Flashcards - Lesson 1, Preface - RETS UBC Sauder
Preface – Introduction to Real Estate
The immobility of real property means that land is subject to external effects known as _________.
The immobility of real property means that land is subject to external effects known as externalities.
TRUE or FALSE? The major concern of the Real Estate Services Act is the protection of the public.
TRUE
The ______ ______ ______ ______ ______ ______ is responsible for the licensing of real estate service providers and the general protection of the public.
The BC Financial Services Authority is responsible for the licensing of real estate service providers and the general protection of the public.
TRUE or FALSE?
BCREA only attempts to address concerns that affect members in a particular geographic location within the province.
FALSE
When considering the durability of structures, it is important to distinguish between the _______ life and the _______ life of the structure.
When considering the durability of structures, it is important to distinguish between the physical life and the economic life of the structure.
Which of the following is an example of a statutory real estate organization?
(1) The BC Financial Services Authority
(2) The Real Estate Institute of British Columbia
(1) The BC Financial Services Authority
_________ is responsible for the local nature of real property markets.
Immobility is responsible for the local nature of real property markets.
The greatest bundle of rights and responsibilities that an individual can hold in land in British Columbia is a _______ _______ interest.
The greatest bundle of rights and responsibilities that an individual can hold in land in British Columbia is a fee simple interest.
The ownership of a single parcel of real estate may be divided both physically and legally.
(1) True
(2) False
TRUE
The British Columbia Real Estate Association (BCREA) is an example of a ________ organization.
The British Columbia Real Estate Association (BCREA) is an example of a voluntary organization.
