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RETS > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Site Registry

A

A database managed by the BC Ministry of Environment that contains records of site investigations, cleanups, and actions under the Environmental Management Act. Licensees use it to check for any environmental issues affecting a property.

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2
Q

Manufactured Homes

A

Residential structures designed to be movable. They can be placed on owned property or rented pads in manufactured home parks.

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3
Q

Manufactured Home Registry

A

The system under the Manufactured Home Act where manufactured homes are registered, similar to the land title system but without titles or indefeasibility.

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4
Q

CSA Sticker

A

A certification mark required under the Electrical Safety Regulation for all electrical equipment in manufactured homes, ensuring safety standards are met.

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5
Q

Security Interests

A

A legal claim on property, such as a manufactured home, that secures payment or performance of an obligation. Can be registered under the PPSA.

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6
Q

Personal Property Security Act (PPSA)

A

Legislation governing the registration and enforcement of security interests in personal property, providing a simple and effective registration system.

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7
Q

Transport Permit

A

A permit required to move a manufactured home, issued only if all taxes are paid and valid for 30 days.

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8
Q

Chattel

A

A movable item of personal property, such as furniture or a manufactured home that is not permanently affixed to land.

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9
Q

Fixture

A

An item that has been attached to land or a building in such a way that it is legally considered part of the real property. Example: A manufactured home on a concrete foundation may be considered a fixture.

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10
Q

Site Disclosure Statement

A

A document required under the Environmental Management Act, detailing any known contamination on a property.

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11
Q

Voluntary Remediation Agreements

A

Agreements where property owners voluntarily clean up contaminated sites, documented in the Site Registry.

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12
Q

Approval in Principle

A

An initial approval for a remediation plan for a contaminated site, indicating that the proposed plan meets regulatory requirements.

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13
Q

Certificate of Compliance

A

A certificate issued by the BC Ministry of Environment indicating that a contaminated site has been satisfactorily remediated.

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14
Q

Allocation Panel

A

A panel that provides opinions on the allocation of responsibility for contaminated site cleanup under the Environmental Management Act.

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15
Q

Manufactured Home Park Tenancy Agreement

A

A lease agreement for renting a pad in a manufactured home park, which can be assigned to a new tenant with landlord’s consent.

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16
Q

Conditional Sale Contract

A

A financing method where the seller retains legal ownership of a manufactured home until the buyer makes all payments.

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17
Q

Financing Statement

A

A document registered under the PPSA by a secured party to indicate a security interest in personal property, such as a manufactured home.

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18
Q

Torrens System

A

A land registration system where the government guarantees title, ensuring that the register is the conclusive evidence of ownership.

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19
Q

Land Title Office

A

The government office responsible for maintaining records of land ownership and interests, ensuring legal protection for property transactions.

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20
Q

Personal Property

A

Any movable property that is not affixed to land, such as vehicles, equipment, or manufactured homes.

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21
Q

Manufactured Home Registration Number

A

A unique number assigned to a manufactured home upon registration, used for identification and legal purposes.

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22
Q

Decal

A

A sticker issued with the registration number of a manufactured home, to be affixed to the home as proof of registration.

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23
Q

Site Investigation

A

A process under the Environmental Management Act to determine the extent of contamination at a site.

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24
Q

Remediation Plan

A

A detailed plan to clean up a contaminated site, approved by the BC Ministry of Environment.

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25
Q

Environmental Appeal Board

A

A board that hears appeals related to decisions made under the Environmental Management Act.

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26
Q

MyLTSA

A

An online service providing access to land title records and other property-related information in British Columbia.

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27
Q

Site Profile

A

A form providing information about a property’s current and past use, required for contaminated site assessments.

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28
Q

Contaminated Sites Regulation

A

Regulations supporting the Environmental Management Act, detailing the information required for contaminated site management.

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29
Q

Statutory Right of Way

A

A legal agreement allowing a third party to use part of a property for a specific purpose, such as utilities or access.

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30
Q

Easement

A

A right to use another person’s land for a specific purpose, such as access or utilities, which is registered on the land title.

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31
Q

Covenant

A

A legal agreement that imposes restrictions or obligations on the use of land, registered on the land title.

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32
Q

Builder’s Lien

A

A claim registered against a property by a contractor or supplier who has not been paid for work or materials.

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33
Q

Pending Applications

A

Applications filed against a property title that have not yet been completed, affecting the property’s status.

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34
Q

Legal Notations

A

Entries on a land title providing information about statutory provisions affecting the property, such as permits or notices.

35
Q

Duplicate Certificate of Title

A

A copy of the certificate of title issued to the property owner, providing proof of ownership.

36
Q

Taxation Authority

A

The government body responsible for collecting property taxes, such as a municipality or district.

37
Q

Parcel Identifier (PID)

A

A unique nine-digit number assigned to a property for identification in the land title system.

38
Q

Legal Description

A

A detailed description of a property used in legal documents, including boundaries and location.

39
Q

Declared Value

A

The purchase price paid for a property, noted on the title search, which differs from the assessed value.

40
Q

Registered Owner

A

The individual or entity listed on the land title as the legal owner of a property.

41
Q

Property Law Act

A

Legislation governing property transactions, including contracts, rescission rights, and land registration.

42
Q

Home Buyer Rescission Period

A

A period during which a buyer can rescind a contract of purchase and sale for a property, as provided under the Property Law Act.

