.
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The Torrens or Land Titles System
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Not among a solicitor's customary searches in a real estate transaction are
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Lucy made an offer to purchase the Lucky Star Tavern that was accepted by the property owner. During the title search process her solicitor discovered that the property had been used 20 years previously as a gas station and shop. There were no gas pumps visible on the property when Lucy inspected it prior to making her offer to purchase. No record could be found of any removal of the underground tanks.
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A real estate agent is an agent for
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Why are environmental audits conducted?
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On March 1st, Sam enters into an offer to purchase with Geraldo to purchase his home. The closing date is June 15th. On May 1st, Sam discovers that the city is planning to re-zone the land next door as commercial. Sam is very unhappy and no longer wants the property. What legal/non-legal action might Sam take?
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Leo engaged Raveen, a real estate agent, to sell his house and lot for him. Without disclosing the fact to Leo, Raveen arranged for his brother-in-law to offer to purchase the house at a relatively low price, because he knew Leo was anxious to sell the property. After the transaction closed, Leo discovered the true facts. Raveen would be liable to Leo for any difference between the market price of the property, and the price at which the property was sold, because Raveen failed to disclose the true circumstances concerning the offer made.
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Which of the following is most often completed by the real estate agent?
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A search in the Sheriff's Office is required
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Which is most correct? On closing, the purchaser's solicitor completes
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