Lesson 1, Preface - Real Estate Trading Services, UBC Sauder Flashcards

Preface – Introduction to Real Estate

1
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

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

A

The BC Financial Services Authority is responsible for the licensing of real estate service providers and the general protection of the public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

TRUE or FALSE?

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

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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

A

(1) The BC Financial Services Authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

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

(1) True
(2) False

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly