True or False Question:

1, If a seller is a non-resident, a law firm may hold up to 50% as a holdback of the purchase price, unless a law firm obtains a Clearance Certificate from the CRA?

ANSWER: XXX

2,Items in a residential home that are chattels will not pass to the new buyer during the sale of home, but fixtures will pass to the new buyer?

ANSWER: XXX

3,The Adjustment date in a CPS is always the same date as the Completion date?

ANSWER: XXX

4,A deposit does not form part of the purchase price - it treated as a separate payment?

ANSWER: XXX

5,The buyer's lawyer's office drafts majority of the documents in a residential conveyance, including vendor documents, which are sent buy the buyer's lawyer to the seller's lawyer?

ANSWER: XXX

6,The buyer's lawyer should mainly ignore the first two pages of a traditional CPS without reviewing it with a client prior to completion, which only includes information about the CPS (and which is not a part of the contract, which is actually written at the top of this document)?

ANSWER: XXX

7,Strata fees are maintenance fees towards expenses for common property and common areas for the use of strata property owners?

ANSWER: XXX

8,Shareholders and directors can only get a loan on the basis of the company, where the company must be the borrower on the loan, i.e. not in their individual capacity as a director or shareholder?

ANSWER: XXX

9,A conveyancer can sign their signature behind "FOR" on a letter he or she has drafted?

(BEFORE selecting true or false, note that the following facts related to this given letter: 1. The lawyer has specifically asked the conveyancer to draft this letter; 2. The letter includes undertakings; and 3. The conveyancer is a senior conveyancer).

ANSWER: XXX

10,Home insurance is optional for a buyer during the purchase of a residential dwelling?

ANSWER: XXX

11,The current law related to "replacement cost endorsement" is now: a policy-holder receives compensation for the actual loss or damage that occurs on the basis of the repair and restoration needed?

ANSWER: XXX

12,Mortgage as "security" versus mortgage as a "contract" has two distinct meanings - mortgage as a security means the charge on title in favour of the lender against the land owned by the borrower?

ANSWER: XXX