Unit 4 Quiz

Which of the following is an example of an encumbrance on the title? 1. An easement 2. A caveat 3. An encroachment agreement 4. A discharge of registration A) Statements I, II, and IV B) Statements I, II, and III C) Statements II, III, and IV D) All statements apply - Answer-B The municipal Land Use Bylaw outlines which of the following items? A) Details regarding the various land use classifications B) Permitted land uses and guidelines for discretionary land use C) Regulations such as parking, signs, setbacks, and landscaping D) The municipal Land Use Bylaw generally outlines all of these items - Answer-D Which statement best reflects the Insurance Principle of the Torrens System? A) The current Certificate of Title contains all the information about the property B) Any current title is indefeasible and not subject to being annulled, voided, or undone C) If an interest is current it means that it has been properly discharged from the title D) The Certificate of Title reflects accurately and completely the current facts about the title - Answer-B Which of the following statements is correct regarding residential secondary suites in Alberta? A) The Municipal Government Act states that all municipalities must allow for legal secondary suites B) Each municipality can decide whether or not to develop Land Use Bylaws that allow for legal secondary suites C) The Municipal Government Act states that legal secondary suites are permitted in detached, semi-detached, and attached dwellings D) Each municipality can decide whether or not legal secondary suites can share facilities with the main dwelling - Answer-B What is the difference between real estate and real property? A) Real estate includes intangible rights of ownership B) Real property includes intangible rights of ownership C) Real estate does not include permanent improvements to the land D) Real property does not include permanent improvements to the land - Answer-B Which of the following describes a latent defect? A) A physical deficiency/condition that is discoverable through reasonable vigilance in a property inspection