Mock 12

Question 1

You have a partially completed appraisal report that you need to fill in. The subject property has 4 bedrooms and 4 bathrooms. The house next door is similar in all respects except for the number of bedrooms and bathrooms. The comparable sold for $534,000 and had 3 bedrooms and 3 bathrooms. If the market value of a bedroom is $4,500 and the market value of a bathroom is $5,000, the adjusted sale price for this comparable is:

$534,000
$543,500
$538,500
$524,500

Answer 1

$543,500

Question 2

Ryan enters into a contract with Erin to sell his sports car. Ryan had previously crashed the vehicle multiple times and had it rebuilt. When Erin asked about whether the car had been involved in any accidents, Ryan replied by saying that It was in excellent condition and had never been in an accident. This is example of:

innocent misrepresentation
fraudulent misrepresentation
negligent misrepresentation
undue influence

Answer 2

fraudulent misrepresentation

Question 3

Who owns the common property of a strata corporation?

Each strata lot owner owns a proportionate share of the common property based on his unit entitlement
The strata council, whose responsibility is to manage the common property in the best interests of the strata lot owners
Each strata lot owner owns an equal share of the common property
The strata manager, as a trustee for the individual strata lot owners

Answer 3

Each strata lot owner owns a proportionate share of the common property based on his unit entitlement

Question 4

With respect to items possible appearing on a title for a parcel pf property in BC, a “CLP” is otherwise known as a:

caveat pending lien
certified power over land
certificate of pending litigation
caveat protecting land

Answer 4

certificate of pending litigation

Question 5

Which of the following is NOT a unity that has to exist in order to create a joint tenancy?

The unity of time
The unity of title
The unity of interest
The unity of exclusion

Answer 5

The unity of exclusion

Question 6

Which of the following is NOT one of the Standard Assignment Terms that must be included in all offers prepared by a licensee, unless instructed otherwise by the client?

The seller is entitled to any profit resulting from an assignment of the contract by the buyer or any subsequent assignee.
The seller must not charge any fee to the buyer when consenting to an assignment.
The contract must not be assigned without the written consent of the seller.
All of the above are Standard Terms that offers prepared by a licensees must include, unless instructed otherwise by the client.

Answer 6

All of the above are Standard Terms that offers prepared by a licensees must include, unless instructed otherwise by the client.

Question 7

The comparative method of appraisal is based on an analysis of recent sale prices for similar properties. Which of the following best defines he word “recent”?

a period of time, immediately after the appraisal date, during which the market values in the surrounding area have risen.
a period of time, immediately preceding the appraisal date, during which property values in the region have remained stable.
a period of time, immediately after the appraisal date, during which four properties have sold in the subject property’s neighborhood.
a period of time, immediately preceding the appraisal date, of no less then two weeks and no more that nine months.

Answer 7

a period of time, immediately preceding the appraisal date, during which property values in the region have remained stable.

Question 8

When a property is taken in trade by the seller as part payment of the purchase price:

the value of the traded property is listed as a debit to the buyer and a credit to the seller.
The value of the property will appear as a credit on the buyer’s statement of adjustments.
The value of the traded property will appear on the buyer’s statement of adjustments only
No entry to either statement of adjustments is needed to reflect the trade

Answer 8

The value of the property will appear as a credit on the buyer’s statement of adjustments.

Question 9

Which the following is FALSE with respect to title insurance in BC?

Title insurance has no importance in BC due to the indefeasibility principle
Title insurance tends to cost less than a survey of property
Title insurance may be required by a lender as a condition of approving a mortgage application
Title insurance can provide coverage for many aspects of the land that do not involve the Torrens system.

Answer 9

Title insurance has no importance in BC due to the indefeasibility principle

Question 10

Which of the following statements regarding a licensee’s remuneration complies with the Rules?

Provided that the listing contract states it explicitly, if a licensee is able to secure a higher sale price than a property is listed for, he or she may collect the difference between the listing price and the actual amount realized on the sale.
A licensee may pay remuneration to a person who provides real estate services in the sale of a property in BC, provided that the person is licensed to provide equivalent real estate services in another jurisdiction
A licensee may receive commission for recommending a particular home inspector to a buyer, even if the home inspector is not the most qualified.
A licensee is not required to use the Disclosure of Expected Remuneration (Payment) form if there is only one offer to purchase a property.

