Assignment 11 (Chapter 15) Flashcards
Criminal Code
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%.
Interest Act, Section 10
Section 10 of the Interest Act deals with the right of prepayment of mortgages.
Right of Prepayment
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.
Section 10 of the Interest Act
A provision that grants individual mortgagors the right to prepay their mortgage after five years, subject to specific conditions.
Property Assessment Appeal Board
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.
Property Assessment Review Panel
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.
Assessment Notice
Notifies property owners of the assessor’s determination of the actual assessed value of their property.
Tax Notice
A document that requests payment of taxes.
Zoning Bylaws
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.
Strata Bylaws
Bylaws govern the control, management, maintenance, use, and enjoyment of strata lots and common property in a strata corporation.
Interest Act, Section 10
A section of the Interest Act that provides individual borrowers the right to prepay a mortgage after five years, subject to certain conditions.
Prepayment Penalty
A fee charged by a lender when a borrower pays off their mortgage early, intended to compensate the lender for lost interest.
Commercial Periodic Tenancy
Created when a tenant continues to occupy the premises and pay rent after a fixed-term lease ends, requiring reasonable notice for termination.
Reasonable Notice
The notice required to terminate a periodic tenancy, which must be fair and appropriate under the circumstances.
Equitable Mortgage
A mortgage that is secured by the borrower’s equity of redemption, often created through an agreement or by deposit of title deeds.
Legal Mortgage
A mortgage that is registered and recognized as a formal charge on the property.
Financial Profile
The overall financial situation and capability of an entity or individual, used to assess their ability to meet financial obligations.
Mortgage Assumption
The process where a new buyer takes over the mortgage obligations of the existing borrower.
Interest Act, Section 10
A section of the Interest Act that provides individual borrowers the right to prepay a mortgage after five years, subject to certain conditions.
Prepayment Privilege
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.
Vendor Take-Back Mortgage
A mortgage where the seller provides financing to the buyer. It is commonly used when the buyer cannot secure financing from traditional lenders.
Seller Financing
A transaction in which the seller of a property provides a loan to the buyer to facilitate the purchase.
Mortgage Document
The legal agreement between the lender and the borrower outlining the terms and conditions of the mortgage loan.
Interest Rate
The percentage charged on a loan, typically expressed as an annual percentage of the principal.
