Humber Real Estate - Course 1, Module 4 Exam Questions and Answers

Humber Real Estate - Course 1, Module 4 Exam Questions and Answers - Plan of Survey - Plan of Subdivision - answer-What are the most common types of surveys? 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. - answer-Define a 'Surveyor's Real Property Report' 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. - answer-Define a 'Plan of Survey' A detailed survey indicating lots, blocks of land, road allowances, etc. Illustrates individual parcels that will be created once plans are approved. - answer-Define a 'Plan of Subdivision' Cadastral surveying - answer-What is the technical term used for the "comprehensive recording of land and property bounds"? - 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 - answer-According to The Association of Ontario Land Surveyors, what are the 4 components of a survey? - The Surveys Act - The Surveyors Act - answer-Surveyors in Ontario are subject to what Acts? The Association of Ontario Land Surveyors - answer-What is the governing body for land surveyors in Ontario? The Surveys Act - answer-What Act sets out requirements for the establishment of survey items (i.e. lines, boundaries & corners)? - The Description - The Declaration - answer-What are the 2 documents required for condominium registration, which are submitted by a Surveyor? - 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 - answer-To be complete and accurate, the Surveyor's Real Property Report must have what? A survey with multiple purposes that normally describes more than one interest in land and is officially submitted to the land registry office. - answer-What is a Reference Plan (R-Plan)? - Severance of an existing parcel of land - First application (first registration) under the Land Titles Act - When the land registrar determines that the title is too vague or complex, an R-plan would be requested for clarity - answer-What are R-Plans normally required for? Can't be registered at a land registry office because it lacks certification, but could be useful to a homeowner to establish property boundaries (i.e. to secure a building permit). - answer-What is the purpose of a Plan of Survey? 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. - answer-Is a new survey required when buying or selling a property? 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. - answer-Can a photocopy of a survey plan be accepted as authentic? The legal description of the property. - answer-What is a "Land Description"? They clearly identify the property (vs. a more generic municipal address like 14 Main St.) - answer-Why are land descriptions important? - A title is transferred - A property is mortgaged - An easement is registered - Every transaction by a salesperson (i.e. in the listing & Agreement of Purchase and Sale) - answer-When is a legal land description used? - Deed - Survey - Registry & municipal assessment records - Municipal tax bills - answer-Where can you find a property's legal land description? - Locational Reference - Encumbrances (restrictions / easements) - Municipality / Registry Office - answer-What are the parts of a legal land description? The Real Property Registration Branch of The Ministry of Government and Consumer Services - answer-Land registration is administered by what branch of government? The Registry System - answer-What land registry system has traditionally prevailed in Southern Ontario? The Land Titles System - answer-What land registry system is the majority of Northern Ontario under? To provide statutory rules affecting interests with respect to any particular parcel of land and the priority of those interests. These acts attempt to induce prompt registration and to indicate clearly what interests are claimed in the land thus facilitating the sale of real property. - answer-What is the joint purpose of the Registry Act and the Land Titles Act? No. - answer-Can land be registered under both the Registry Act and the Land Titles Act? An administrative official only. - answer-What is the job of the Land Registrar in the Registry System? Maintains and guarantees title. - answer-What is the job of the Land Registrar in the Land Titles System? The mapping and property detail database of the Ontario government. - answer-Describe POLARIS Responsible for implementation, operation and enhancement of POLARIS. - answer-Describe Teranet The Registry System, because records are being converted to land titles (officially referred to as the Land Titles Conversion Project). - answer-Which land registry system is slowly disappearing from Ontario? To transfer registry records into land titles and - at the same time - automating these records and providing for electronic registration. - answer-What is the aim of the Land Titles Conversion Project? The parcelization process (parcelizing refers to the organization of property by land ownership as opposed to geographic location in The Registry). - answer-What is the key to automated registration of land? - Who is the registered owner - Determine what financing exists - Identify various issues that might affect the selling of the property - answer-A salesperson can confirm what details about a property using E-Registration online? A property information database that combines the user-friendly attributes of conventional maps with user-friendly databases (including streets, buildings, parcels of land, natural geographic features, crime stats, traffic counts and zoning requirements.) - answer-What is the 'Geographic Information System' (GIS)? Geographic location / the land description (aka Tract Indexing) - answer-The Registry System records property interests on what basis? Parcel numbers - answer-The Land Titles System records property interests on what basis? Abstract Books - answer-What did The Registry System use to keep track of land records? Locating, organizing and condensing pertinent facts