PLEASE ONLY ANSWER MULIPLE CHOICE QUESTION 29 27 Which of the following statemen

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PLEASE ONLY ANSWER MULIPLE CHOICE QUESTION 29

27 Which of the following statements is/are cor rect regarding an equity co-operative building? i. A buyer must be be accepted approved by the Board of Directors before the agreement of purchase and sale can i. A buyer of a unit is required to enter into an occupancy agreement in addition to the agreement of ili. The provincial land transfer tax applies when purchasing a unit even though only a share is being iv. A buyer of a unit is liable for their own mortgage but assumes no liability for the proportionate share of purchase and sale sold, and not an interest in land. the blanket mortgage registered against the building. a Only statements ii., ili. and iv. are correct. b Only statement i. is correct. c Only statements i., ii and iv. are correct. d Only statements ii. and ii. are correct. 28 What type of ownership would a person buying a unit in a standard condominium obtain? a A freehold ownership of that unit together with a proportionate undivided interest as tenants in common of the common elements. b Leasehold owne rship of that unit together with a proportionate divided interest as tenants in common of the common elements. A tenancy in common ownership of that unit as well as a proportionate undivided interest as joint tenants of the common elements An exclusive use and occupation of that unit as well as a proportionate undivided interest as joint tenants of the common elements. d Sarah and Charlie have just found the perfect place to build their new home and have asked you to draft an offer to purchase the vacant building lot. The site is a quiet, rural setting located about 5 kilometers outside of the city 29 Which of the following statements is correct regarding drafting the offer for Sarah and Charlie? Clause 15 on the OREA agreement of purchase and sale (Planning Act) makes the offer conditional upon obtaining a severance so you would not need to add a condition on Schedule A if the lot is not already severed a b Sarah and Charlie's building plans must be approved by the municipality prior to submitting an offer so that c Rural properties are usually larger in size than those in the city, so the overall acreage of the property should d Sara and Charlie should investigate whether hydro, water and sewers service the property before they sign when the offer is accepted, the seller knows what the future intended use will be. be written on the offer and not the frontage and depth. an offer, or you should add a condition on Schedule A for them REA Real Estate

Explanation / Answer

Answer 29 - Option (D) - Sarah and Charlie should investigate whether hydro, water and sewer service the property before they sign an offer, or you should add a condition on schedule A for them.

Explanation - As per the OREA agreement of purchase and sale, better known as the Planning Act, the purchaser of the property may add or include various amendments that makes the agreement as broad and comprehensive as possible. Therefore, there are many additional seller’s representations and warranties that the purchaser of the property (Sarah and Charlie in this case) would want to include in the agreement, depending on the nature of the property, its proposed use and other factors. For example, Sarah and Charlie should definitely investigate whether the property is adequately serviced with hydro, gas, water, sewers, telecommunications and other utilities before signing the offer, if not, they can add a condition on Schedule A of the agreement.

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