NSAR- Unit 10 Exam Latest Update
True or False: Most sales of property in Nova Scotia are by way or Warranty Deed. -
Answer True
True or False: Every property in Nova Scotia has a Property Identification Number. -
Answer False - they are all assigned one, but they might not have one on the deed title
yet.
True or False: Irrevocable refers to something that is incapable of being recalled or
revoked. - Answer True
True or False: The Agreement of Purchase and Sale (Form 400) includes details about
the deposit being submitted, as well as the closing date. - Answer True
True or False: The keys to a building are generally regarded as constructive fixtures that
go with the property. - Answer True
True or False: The number of pages to be inserted at the top of page 1 of the Agreement
of Purchase and Sale (Form 400) will always be 3 since they is the number of pages int
this standard form. - Answer False - you can attach other forms to the agreement, which
would make the documents have more pages.
True or False: A non-resident seller is exempted from paying tax on capital gains on the
disposition of Nova Scotia property, according to the Income Tax Act. - Answer False -
Legal residents are exempt from their first property, but after that are subject to to
paying capital gains. Non-residents are always subject to capital gains.
True or False: Any objections to title are typically raised following a title search of the
property by the buyers lawyer. - Answer True
True or False: There is a separate stand-alone agreement of purchase and sale for
vacant land. - Answer False - Vacant land is also found on Agreement of Purchase and
Sale (Form 400)
True or False: A signing officer, with the appropriate authority to bind the corporation,
must affix his/her signature to any agreement of purchase and sale involving that
corporation. - Answer True
True or False: According to the Statutes of Frauds, all real estate agreements must be
drafted on an NSREC-approved agreement of purchase and sale form. - Answer False
True or False: An open contract is best described as an agreement in which the parties
agree that the closing is subject to negotiations once the mortgage is approved. -
Answer False
True or False: If two brokerages are involved in a transaction, with one representing the
seller client and the other representing the buyer client, the brokerage representing the
, seller must prepare and retain the FINRAC Receipt of Funds Record. - Answer False
True or False: Vacant possession of a property must always be given to the buyer on
closing. - Answer False - there could be a tenant.
True or False: When amending an agreement of purchase and sale all other terms and
conditions in the original agreement remain the same, save and except for the
amendment being made. - Answer True - amendment: making changes to an agreement.
True or False: If a buyer wants to amend an existing condition, the seller must accept
the amendment. - Answer False
True or False: Conditions for water and septic system testing have always been part of
the standardized agreement of purchase and sale forms in Nova Scotia. - Answer False -
nothing is absolute.
True or False: Unless otherwise altered, an Agreement of Purchase and Sale (Form 400)
is conditional on a property inspection. - Answer False - you have to check it off if you
want it to be conditional upon property inspection. (clause 4.1 in form 400)
True or False: The termination of Agreement of Purchase and Sale and Release of
Deposit (Form 400), which involved termination and mutual release of an agreement of
purchase and sale, requires the broker's signature, as well as the buyer's and seller's. -
Answer False
True or False: The fact that NSREC Bylaw 712 requires the use of approved standard
forms for residential transactions means that licensees no longer need to be able to
draft clauses for their clients. - Answer False - you still have to draft clauses. What, Who,
Who, What.
True or False: If a salesperson is purchasing a property, the disclosure pursuant to
Section 38 of the Real Estate Trading Act can be interred as a clause in an agreement of
purchase and sale. - Answer True
True or False: An example of due diligence condition is a buyer requiring a certain
amount of time after acceptance in which to secure appropriate financing and having
the right to terminate the agreement within that time frame if they are unable to do so. -
Answer True - "Buyers' due diligence conditions (e.g. financing, inspection, etc.) are the
most common conditions
encountered but practitioners can face a wide array of conditions when drafting
agreements of purchase
and sale."
