Mock 1

Question 1

The difference between a license and Lease is important in determining the set of rights a tenant has. What is the best way to distinguish with the difference between a license and a lease.

Answer 1

Look at the terms in the agreement to determine the parties INTENTION as to whether or not the agreement has granted EXCLUSIVE possession to the tenant

Question 2

In which of the following instance with a contract of purchase and sale be most likely to remain in full force

Answer 2

The purchasers signs his or her right under the condo purchase and sale which includes the sale contact to third-party before completion

Question 3

The investment method of appraisal is generally used for

Answer 3

Rental income

Question 4

In which of the following mortgages does the repayment payment increase on the regular basis

Answer 4

Graduate

Question 5

Consider curable functional depreciation in a building

Answer 5

Brass fixtures in the bathroom

Question 6

Which of the following terms regarding super structured or true

Answer 6

Plate - a horizontal lumber that the studs rest on the bottom and top of the frame walls

Question 7

The local government to create three different levels of local government which of the following is not a local law

Answer 7

Local enterprises zone

Question 8

Which of the following types of authority would not provide an agent with binding contract between his principal and a third-party

Answer 8

Assumed authority

Question 9

Lenders who are attempting to ration mortgage funds could

Answer 9

Decrease their gross debt service ratio

Question 10

Which of the clauses in the mortgage does not directly apply wanna borrow defaults on a mortgage

Answer 10

Repayment clause

Question 11

Listing contracts typically contain which of the following

Answer 11

1. The vendors obligation to pay commission.
2. The scope of authority of an agent.
3. The price at which the vendor wishes to sell.
4. The Length of the agency

Question 12

Which of the following statements regarding mortgages are true

Answer 12

1. And a majority of cases the insurance fee is added onto the loan amount borrowers have use their cash for down payment and other transactions.
2. With an insured mortgage and insurance company guarantee that the lender can recover all funds known in case of default

Question 13

And insured mortgage loan is

Answer 13

Lenders protection against law should the borrower defaults

Question 14

Local governments execute planning controls through the use of three principal types of registration. Which of the following is not one of these regulations

Answer 14

Vacant site bylaws

Question 15

Complete the phrase a mortgage is

Answer 15

Contract
Evidence of a loan
Security for a loan

Question 16

Which one of the following statements is true with respect to doctrine of stare decisis

Answer 16

If a court in BC has already decided a particular issue and a subsequent court is faced the same issue the earlier decision should be governed the subsequent decision

Question 17

Invitation to treat is

Answer 17

Our request for offers

Question 18

We often talk about the duties of an agent to Princeville cover at common law what duty to his agent

Answer 18

The duty to indemnify the agent for any expenses which the agent may have accused

Question 19

Which of the following statements concerning an open listening is false?

Answer 19

1. Under the opening listing commission will be paid to the listing licensee whether or not he or she is the effective cause of the sale.
2. The vendor may try to sell the property by himself or herself and cannot use a real estate agent.
3. Under the real estate service at all as things must be in writing

Question 20

Assume that your firm selects are relatively small target market and then focus that effort on satisfying the needs of the market that is known

Answer 20

Concentrated Marketing

Question 21

Which of the following describes a strata plan

Answer 21

Indicate which part of the strata project or property or strata lives in which are common areas

Question 22

What is a limited partnership

Answer 22

General and limited partners have the same income status

Question 23

Which of the following does not relate to the topic of contract law

Answer 23

Depreciation

Question 24

Blend and extend refinancing

Answer 24

Typically allow the borrower to take advantage of the low interest rate on their current mortgage funds well as additional funds while avoiding costly repayment penalties.

Question 25

When an agent knowingly makes false representation concerning a property under the express instruction of her principle which of the following statement is true

Answer 25

The agent cannot escape personal liability by arguing that he was on authorized to make the misrepresentation

Question 26

Which of the following statement is true regarding the liability of occupier

Answer 26

And occupy must object to habitual tress pass in order to prevent them from getting an implied of law

Question 27

What an order absolute of foreclosure is obtained petitioner who is in the position of a second mortgage

Answer 27

The order forclosure the register owners interest in the mortgage land and permits the petitioner transfer title into her own name

Question 28

Which of the following statements regarding general accounting principles are true

Answer 28

1. To conform with the cost principle it is not appropriate to record the asset at what might be considered it fair market. The assets should be recorded on the account what the enterprise paid for it.
2. The matching principle requires that basis of accounting be used for maintaining records that is expenses are recognized one in cured which is not necessarily when they are paid

Question 29

When can appeal be made to the supreme court of BC regarding a real property assessment value

Answer 29

Within 21 days of an appeal board decision

Panel
Board
Supreme
Appeal

Question 30

Which of the following is a defence in a new sink causing a physical damage to a property

Answer 30

The nuisance is the unavoidable result of a statutorily authorized activity

Question 31

When will in appraiser be most Joseph fired and employee the cost method to determine a market value

Answer 31

And there is nothing to compare to