1. After inheriting $100,000 from a long lost relative, Jason is finally going to fulfill his dream of opening an ice cream stand! His first decision is location and he finds a great spot near The Forks. In making this decision he will want to consult with a lawyer who specializes in: a) Real property b) Personal property c) Contract Law d) Intellectual property 2. His two main options are buying the land outright or leasing it from the current owner. He is a little worried that the person in the van parked on the proposed site is not the current owner, so he consults with: a) The Personal Property Registry b) The Manitoba Civil Claims Registry c) The City of Winnipeg d) The Teranet Office for Manitoba Land Titles 3. Jason confirms that Vacant Land Inc. does own the land and Jason considers purchasing it Vacant Land Inc. is asking for $100,000 for the piece of land. In order to finance the purchase, Jason approaches his bank to obtain: a) Vendor financing b) A mortgage c) An operating line of credit d) A security interest 4. At the end of 5 years, Jason must: a) Vacate the land b) Review any filings with the Land Titles Office c) Refinance the loan or repay the balance in full d) Refinance the loan or continue making the same amount of payments each month 5. The vendor is also willing to act as a landlord, rather than having Jason purchase the land. Jason likes the idea of a fixed tenancy for 5 years. He should be most concerned in this arrangement that: a) The landlord will change its mind and terminate the lease in less than 5 years b) The landlord will increase the rent during the 5 years. c) At the end of 5 years, the landlord will increase the rent. d) Because leases aren't registered, the Landlord might rent the same location to more than one tenant 6. Jason is reviewing the lease agreement and it has the following clause: "The Tenant has no right to assign the premises without the express consent of the Landlord. The Tenant may only sublet the premises upon notice to the Landlord and upon the payment of a $500 administrative fee. This clause means, a) If Jason doesn't need the land anymore he can find someone else to rent it, btrt will continue to be responsible for payment to the Landlord until the end of the term. He has. to pay $500 to do so. b) If Jason doesn't need the land anymore he can find someone else to rent it, but will continue to be responsible for payment to the Landlord until the end of the term. He is not required to pay $500 to do so. c) If Jason wants out of the lease completely, he needs to pay $500 to the Landlord and has no further obligations under the lease. d) If Jason sublets the land, the Landlord needs to pursue Jason's new tenant for any non- payment of rent or any damage to the property 7. Jason also selects an industrial ice cream machine from a local appliance manufacturer and Jason is met with the same "buy or rent" decision as above. The manufacturer offers a payment plan but requires Jason to sign a 'security agreement". If Jason doesn't pay the rent on his land, the landlord might seize the ice cream machine unless the manufacturer. a) Clearly indicates on the Ice Cream machine that they have a security interest in it. b) Advises the Landlord before delivering the ice cream machine that they have a security interest in it. C) Requires Jason to post a copy of the security interest agreement on the premises. d) Registers their interest at the Personal Property Security Registry