Answer 10

A licensee may pay remuneration to a person who provides real estate services in the sale of a property in BC, provided that the person is licensed to provide equivalent real estate services in another jurisdiction

Question 11

Which of the following statements, relating to the Occupiers Liability Act (OLA), is FALSE?

An occupier has no duty of care to a person in respect of risks willingly accepted by that person other than to not intentionally harm or act with reckless disregard towards that person.
The type of visitor and the circumstances under which a visitor has entered the premises are relevant in determining what an occupier must do to provide for the safety of the visitor.
A higher standard of care can be imposed on occupiers by other statues.
The OLA states that there can only be one occupier of premises.

Answer 11

The OLA states that there can only be one occupier of premises.

Question 12

Which of the following actions would likely NOT constitute trespass to land?

Passing through another person’s property by mistake
Making noise on one’s property that causes significant interference with another’s use and enjoyment of his property.
Throwing an item onto another person’s property
Refusing to leave another’s property when asked to do so by that person

Answer 12

Making noise on one’s property that causes significant interference with another’s use and enjoyment of his property.

Question 13

Which of the following is TRUE with respect to lease agreements?

Generally, commercial leases of over 3 years must be in writing to be enforceable by the courts
The date the tenancy agreement is entered into is not required to be included in a residential tenancy agreement
A lease dealing with residential property for a period of over 1o years is not considered a residential tenancy and therefore must be dealt with as a commercial tenancy.
A commercial lease which does not include an express vacate clause will automatically convert to a month-to month tenancy unless the landlord provided notice to end the tenancy.

Answer 13

Generally, commercial leases of over 3 years must be in writing to be enforceable by the courts

Question 14

Bob and Tom are the co-owners of a strata lot in an apartment building containing residential units only. The strata corporation has called for its annual general meeting. How many votes are Bob and Tom entitled to?

Two votes, one for each
One shared vote
The number of votes that correspond to their until entitlement as set out in the strata plan
They both only entitled to vote if they hold a seat on the strata council

Answer 14

One shared vote

Question 15

Which of the following is a privacy principle from the Personal Information Protection Act?

Expand collection
Obtain consent
Be closed
Identify the proposal

Answer 15

Obtain consent

Question 16

Eric is purchasing Jim’s beach house in Tofino, BC. Eric is having a difficult time getting enough financing for the deal, so he decided to give Jim his boat, valued at $21.000. Furthermore, he will be assuming Jim’s existing mortgage on the property. Eric is able to obtain the balance of the funds needed by granting a second mortgage to CC Union. Eric has just delivered the deposit of $30,000 directly to Jim. Which of the following items would appear on Jim’s statement of adjustments?

Purchase price, property transfer tax, cash proceeds
Teal estate licensee’s commission, sale price, conveyance fees.
Deposit, assumption of first mortgage, real estate licensee’s commission.
Boat trade, deposit, property transfer tax.

Answer 16

Deposit, assumption of first mortgage, real estate licensee’s commission.

Question 17

Which of the following loans from a federally regulated financial institution is MOST likely to require mortgage insurance?

Loan A, which has a loan to-value ratio of 75%
Loan B, which has a loan to-value ration of 50%
Loan C, which has a loan to-value ration of 85%
Loan D, which has a loan to-value ration of 65%

Answer 17

Loan C, which has a loan to-value ration of 85%

Question 18

An advantage of using a central, gas fired, forced hot water heating system is:

its air filtration capabilities
the production of a steady, consistent heat
that money can be saved by leaving it off during an owner’s winter absence.
That heat transmission is completely be radiation.

Answer 18

the production of a steady, consistent heat

Question 19

Which of the following statements is FALSE?

Depreciation expense is another name for cost allowance.
Depreciation expense is an expense that can be calculated using a number of different methods
Depreciation expense can be computed by subtracting the estimated economic life
Depreciation expense is a method used for allocating the cost of an asset over time

Answer 19

Depreciation expense is another name for cost allowance.

