Ontario Real Estate Law Flashcards
6 cards from real OREA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Ontario Real Estate Law flashcards as text
Under Ontario law, what is the 'Fraudulent Conveyances Act'?
Answer: It allows creditors to set aside transfers of property made with the intent to defraud creditors
The Fraudulent Conveyances Act allows creditors to challenge and set aside transfers of property that were made with the intent to defeat, hinder, or defraud creditors. Such transfers can be declared void.
In Ontario, what is the purpose of a 'compliance letter' from a municipality?
Answer: To confirm that a property complies with local by-laws, building codes, and zoning requirements
A compliance letter from a municipality confirms whether a property conforms to local by-laws, zoning requirements, and building standards. It may reveal outstanding work orders or violations that could affect the transaction.
What is the 'Accessibility for Ontarians with Disabilities Act' (AODA) requirement for real estate?
Answer: Certain commercial and public buildings must meet accessibility standards, which can affect property development and renovation
AODA requires that certain commercial and public buildings meet accessibility standards. This affects real estate development, renovation, and property management, as non-compliance can result in penalties and required modifications.
Under Ontario law, what is the significance of 'Teranet' in real estate?
Answer: It is the company that manages Ontario's electronic land registration system and provides title searching services
Teranet manages Ontario's electronic land registration system, providing access to property records, title searches, and document registration services. It operates the POLARIS (Province of Ontario Land Registration Information System) database.
In Ontario, what is the 'Clean Water Act' and its impact on real estate?
Answer: It protects drinking water sources and may impose restrictions on land use in designated vulnerable areas
The Clean Water Act protects municipal drinking water sources by establishing source protection plans. Properties within designated vulnerable areas may face land use restrictions that affect development potential and property value.
What is the 'Personal Property Security Act' (PPSA) and its relevance to real estate in Ontario?
Answer: It provides a system for registering security interests in personal property, which can affect fixtures and chattels in real estate transactions
The PPSA creates a registration system for security interests in personal property. In real estate, it is relevant when determining whether chattels or fixtures are subject to third-party security interests (such as a leased furnace or rented water heater).