The clause is Sale of Buyers Property Schedule (430A) which allows the seller to accept
another offer if the buyer is unable to remove their condition, is an example of an Escape
True or False: Most sales of property in Nova Scotia are by way or Warranty Deed. -
Answer True
True or False: Every property in Nova Scotia has a Property Identification Number. -
Answer False - they are all assigned one, but they might not have one on the deed title
yet.
True or False: Irrevocable refers to something that is incapable of being recalled or
revoked. - Answer True
True or False: The Agreement of Purchase and Sale (Form 400) includes details about
the deposit being submitted, as well as the closing date. - Answer True
True or False: The keys to a building are generally regarded as constructive fixtures that
go with the property. - Answer True
True or False: The number of pages to be inserted at the top of page 1 of the Agreement
of Purchase and Sale (Form 400) will always be 3 since they is the number of pages int
this standard form. - Answer False - you can attach other forms to the agreement, which
would make the documents have more pages.
True or False: A non-resident seller is exempted from paying tax on capital gains on the
disposition of Nova Scotia property, according to the Income Tax Act. - Answer False -
Legal residents are exempt from their first property, but after that are subject to to
paying capital gains. Non-residents are always subject to capital gains.
True or False: Any objections to title are typically raised following a title search of the
property by the buyers lawyer. - Answer True
True or False: There is a separate stand-alone agreement of purchase and sale for
vacant land. - Answer False - Vacant land is also found on Agreement of Purchase and
Sale (Form 400)
True or False: A signing officer, with the appropriate authority to bind the corporation,
must affix his/her signature to any agreement of purchase and sale involving that
corporation. - Answer True
True or False: According to the Statutes of Frauds, all real estate agreements must be
drafted on an NSREC-approved agreement of purchase and sale form. - Answer False
True or False: An open contract is best described as an agreement in which the parties
agree that the closing is subject to negotiations once the mortgage is approved. -
Answer False
True or False: If two brokerages are involved in a transaction, with one representing the
seller client and the other representing the buyer client, the brokerage representing the
, seller must prepare and retain the FINRAC Receipt of Funds Record. - Answer False
True or False: Vacant possession of a property must always be given to the buyer on
closing. - Answer False - there could be a tenant.
True or False: When amending an agreement of purchase and sale all other terms and
conditions in the original agreement remain the same, save and except for the
amendment being made. - Answer True - amendment: making changes to an agreement.
True or False: If a buyer wants to amend an existing condition, the seller must accept
the amendment. - Answer False
True or False: Conditions for water and septic system testing have always been part of
the standardized agreement of purchase and sale forms in Nova Scotia. - Answer False -
nothing is absolute.
True or False: Unless otherwise altered, an Agreement of Purchase and Sale (Form 400)
is conditional on a property inspection. - Answer False - you have to check it off if you
want it to be conditional upon property inspection. (clause 4.1 in form 400)
True or False: The termination of Agreement of Purchase and Sale and Release of
Deposit (Form 400), which involved termination and mutual release of an agreement of
purchase and sale, requires the broker's signature, as well as the buyer's and seller's. -
Answer False
True or False: The fact that NSREC Bylaw 712 requires the use of approved standard
forms for residential transactions means that licensees no longer need to be able to
draft clauses for their clients. - Answer False - you still have to draft clauses. What, Who,
Who, What.
True or False: If a salesperson is purchasing a property, the disclosure pursuant to
Section 38 of the Real Estate Trading Act can be interred as a clause in an agreement of
purchase and sale. - Answer True
True or False: An example of due diligence condition is a buyer requiring a certain
amount of time after acceptance in which to secure appropriate financing and having
the right to terminate the agreement within that time frame if they are unable to do so. -
Answer True - "Buyers' due diligence conditions (e.g. financing, inspection, etc.) are the
most common conditions
encountered but practitioners can face a wide array of conditions when drafting
agreements of purchase
and sale."
The clause is Sale of Buyers Property Schedule (430A) which allows the seller to accept
another offer if the buyer is unable to remove their condition, is an example of an Escape