Question 20

Calculate the normal rate of interest, expressed semi-annually which is equivalent to J1= 5.5%

5. 575625%
6. 366039%
7. 426386%
8. 75%

Answer 20

5.426386%

Question 21

Which of the following is NOT a likely remedy for private nuisance?

Damages
Specific performance
Abatement
Injunctive relief

Answer 21

Specific performance

Question 22

Raj and Linda enter into a contract of purchase and sale whereby Raj agrees to sell his house to Linda. On the date of completion, Raj decides that he no longer wants to sell his house; therefore, he refuses to sign the documents to transfer title to Linda. Linda, still wants to purchase Raj’s house and she sues Raj for breach of contract. Linda obtains a court order requiring Raj to complete the sale agreed to in the contract. This order is correctly described as which of the following?

Damages
Injunction
Garnishment
Specific Performance

Answer 22

Specific Performance

Question 23

You have applied for a mortgage loan to finance the purchase of a townhouse listed at $276,000. The market value of the townhouse is $270,000 and the lender has assigned a $265,000 lending value to it. The lender demands a 30% gross debt service ration and an 80% loan-to-value ration. The purchaser’s annual income is $59,000, property taxes are $1,200 per annum and, if approved, the loan is to be repaid with monthly payments over 25 years with an interest rate of J2= 6%

Calculate the maximum loan allowable under the lender’s loan-to-value criterion.

$220,800
$198,750
$216,000
$212,000

Answer 23

$212,000

Question 24

Which of the following is NOT one of the principal factors indicated an activity is “professional”?

sales approach
advisory function
academic basis
code of conduct

Answer 24

academic basis

Question 25

Your friends financed the purchase of her house with a mortgage loan for $275,000. The mortgage calls for monthly payments of $1,750 over a 25 year amortization period. What nominal rate, compounded semi-annually, is your friend paying of the loan?

5. 869760%
6. 612404%
7. 942009%
8. 030270%

Answer 25

5.942009%

Question 26

Which of the following is TRUE with respect to the exemptions created by the Strata Property Act from rental restriction bylaws imposed by the strata corporation?

A bylaw that prohibits or limits rentals cannot prevent an owner from renting a strata lot to his cousin.
An owner may apply to the strata corporation for an exemption from a rental restriction bylaw on the grounds that it causes hardship to the owner.
An owner may apply to the strata corporation for an exemption from a rental restriction bylaw on the grounds that it causes hardship to the owner.
An owner may apply to the strata corporation for an exemption from a rental restriction bylaw on the grounds that it was passed in bad faith
Where a strata corporation has a bylaw that limits rentals, then effective December 11, 2009, the strata corporation can count toward the limit any rentals permitted by an exemption.

Answer 26

An owner may apply to the strata corporation for an exemption from a rental restriction bylaw on the grounds that it causes hardship to the owner.

Question 27

When the original loan agreement between the lender and a seller of property is replaced by a new loan agreement between the lender and the buyer of the property for the mortgage debt, what legal concept has occurred?

Assignment
Novation
Redemption
Foreclosure

Answer 27

Novation

Question 28

Which of the following is NOT required for a plaintiff to establish negligence?

The defendant owed the plaintiff a duty of care
The defendant intentionally injured the plaintiff
The plaintiff suffered actual loss or damage
The defendant breached the standard of care owed.

Answer 28

The defendant intentionally injured the plaintiff

Question 29

The builder negotiates an interest only loan with a lender. The face value of the loan is $200,000, the interest rate is 5.5% per annum, compounded semi-annually, the term if the loan is 1 year, and the interest only payments are to be made monthly. What will be the size of the interest only payments?

$906.34
$916.67
$1,375.76
Unable to calculate with the information provided

Answer 29

$906.34

Question 30

Which of the following statements made during a recent discussion about corporations are TRUE?

