MB Preface

Question 1

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

True or False

Answer 1

True

Question 2

___________ is responsible for the local nature of real property demands

Answer 2

Immobility

Question 3

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

Answer 3

Physical Life

Economic Life

Question 4

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

Answer 4

Fee Sinple

Question 5

Name 3 statutory organizations in the real estate or mortgage brokerage industry.

Answer 5

1) BC Financial Services Authority (BCFSA)
2) Registrar of Mortgage Brokers
3) Real Estate Foundation
4) Real Estate Errors & Omissions Insurance Corp.
5) Real Estate Compensation Fund Corp.

Question 6

True or False

The Mortgage Brokers Association of BC is a nonprofit association dedicated to maintaining a high standard of ethics and business practices for mortgage brokers.

Answer 6

True

Question 7

The immobility of Real Property means that land is subject to external effects known as _____________

Answer 7

Externalities

Question 8

True or False

The Mortgage Broker Act is a Federal statute that applies to persons involved in mortgage brokerage activities in Canada.

Answer 8

False

• is a provincial statute
• applies to persons in BC
• most provinces have similar legislation to regulate persons involved in mortgages

Question 9

What is a voluntary organization?

Answer 9

An organization created and maintained voluntarily ( as opposed to statute)

• to serve interests of its members
• participation is voluntary