NSAR: Unit 10 Questions with Correct Answers
True or False: Most sales of property in Nova Scotia are by way or
Warranty Deed. Correct Answer-True
True or False: Every property in Nova Scotia has a Property
Identification Number. Correct 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. Correct 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.
Correct Answer-True
True or False: The keys to a building are generally regarded as
constructive fixtures that go with the property. Correct 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. Correct 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. Correct 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. Correct Answer-True
True or False: There is a separate stand-alone agreement of purchase and
sale for vacant land. Correct 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. Correct 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. Correct 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. Correct 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. Correct Answer-False
True or False: Most sales of property in Nova Scotia are by way or
Warranty Deed. Correct Answer-True
True or False: Every property in Nova Scotia has a Property
Identification Number. Correct 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. Correct 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.
Correct Answer-True
True or False: The keys to a building are generally regarded as
constructive fixtures that go with the property. Correct 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. Correct 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. Correct 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. Correct Answer-True
True or False: There is a separate stand-alone agreement of purchase and
sale for vacant land. Correct 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. Correct 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. Correct 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. Correct 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. Correct Answer-False
