Humber Real Estate : Course 1 Module 4 Questions And Answers Rated A+

A salesperson can confirm what details about a property using E-Registration online? - - Who is the registered owner - Determine what financing exists - Identify various issues that might affect the selling of the property According to The Association of Ontario Land Surveyors, what are the 4 components of a survey? - - Research (info available re: legal description, easements, etc.) - Measurement - Monumentation (physical markers/posts located at regular intervals around the property boundary) - Plan and/or Report Can a photocopy of a survey plan be accepted as authentic? - No. A photocopy may be altered in some way or may not show all of the information from the original survey. A copy of the plan that does not bear an impressed seal may not be a valid copy of the original plan. Can land be registered under both the Registry Act and the Land Titles Act? - No. Counties were divided into smaller parcels of land called _____________ - Townships Define a 'Plan of Subdivision' - A detailed survey indicating lots, blocks of land, road allowances, etc. Illustrates individual parcels that will be created once plans are approved. Define a 'Plan of Survey' - A survey that consists of a visual depiction of the property, but does NOT contain a written report. Not registered in a land registry office but commonly attached to another document (i.e. deed/transfer of land). Also lacks certain certificates required by the Registry Act or Land Titles Act.Define a 'Surveyor's Real Property Report' - A survey, traditionally referred to as a building location survey, that consists of two parts: The Plan of Survey and the Written Report. Shows everything that might affect the title to the property. Define the 'Land Titles Assurance Fund' - Under the Land Titles Act, this states that persons deprived of ownership through selected errors or fraud are entitled to compensation, provided such compensation cannot be obtained from other sources. Describe POLARIS - The mapping and property detail database of the Ontario government. Describe Teranet - Responsible for implementation, operation and enhancement of POLARIS. Describe The Curtain Principle according to the Land Title Act - The register is the sole source of information for proposed buyers, who need not and indeed must not concern themselves with trusts and equities that lie behind this curtain of information. Describe the history of the "Metes and Bounds" system. - An older system of written land description that arose when irregular parcels were carved out of concession lots. Describe the Image Database - Includes plans as well as images of all active instruments in the title index database. E-registration documents are updated shortly after registration. Paper-based documents are collected on microfilm and then transferred to the image database. Describe The Insurance Principle according to the Land Title Act - The Mirror Principle is deemed to give the absolute correct reflection of title but, if through human error, a flaw appears, anyone who suffers loss must be put in the same position, so far as money can do, that they would have been in had the reflection been a true one. Describe The Mirror Principle according to the Land Title Act - The register of title is a mirror that accurately and completely reflects, beyond all argument, the current facts that are material to a person's title.Describe the Property Index Database - Provides visual indexing maps to locate properties. Updates occur following document registration when mapping amendments are made relating to property boundaries. Describe the Title Index Database - Replaces the abstract indexes and parcel registers found in the traditional paper-based land registry office. The database is automatically updated as new documents are registered. During what project is the first application process replaced with a large-scale administrative conversion? - The Land Titles Conversion Project E-registration refers to what? - Title documents being created, submitted and maintained in electronic form. Each concession was divided into ________ - Lots Each concession was separated from the next one by what? - A road allowance Each township was divided into strips of land known as __________ - Concessions How are documents in the abstract books organized? - Chronologically, thereby establishing priority. How does the Land Titles Register differ from the Abstract Book? - The only existing and valid interests remain on the Register. All prior interests that have ended are deleted. In which type of property are title problems most common? - Adjoining properties Is a new survey required when buying or selling a property? - No. The need for a new survey will depend on the individual buyer, and often the lender. The responsibility for paying for a new survey would be negotiated between the buyer & seller.Land registered under the Registry Act may be brought under land titles by the owner through a process called _______ _________. - First application Land registration is administered by what branch of government? - The Real Property Registration Branch of The Ministry of Government and Consumer Services Land Titles Absolute is issued for parcels that are brought into land titles by way of ________ ___________. - First application Name the 3 types of township lots. - - Single front - Double front - Sectional Owners wishing to develop property by registering a plan of subdivision or condominium on an LTCQ parcel must apply to upgrade the title to a ______ _______ __________ ________. - Land Titles Absolute Plus POLARIS permits the user to find property by what information? - - "Individual parcel" (referenced by a Property Identification Number or PIN) - Individual name - Municipal address - Mapping - Registered instrument number - Condominium plan - Plan of Subdivision Surveyors in Ontario are subject to what Acts? - - The Surveys Act - The Surveyors ActThe Land Titles Act operates on the premise that the _______ ________ __________ (a book roughly comparable to the Abstract Book in Registry) is the sole information source for purchasers. - Land Titles Register The Land Titles System records property interests on what basis? - Parcel numbers The Registry System records property interests on what basis? - Geographic location / the land description (aka Tract Indexing) To be complete and accurate, the Surveyor's Real Property Report must have what? - - Municipal address - Dimensions & bearings - Designation of adjacent properties, roads, lands, etc. - Location & description of notable improvements (overhangs, fences, driveways, pools, trees, etc.) - Easements, rights-of-way or encroachments (hydro lines, telephone, etc.) - Location of monuments - Note indicating who the survey was prepared for - Certification by an Ontario land surveyor - Written report