Individuals who acquire shares in a corporation do not own the assets of the corporation.
The shareholders of a corporation can be held responsible for more than their agreed share purchase.
A corporation whose share are traded o a stock exchange is referred to as a public company
A corporation will terminate on the death if its original shareholders
Only B, C and D are true
Only A, B and D are true
Only A and C are true
All of the above are true

Answer 30

Only A and C are true

Question 31

The RR Corporation sold al 15 of the inflatable rafts that produced during the year for $4,400 each. This is the first year of production for RR so there were no rafts in inventory at the beginning or end of the year.

To produce these rafts the corporation incurred operation expenses of $31,000, and interest payments of $3,500. Assuming that each raft cost $1,100 to produce and income taxes for the year amounted to $7,500, what is RR’s after-tax Net Income?

$7,500
$31,500
$18,500
$15,000

Answer 31

$7,500

Question 32

You have been offered an investment opportunity that will pay you 20 quarterly payments of $1,700 and a lump sum of $8,000 at the end of 20 quarterly payments. If interest rates are 4% per annum, compounded monthly, what is the maximum you should pay for the investment?

$40,323.43
$96,800.79
$37,233.80
$37,219.16

Answer 32

$37,219.16

Question 33

You are assignment the task of appraising a small apartment building. Current construction costs are $101 per square foot, the total area of the building is 10,000 sq. ft. , the land value is estimated to be $300,000, and the Gross Potential Rent from the building is estimated as $120,000. The building was built 4 years ago, and is deemed to have depreciated 10% in this time. It has been determined that a reasonable capitalization rate is 11%. Using the cost method of appraisal, estimate the market value of the building.

$1,010,000
$1,209,000
$1,179,000
$1,090,909

Answer 33

$1,209,000

Question 34

Which of the following statements regarding a de on sale clause is TRUE?

A due on sale clause provides that when a property is sold, the buyer of the mortgage property has the option to assume the mortgage.
Is a mortgage contains a sue on sale clause, any outstanding balance on a mortgage must be assumed by the buyer of the mortgage property
If a mortgage contains a due on sale clause, the borrower cannot sell the mortgaged property without written approval from the lender.
A due on sale clause allows the lender to collect on all amounts owning under the mortgage, including prepayment penalties, upon sale of the property.

Answer 34

A due on sale clause allows the lender to collect on all amounts owning under the mortgage, including prepayment penalties, upon sale of the property.

Question 35

Ending the amortization period of a loan to 30 years

results in larger mortgage payments for borrowers
means that borrowers will make payments every two weeks, instead of monthly, in order to reduce their interest cost.
Means that repayment of principal is spread over a greater number of payments, making each payment smaller.

Answer 35

Means that repayment of principal is spread over a greater number of payments, making each payment smaller.

Question 36

Which of the following statements regarding slide presentation guidelines are TRUE?

Make sure font sizes are legible and use simple fonts
Slides should use pictures and graphics instead of text for emphasis and explanations
Transition effects and sounds help viewers focus on the presentation
There should be no more than 6 words per slide.
Only A and B
Only C and D
Only A, B and D
All of the above

Answer 36

Only A and B

Question 37

A $150,000 mortgage loan, written at a nominal rate of 12.5% per annum, compounded semi-annually, has a 5 year contractual term. Payments are made monthly and are based on a 25-year amortization period. Payments are rounded to the next higher dollar. What is the size of the required payments?

$1,601
$3,375
$1,636
$1,146

Answer 37

$1,601

Question 38

A mortgage was written for $60,000 at an interest of rate of J2= 10%, an amortization period of 20 years and monthly payments. Calculate the balance owing at the end of five years, rounded to the nearest dollar.

$54,885
$53,753
$53,806
$56,372

Answer 38

$53,753

Question 39

Which of the following factors will NOT affect the value of land?

The immobility of land
Externalities affecting the land
The development of surrounding areas
The owner’s personal financial situation

Answer 39

The owner’s personal financial situation

Question 40

Which of the following statements regarding print advertisements is TRUE?

