Final Exam Deck 2 Flashcards
Legal Address or Legal Description:
Plan 1498 RR Block 10 Lot 2
Municipal Address:
2345 Banner Drive SW
Land Description (Subdivided Land):
Lot UB, Block E, Plan 8000jk
Legal Description of Undivided Land:
SE1/4, 14, 42, 1, W5
What is title insurance?
protects the insured against losses as a result of some title related and some non related matters. ( title fraud to forgery)
Types of condo registered in Alberta:
- conventional
- bareland
- barely blended
RPR does not apply to which types of condos?
conventional and barely blended
What is the function of a municipal certificate of compliance?
It is proof of the property’s compliance to municipal regulations.
Each interest on title can be searched separately using the …
registration number.
What is the Municipal Government Act?
provides the legislative basis for determining how property in Alberta may be used.
A development permit applies to __________.
the overall use of the land.
What is a non-conforming use?
means that the use was legal at the time of the development but became illegal due to a change to the land use bylaw.
The three types of misrepresentations:
1) Innocent
2) Negligent
3) Fraudulent
Under which circumstances is a real estate appraiser deemed to have withdrawn from the industry?
1) When the member voluntarily terminates his licence.
2) When the member is no longer a member of an association.
3) When the members application for withdrawal has been approved by council.
Which of the following statements are true regarding breach of contract?
1) The damages are the amount suffered plus an amount to punish the party that breached.
2) The injured party must actually have suffered damages, as a result of the breach in contract
3) The party guilty of the breach must take all reasonable steps to mitigate the damage
4) All the above
2) The injured party must actually have suffered damages, as a result of the breach in contract.
