Chapter 11 - Contracts For Real Estate Transactions

Question 1

What is a Duel Track offence?

Answer 1

One that is both criminal and civil

Question 2

What is the criminal version of offences

Answer 2

Article 52 and 74.01

Question 3

Under section 45 of the competition act, what are the penalties for
.) to fix, maintain, increase, or control the price for the supply of the product
.) to allocate sales, territories, customer or markets for the production r supply of the products
.) To fix, maintain, control, prevent, lessen or eliminate the production or supply of the product

Answer 3

Imprisonment of up to 14 years and a fine up to 25 Million Dollars

Question 4

As per the law and equity act, summarize the “Requirement of writing”

Answer 4

In most cases, contracts dealing with real estate must be in writing in order to be enforceable

Question 5

How can the requirements of a contract having to be in writing be non-enforceable?

Answer 5

If requirement is waved by prospective client

Question 6

In regards to the length of a lease, the law and equity act is only concerned with what?

Answer 6

Terms exceeding 3 years

Question 7

A party is prevented by law from denying or speaking against his r her own deed is known as?

Answer 7

Estoppel

Question 8

To trigger to vendors requirement to pay commission, what must the licensee do?

Answer 8

Produce a purchaser who’s offer strictly complies with the terms of the listing agreement

Question 9

When does the right to invoke a time clause arise?

Answer 9

When a vendor receives another offer after entering the original contract with subject clauses

Question 10

Fintrac mandates that a business relationship is formed when two transactions occurs within what period of time?

Answer 10

5 years

Question 11

What are the 3 main parts of a deposit

Answer 11

Offer, acceptance, and consideration

Question 12

When should a disclosure statement be completed?

Answer 12

By the vendor at the time the property is listed for sale