Readers will consciously look for logos at the top of the advertisement
The headline is the single most important part of the advertisement
Coty in the pictures, cartoons or photographs in the advertisement
Advertisement always end with a call for action

Answer 40

The headline is the single most important part of the advertisement

Question 41

Which of the following is estimated using actual current rents paid on similar properties based on 100% occupancy?

Gross potential revenue
Gross realized revenue
Effective gross income
Net operating income

Answer 41

Gross potential revenue

Question 42

An investor has decided to establish a bank account in order to accumulate sufficient capital and the end of 4 years to purchase a car. If the account pays interest at 5% per annum, compounded annually and the investor makes deposits of $5,000 at the end of each year, how much capital will she have accumulated at the end of 4 years?

$21,550.63
$15,473.09
$27,081.61
$24,333.06

Answer 42

$21,550.63

Question 43

Ann, desperate for a loan to pay for her husband’s medical bills, grants a mortgage to ABC Loans LTD. When Ann examples her lender information statement, she becomes concerned that the amount of interest being charges is excessive. Which statue can Ann look to for relief?

The Business Practices and Consumer Protection Act
The Real Estate Services Act
The Mortgage Broker Act
The interest Act

Answer 43

The Business Practices and Consumer Protection Act

Question 44

What is the name of the account where money is deposited by ine for the benefit of another, in which the money is devoted to a particular purpose and should not be diverted for other purposes?

A savings account
An agency account
A brokerage account
A trust account

Answer 44

A trust account

Question 45

Which of the following statements comparing stratas and cooperatives is FALSE?

Unlike strata ownership, cooperative ownership does not bestow an individual fee simple title to the cooperative’s owner’s unit
The requirement for a disclosure statement may apple to both stratas and cooperatives
Cooperatives are generally easier to sell that stratas.
Where an existing building is being converted to either a strata or a non-profit cooperative, the existing tenants are covered by the protections afforded by the BC Residential Tenancy Act.

Answer 45

Cooperatives are generally easier to sell that stratas.

Question 46

A(n) ________________ is the licensee responsible for a brokerage, for exercising the rights conferred on the brokerage, for the control and conduct of the brokerage’s real estate business, and for the supervision of its licensees

associate broker
representative
managing broker
personal real estate corporation

Answer 46

managing broker

Question 47

Your client bought a house two years ago, at which time he arranged a $210,000 mortgage. This loan was written at a nominal rate of 6.5% per annum, compounded semi0-annually, with a ten-year term and amortization period, and monthly payments. Today your client has received an offer to buy his house for $50,000 cash plus assumptions of his mortgage. If current mortgage rates are 8% per annum, compounded semi-annually, for eight-year term loans, what is the market value of the offer?

$268,023.90
$218,023.90
$246,890.11
$218,812.85

Answer 47

$218,812.85

Question 48

Victor has purchased a freehold residential strata lot. As a strata owner, Victor’s property interests in the entire strata property can be described as:

fee simple title of his strata lot and a proportionate life estate interst in the common property.
Fee simple interest of his strata lot and a proportionate fee simple interest in the common property as a joint tenant with the other strata lot owners.
Fee simple title of his strata lot and a proportionate fee simple interest in the common property as a tenant in common with the other strata lot owners
Fee simple title of his strata lot and a proportionate fee simple interest in the common property as a joint tenant with the other strata lot owners.

Answer 48

Fee simple title of his strata lot and a proportionate fee simple interest in the common property as a tenant in common with the other strata lot owners

Question 49

Generally accepted accounting principles are the rules and guidelines followed in preparing financial statements. The revenue recognition principle states that:

the asset’s historical cost is the appropriate amount to record on the books of the enterprise, rather than its fair market value.
Relatively low cost purchases that are used up over a period of several months may be immediately expensed when acquired.
Expenses directly associated with particular revenues should be recognized in the same period in which the revenue is recognized
Revenue should be recognized by an enterprise when it is earned, not necessarily when cash received.

Answer 49

Revenue should be recognized by an enterprise when it is earned, not necessarily when cash received.

Question 50

Which of the following is NOT a characteristic of a fee simple estate?

