Ontario Barrister and Solicitor Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Study for the Ontario Barrister and Solicitor Exam. Quiz with flashcards and multiple choice questions, each with hints and explanations. Prepare for your legal career!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Is a vendor take-back mortgage valid if Jones does not own the abutting land?

Yes, it is valid
No, it is not valid because Jones doesn't own the abutting land
Only if approved by a planning act consent
Only if Smith consents to it

The correct answer is: Yes, it is valid

A vendor take-back mortgage is a type of loan where the seller of a property acts as the lender and provides financing to the buyer. In this scenario, Jones does not own the abutting land, but that does not affect the validity of the vendor take-back mortgage. The arrangement is still considered a valid transaction as long as both parties agree to the terms and conditions. Options B, C, and D are incorrect because they suggest that the lack of ownership of the abutting land would impact the validity of the mortgage, which is not the case.