Ontario Barrister and Solicitor Practice Exam

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Can a lawyer represent both the purchaser and lender in a transaction where the lender is an unrelated, private person and the loan exceeds $50,000?

  1. Yes, without any conditions

  2. No

  3. Yes, if consent is obtained from both parties

  4. Yes, but only if the lawyer is a registered lender

The correct answer is: No

It is important for a lawyer to remain impartial and represent the interests of both parties in a transaction. In this situation, the lender and purchaser have conflicting interests, as the lender is providing a large loan and the purchaser is looking to secure the best terms for themselves. This could create potential conflicts of interest for the lawyer, making them unable to effectively represent both parties. Therefore, the correct answer is no, as it would be unethical for the lawyer to represent both the purchaser and lender in this scenario.

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