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RETS > Assignment 11 (Chapter 15) > Flashcards

Assignment 11 (Chapter 15) Flashcards

1
Q

Criminal Code

A

The Criminal Code makes it an offense to agree to charge interest at a criminal rate, which is defined as an effective annual rate that exceeds 60%.

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2
Q

Interest Act, Section 10

A

Section 10 of the Interest Act deals with the right of prepayment of mortgages.

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3
Q

Right of Prepayment

A

The legal right of a borrower to repay a mortgage before the end of its term under certain conditions, as outlined in section 10 of the Interest Act.

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4
Q

Section 10 of the Interest Act

A

A provision that grants individual mortgagors the right to prepay their mortgage after five years, subject to specific conditions.

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5
Q

Property Assessment Appeal Board

A

An appeal from the Property Assessment Appeal Board to the British Columbia Supreme Court can only be made on a point of law, not of fact.

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6
Q

Property Assessment Review Panel

A

An appeal of a Property Assessment Review Panel decision must first be made to the Property Assessment Appeal Board before appealing to the British Columbia Supreme Court.

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7
Q

Assessment Notice

A

Notifies property owners of the assessor’s determination of the actual assessed value of their property.

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8
Q

Tax Notice

A

A document that requests payment of taxes.

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9
Q

Zoning Bylaws

A

Local regulations that dictate how properties in specific geographic zones can be used, controlling land use, building height, density, and other aspects of property development.

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10
Q

Strata Bylaws

A

Bylaws govern the control, management, maintenance, use, and enjoyment of strata lots and common property in a strata corporation.

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11
Q

Interest Act, Section 10

A

A section of the Interest Act that provides individual borrowers the right to prepay a mortgage after five years, subject to certain conditions.

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12
Q

Prepayment Penalty

A

A fee charged by a lender when a borrower pays off their mortgage early, intended to compensate the lender for lost interest.

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13
Q

Commercial Periodic Tenancy

A

Created when a tenant continues to occupy the premises and pay rent after a fixed-term lease ends, requiring reasonable notice for termination.

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14
Q

Reasonable Notice

A

The notice required to terminate a periodic tenancy, which must be fair and appropriate under the circumstances.

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15
Q

Equitable Mortgage

A

A mortgage that is secured by the borrower’s equity of redemption, often created through an agreement or by deposit of title deeds.

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16
Q

Legal Mortgage

A

A mortgage that is registered and recognized as a formal charge on the property.

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17
Q

Financial Profile

A

The overall financial situation and capability of an entity or individual, used to assess their ability to meet financial obligations.

18
Q

Mortgage Assumption

A

The process where a new buyer takes over the mortgage obligations of the existing borrower.

19
Q

Interest Act, Section 10

A

A section of the Interest Act that provides individual borrowers the right to prepay a mortgage after five years, subject to certain conditions.

20
Q

Prepayment Privilege

A

The ability of a borrower to pay off a mortgage in full or in part before the maturity date without penalty, as allowed under certain conditions in the Interest Act.

21
Q

Vendor Take-Back Mortgage

A

A mortgage where the seller provides financing to the buyer. It is commonly used when the buyer cannot secure financing from traditional lenders.

22
Q

Seller Financing

A

A transaction in which the seller of a property provides a loan to the buyer to facilitate the purchase.

23
Q

Mortgage Document

A

The legal agreement between the lender and the borrower outlining the terms and conditions of the mortgage loan.

24
Q

Interest Rate

A

The percentage charged on a loan, typically expressed as an annual percentage of the principal.

25
Q

Order Absolute

A

A court order that allows a lender to take title of a property and sell it without further accounting to the borrower, typically issued in foreclosure proceedings.

26
Q

Foreclosure

A

The legal process by which a lender takes possession of a property due to the borrower’s failure to make mortgage payments.

27
Q

Vendor Take-Back Mortgage

A

A mortgage where the seller provides financing to the buyer. It is commonly used when the buyer cannot secure financing from traditional lenders.

28
Q

Seller Financing

A

A transaction in which the seller of a property provides a loan to the buyer to facilitate the purchase.

29
Q

Real Estate Errors and Omissions Insurance

A

Insurance that provides coverage to real estate professionals for claims of negligence or mistakes made during the provision of their services.

30
Q

Professional Liability Insurance

A

Insurance that protects professionals from claims of negligence, errors, or omissions in the performance of their duties.

31
Q

Commercial Tenancies

A

Lease agreements for commercial properties can include various enforceable clauses like damage deposits, assignment prohibitions, and distress remedies.

32
Q

Assignment of Lease

A

The transfer of lease obligations from the original tenant to a new tenant, subject to the landlord’s approval.

33
Q

Collateral Advantage

A

An additional benefit required by a lender that is tied to the loan agreement and must not extend beyond the term of the loan to be enforceable.

34
Q

Restraint of Trade

A

A clause in a contract that restricts a party’s ability to engage in business or trade, often found unenforceable if it is too restrictive.

35
Q

Legal Non-Conforming Use

A

A use of land that was lawful prior to the implementation of a new zoning bylaw but does not conform to the new bylaw. This use may continue but cannot be expanded or changed.

36
Q

Depreciation Report

A

A report required for strata corporations outlining the anticipated maintenance, repair, and replacement costs over time.

37
Q

Due Diligence

A

The reasonable steps taken by a person to avoid committing a tort or offense, including the investigation and verification of information before entering into an agreement or transaction.

38
Q

Ethical Responsibilities

A

The moral obligations that real estate professionals have to act with integrity, honesty, and fairness in their dealings with clients, customers, and other parties.

39
Q

Agency Relationship

A

The relationship between a principal and an agent, in which the agent is authorized to act on behalf of the principal in business transactions.

40
Q

Principal-Agent Relationship

A

The legal relationship in which one party (the agent) is authorized to act on behalf of another party (the principal) in business matters.

RETS (18 decks)

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