Assignment 1 (Chapter 1 & 2) Flashcards
Writ of Execution
A court order that allows the sheriff to seize and sell a debtor’s property to pay off a court judgment.
Garnishing Order
A court can order part of a debtor’s wages to be taken directly from their employer to pay off a debt, but 70% of their wages cannot be touched.
Judgment Registration Effect
Registering a court judgment against a debtor’s property in BC does not prevent the property from being sold.
Judicial Sale Application
A judgment creditor must apply to the court for a judicial sale of the debtor’s property; the registration alone does not automatically enforce the sale.
Residual Law-Making Powers
In Canada, any law-making powers not specifically assigned by the constitution fall under the federal government’s responsibility.
Federal vs. Provincial Responsibilities
Criminal law is the responsibility of the federal government, while civil rights are managed by the provincial government.
Examination for Discovery
A pre-trial procedure where each party in a lawsuit questions the other under oath to gather information, which helps in settling the dispute.
Discovery of Documents
The process where each party must provide all relevant documents to the other party before the trial.
Trial Discovery Stage
During the discovery stage of a trial, both parties examine each other under oath to gather evidence before the actual trial.
Examination for Discovery
A part of the discovery process where the opposing parties question each other under oath to collect information.
Disclosure Statement Exemption
In BC, a developer does not need a disclosure statement if all units in a development property are sold in a single transaction.
Bank Repossessed Property
When a bank sells repossessed properties individually, it must comply with the disclosure requirements as defined by the Real Estate Development Marketing Act.
Managing Broker Accountability
A managing broker in BC is responsible for supervising their agents and can be held liable for not properly overseeing them.
Brokerage Responsibility
A brokerage can be held accountable for the actions of its licensees while they are performing their duties.
RI Designation Issuer
The ‘RI’ (Real Estate Institute) designation is awarded by the Real Estate Institute of British Columbia, not the BC Real Estate Association.