about documents and other related materials registered on title. - answer-What is the definition of 'Title Searching'? Original deed issued from the Crown (government) representing the root of title for a particular property. - answer-What is a 'Crown Patent'? A chronological listing of all conveyances, and other matters impacting title, typically referred in relation to 40-year search requirements under registry. - answer-What is a 'Chain of Title'? Chronologically, thereby establishing priority. - answer-How are documents in the abstract books organized? Land Titles Register - answer-The 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. - Mirror principle - Curtain principle - Insurance principle - answer-What are the 3 principles that the Land Titles system is based on? The only existing and valid interests remain on the Register. All prior interests that have ended are deleted. - answer-How does the Land Titles Register differ from the Abstract Book? 1885 - answer-What year was the Land Titles Act passed in Ontario? Land Titles Act - answer-What system must register all provincial Crown patents, all land to be subdivided and all land for condos developed under the Condominium Act? First application - answer-Land registered under the Registry Act may be brought under land titles by the owner through a process called _______ _________. 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. - answer-Describe The Mirror 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. - answer-Describe The Curtain 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. - answer-Describe The Insurance Principle according to the Land Title Act 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. - answer-Define the 'Land Titles Assurance Fund' Insurance for owners and lenders regarding various risks and undisclosed interests affecting title. - answer-What is 'Title Insurance'? Province of Ontario Land Registration and Information System - answer-What does POLARIS stand for? A software package providing an electronic gateway to automated property records in Ontario - answer-What is Teraview? Implementation, operation and enhancement of POLARIS - answer-What is Teraview responsible for? - Land Titles Absolute (LTA) - Land Titles Conversion Qualified (LTCQ) - answer-What are the two systems that operate within the overall Land Titles System? First application - answer-Land Titles Absolute is issued for parcels that are brought into land titles by way of ________ ___________. 35 - answer-What percentage of the land in the registry system was converted into the land titles system using the Land Titles Absolute (LTA) system? 65 - answer-What percentage of land was brought into the land titles system through the Land Titles Conversion Qualified (LTCQ) system? The Land Titles Conversion Project - answer-During what project is the first application process replaced with a large-scale administrative conversion? Occurs when an individual who is not the owner takes possession of the property (also known as squatter's rights). - answer-What is 'Adverse Possession'? Land Titles Absolute Plus - answer-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 ______ _______ __________ ________. The property is free of any encumbrances and the title cannot be disputer by anyone. - answer-What does 'Land Titles Absolute Plus' mean? Adjoining properties - answer-In which type of property are title problems most common? - "Individual parcel" (referenced by a Property Identification Number or PIN) - Individual name - Municipal address - Mapping - Registered instrument number - Condominium plan - Plan of Subdivision - answer-POLARIS permits the user to find property by what information? - Block Index Map - Property Index Map - answer-What are the 2 types of maps used in the POLARIS system? - Title Index Database - Property Index Database - Image Database - answer-What are the 3 different databases that Teraview accesses within POLARIS? 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. - answer-Describe the Title Index Database Provides visual indexing maps to locate properties. Updates occur following document registration when mapping amendments are made relating to property boundaries. - answer-Describe the Property Index 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. - answer-Describe the Image Database - Transfer/Deed of Land - Charge/Mortgage of Land - Discharge of Charge/Mortgage of Land - Document General - Schedule - answer-What are the 5 standard documents set out by The Land Registration Reform Act? The Land Transfer Tax Affidavit - answer-What document is normally registered along with the Transfer/Deed of Land? Charge/Mortgage of Land form - answer-What standard form is used to register a mortgage under either the Registry or Land Titles system? Discharge of Charge/Mortgage form - answer-What standard form is used to discharge a mortgage under either the Registry or Land Titles system? A blank form used to register any documents that are not a transfer, charge or discharge. It's used in a variety of circumstances associated with property titles, such as notices of liens on a property or a registration of a power of attorney. - answer-What is a Document General? Title documents being created, submitted and maintained in electronic form. - answer-E-registration refers to what? - Crown grants - Declaration and description for the registration of a condominium - Documents that are too large for the e-registration system - answer-What documents must be registered in-person on paper in the traditional way? - Draft document (i.e. Transfer/Deed of Land) - Document forwarded to receiving lawyer who updates/amends if necessary - Solicitors confirm document is acceptable electronically (i.e. electronic signature) - Both solicitors electronically release the document for registration - answer-What are the steps of E-Registration? course 1 Model 4 - answer-