True or False
A lender will not provide mortgage funds for a property that is in major renovations or construction
False: construction mortgages allows a person to borrow funds to build a home or provide renovations
An Easement gives someone the:
A) Right to own neighbouring land
B) Right to transfer ownership in a land
C) Right to use a piece of land they do not own
D) Right to restrict how a piece of land is used
C) Right to use a piece of land they do not own
The only way to sever a property is with a consent to sever from the appropriate township or municipality
False: Some properties do not require a severance consent, such as properties with a natural severance
The main purpose of a title search is to determine:
A) the physical condition of a property
B) the historical ownership and registered interests in a property
C) the historical market value of properties
D) The municipal and provincial zoning bylaws on a property
B) the historical ownership and registered interests in a property
A latent defect is an issue or flaw clearly visible and easily detectable in a property
False: a latent defect is not visible in a reasonable inspection and must be known by the sellers
In an easement, the property/person that benefits from the easement is called:
A) the Dominant tenement
B) the Easement Holder
C) The Grantee Estate
D) The Servient Tenement
A) The Dominant tenement
A property can be registered under the Land Titles Act or the Registry Act
True: although an older system, some properties remain registered under the Registry Act system
Fee simple ownership means:
A) Ownership with the fewest restrictions possible
B) Temporary ownership for a set number of years
C) Ownership limited to a unit only, resulting in a fee associated with the building
D) Ownership shared with any entity, such as a municipality or township
A) Ownership with the fewest restrictions possible