Question 1: Andre DeGrasse is an athlete who resides in Jacksonville, Florida, USA.He has been spending a week every summer vacationing in Prince Edward Island.He enjoys the Province so much, he has decided he would like to own a summer home.After many weeks of researching properties, he enters into an agreement with a seller to purchase waterfront property.The property is comprised of 7.2 acres and sits on the North Shore of Prince Edward Island close to Cavendish Beach.The property also has 320 feet of shore frontage.What permitting or approval requirements should Andre consider before he purchases this property?

Question 2: Stevie Wonder owns a parcel of land in Souris, Prince Edward Island.He decides to build his dream house.He hires Quincy Jones Construction to build his house.The contract price with Quincy Jones Construction is for $1,000,000.Stevie estimates that his costs for permits, surveying, legal fees and closing costs will be $30,000.Royal Bank of Canada has approved mortgage financing in the amount of $700,000.Stevie has saved money from record sales for the balance of funds of $330,000.Royal Bank of Canada issues 4 mortgage draws as construction proceeds.The final draw is issued when the house is substantially completed on August 1, 2021.

Of the total mortgage financing that has been issued ($700,000), 15% or $105,000 is retained by Royal Bank of Canada as a mechanic's lien holdback (and not paid to Quincy Jones Construction).Quincy Jones is irate that he will have to wait for the rest of the money for the house construction and demands immediate payment, but Royal Bank of Canada says "Baby Don't You Do It".On what date will the holdback of $105,000 be released to Quincy Jones Construction?

Question 3: After 5 years, Stevie Wonder has sold a few more records and has saved enough money to pay off the rest of the balance owing on his mortgage.He decides that he would like to be mortgage-free.He asks his bank for the payout amount.Royal Bank of Canada cites the payout amount as $350,000 + $3,500 interest penalty = $353,500.The interest penalty of $3,500 amounts to an additional 3 months of interest for Stevie.Stevie asks the Royal Bank of Canada what the interest penalty is for.Royal Bank of Canada says "Don't Wonder Why".Stevie, though realizing he is stuck having to pay the interest penalty, responds by saying "Cash In Your Face!"

What enables Royal Bank of Canada to charge an additional 3 months of interest?