43
Q

Indefeasibility

A

The principle that once a property title is registered, it cannot be challenged or altered except in specific legal circumstances.

44
Q

Assurance Fund

A

A fund providing compensation for losses caused by errors in the land title system, ensuring trust in the registration process.

45
Q

Transport Application

A

A form completed at weigh stations when a manufactured home enters British Columbia, initiating the registration process.

46
Q

Personal Property Registry

A

A registry for recording security interests in personal property, ensuring priority and protection for secured parties.

47
Q

Real Property

A

Land and anything permanently affixed to it, such as buildings and structures, distinguished from personal property.

48
Q

Manufactured Home Tax Act

A

Legislation that governs the assessment and taxation of manufactured homes in British Columbia.

49
Q

Manufactured Home Park Tenancy Act

A

Legislation governing the relationship between owners of manufactured home parks and tenants who lease pads in the parks.

50
Q

Assignment of Tenancy Agreement

A

The process of transferring an existing tenancy agreement for a manufactured home pad to a new tenant with landlord consent.

51
Q

Caution

A

A notice registered against a manufactured home indicating an interest claimed in a court proceeding, similar to a caveat in the land title system.

52
Q

Conditional Sale

A

A sale where the buyer takes possession of the property but the seller retains ownership until the full purchase price is paid.

53
Q

Chattel Mortgage

A

A mortgage on a movable item of personal property, such as a manufactured home, used as security for a loan.

54
Q

Registry Services

A

The government service responsible for maintaining various property and corporate registries, including the Manufactured Home Registry.

55
Q

Manufactured Home Park

A

A residential development where tenants lease pads to place their manufactured homes.

56
Q

Importing Manufactured Homes

A

The process and regulations for bringing manufactured homes into British Columbia, requiring registration and compliance with standards.

57
Q

Serial Numbered Goods

A

Items assigned a unique serial number for identification, such as manufactured homes, ensuring accurate registration and tracking.

58
Q

Land Title District

A

The geographical area served by a specific land title office, responsible for processing property transactions within that area.

59
Q

Application Received Date

A

The date on which a land title office receives an application for registration, marking the official start of the registration process.

60
Q

Application Entered Date

A

The date when a land title office completes the registration of an application, issuing a new title or updating the existing one.

61
Q

Examined of Title

A

A land title office staff member responsible for reviewing applications for compliance with legal requirements before registration.

62
Q

Notice Declining to Register

A

A notice issued by a land title office indicating defects in an application that must be corrected before registration can proceed.

63
Q

Duplicate Certificate Withdrawal

A

The process of removing a duplicate certificate of title from the land title office, affecting the property’s registered status.

64
Q

Manufactured Home Park Rules

A

Regulations set by the owner of a manufactured home park that tenants must follow, covering aspects such as maintenance and behavior.

65
Q

Land Title Search

A

A document obtained from a land title office providing detailed information about a property’s ownership, legal description, and registered interests.

66
Q

Affixed Manufactured Home

A

A manufactured home that is attached to land in such a way that it is considered part of the real property.

67
Q

Unregistered Transfer

A

A transfer of property that is not recorded in the official registry, affecting the legal recognition of the transfer.

68
Q

Registrar of Land Titles

A

The official responsible for maintaining land title records and overseeing the registration process in a land title office.

69
Q

Legal Property Description

A

The formal description of a property’s boundaries and location, used in legal documents and registration.

70
Q

Security Agreement

A

A contract granting a lender a security interest in personal property, such as a manufactured home, to secure a loan.

71
Q

Financing Statement Registration

A

The process of filing a financing statement in the Personal Property Registry to perfect a security interest in personal property.

72
Q

Unregistered Manufactured Home

A

A manufactured home that has not been recorded in the Manufactured Home Registry, affecting its legal status and marketability.

73
Q

Assignment of Security Interest

A

The transfer of a lender’s security interest in personal property to another party, requiring proper registration to maintain priority.

74
Q

Personal Property Security Regulation

A

Regulations under the PPSA governing the registration and enforcement of security interests in personal property.

75
Q

Compliance with Tenancy Agreement

A

The requirement for tenants to follow the terms and conditions of a tenancy agreement, including payment of rent and adherence to park rules.

76
Q

Manufactured Home Affixation

A

The process of attaching a manufactured home to land, which may change its legal status from chattel to fixture.

77
Q

Pad Rental Agreement

A

A lease agreement for renting a pad in a manufactured home park, setting out the terms and conditions of the tenancy.

78
Q

Manufactured Home Transport Permit

A

A permit required for moving a manufactured home, ensuring compliance with regulations and payment of taxes.

79
Q

Manufactured Home Park Lease

A

A long-term lease agreement for renting a pad in a manufactured home park, often including provisions for rent increases and maintenance responsibilities.

80
Q

Manufactured Home Inspection

A

An evaluation of a manufactured home’s condition and compliance with safety standards, often required for registration or resale.

81
Q

Security Interest Enforcement

A

The process of repossessing and selling personal property, such as a manufactured home, to satisfy a debt secured by a security interest.

82
Q

Manufactured Home Site Tenancy Form

A

A standard form used to request landlord consent for assigning a manufactured home pad tenancy agreement to a new tenant.

83
Q

Statutory Declaration

A

A legal statement made under oath, often required in the registration process for manufactured homes and other personal property.

84
Q

Manufactured Home Ownership Transfer

A

The process of changing the registered owner of

RETS (18 decks)

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