Ontario Barrister and Solicitor Practice Exam

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Under what condition can a lawyer act for both the borrower and lender in a mortgage transaction?

If the transaction is less than a specific value
Only if both parties insist
The lender is a registered lending corporation
With consent from a third party

The correct answer is: The lender is a registered lending corporation

A lawyer can only act for both the borrower and lender in a mortgage transaction if the lender is a registered lending corporation. This is because a registered lending corporation is regulated and has specific guidelines and procedures in place to protect the interests of both parties. The other options are incorrect because Option A: The transaction value is not relevant in this scenario. Option B: Both parties insisting does not necessarily guarantee ethical or legal boundaries are being upheld. Option D: Consent from a third party does not necessarily address conflicts of interest or potential breaches of client confidentiality.