Chapter Preface : Introduction to Real Estate

Question 1

The immobility of real property means that land is subject to external effects known as _________.

Answer 1

The immobility of real property means that land is subject to external effects known as externalities.

Question 2

The ______ ______ ______ ______ ______ ______ is responsible for the licensing of real estate service providers and the general protection of the public.

Answer 2

The Real Estate Council of British Columbia is responsible for the licensing of real estate service providers and the general protection of the public.

Question 3

Which of the following is an example of a statutory real estate organization?

(1) The Real Estate Council of British Columbia
(2) The Real Estate Institute of British Columbia

Answer 3

(1) The Real Estate Council of British Columbia

Question 4

The British Columbia Real Estate Association (BCREA) is an example of a ________ organization.

Answer 4

The British Columbia Real Estate Association (BCREA) is an example of a voluntary organization.

Question 5

TRUE or FALSE? The major concern of the Real Estate Services Act is the protection of the public.

Answer 5

TRUE

Question 6

_________ is responsible for the local nature of real property markets.

Answer 6

Immobility is responsible for the local nature of real property markets.

Question 7

The greatest bundle of rights and responsibilities that an individual can hold in land in British Columbia is a _______ _______ interest.

Answer 7

The greatest bundle of rights and responsibilities that an individual can hold in land in British Columbia is a fee simple interest.

Question 8

When considering the durability of structures, it is important to distinguish between the _______ life and the _______ life of the structure.

Answer 8

When considering the durability of structures, it is important to distinguish between the physical life and the economic life of the structure.

Question 9

TRUE or FALSE? BCREA only attempts to address concerns that affect members in a particular geographic location within the province.

Answer 9

FALSE

Question 10

The ownership of a single parcel of real estate may be divided both physically and legally.

(1) True
(2) False

Answer 10

(1) True