It is held subject to the Crown’s land use regulations
It may be expropriated by the Crown
it is a leasehold interest
It is help subject to restrictions on use which “run with the land”

Answer 50

it is a leasehold interest

Question 51

Which of the following statements is TRUE with respect to the assignment of a contract?

An assignment terminates the original contract between the assignor and the third party.
A person can assign both the benefits and liabilities under a contract
Due to the fact that assignments is an exception to the doctrine of privity of contract, the assignee, despite not being an original party to the contract, can enforce a properly assigned contract as if he or she was an original party to that contract.
BC’s Law and Equity Act prohibits assignments of contracts which create an interest in land.

Answer 51

Due to the fact that assignments is an exception to the doctrine of privity of contract, the assignee, despite not being an original party to the contract, can enforce a properly assigned contract as if he or she was an original party to that contract.

Question 52

In a foreclosure proceeding, the court order that the lender most commonly seeks at the first court appearance is a(n):

action on the personal covenant
order nisi
order for conduct of sale
order absolute

Answer 52

order nisi

Question 53

The buyer has offered to purchase a house from a seller who is willing to provide partial financing. Her offer is a $75,000 down payment plus a mortgage of $250,000 at 5.5% per annum, compounded semi-annually. The loan is to be fully amortized with monthly payments over 20 years. What is the market value of this offer if the market rate for similar mortgage loans is 7.75% per annum, compounded semi-annually?

$292,949.58
$285,343.23
$297,948.32
$287,949.58

Answer 53

$285,343.23

Question 54

What will be the maximum loan (rounded to the nearest dollar) granted on a commercial building with the landing value of $2,250,000 and yielding a net operating income of $115,000 per year, where the lender requires a debt coverage ratio of 1.15 and a 65% loan-to-value ratio? The loan will be amortized over 20 years with annual payments and the interest rate of 4% per annum, compounded annually

$1,359,033
$1,250,000
$1,462,500
$1,383,773

Answer 54

$1,359,033

Question 55

Section 52 of the Competition Act states that false or misleading advertising is a criminal offense. Which of the following statement is TRUE?

Section 52 requires that a representation to the public be false or misleading in any respect.
Section 52 covers only those representations made in writing, as oral representations cannot be proven in a court of law.
Determine whether a given representation is false or misleading, a court is required to assess the general impression conveyed by the representation as well as its literal meaning.
The only penalty for those who breach section 52 is fines, which can be several thousands of dollars.

Answer 55

Determine whether a given representation is false or misleading, a court is required to assess the general impression conveyed by the representation as well as its literal meaning

Question 56

Which of the following statements regarding mortgages is true?

An acceleration clause allows the lender to accelerate the expiry of the term of the mortgage and demand repayment of the entire loan amount, provided that the borrower is given three months’ notice.
Upon the execution of the mortgage contract, the lender is required to advance the total amount of the mortgage immediately, regardless of the terms of the mortgage.
Under the Property Law Act, the lender cannot require the borrower to obtain the advance consent of the lender before making any alterations or improvements to the property.
The mortgage contract, in addition to the common law, provides the lender with a number of options and remedies to pursue when the borrower defaults on the mortgage. It is up to the lender to choose to remedy it feels is the most advantageous in the circumstances.

Answer 56

The mortgage contract, in addition to the common law, provides the lender with a number of options and remedies to pursue when the borrower defaults on the mortgage. It is up to the lender to choose to remedy it feels is the most advantageous in the circumstances.

Question 57

The value possessed by a property which has potential for redevelopment because it is currently not employed at its highest and best use is best known as:

lending value
limited value
market value
latent value

Answer 57

latent value

Question 58

Who ones the fee simple interest in the common property of a strata corporation?

The strata corporation, as trustee for the strata lot owners
The strata lot owners
The owner-developer or company that filed the strata plan, as a trustee for the strata lot owners
The strata council, on behalf of the strata lot owners

Answer 58

The strata lot owners

Question 59

Which of the following actions does NOT facilitate the exchange process in a negotiation?

Emphasizing the underlying interests and needs of each party
Determining both parties priorities
Considering as many solutions as possible
Focusing on, and dedication significant time to, asserting and defending the positions of each party

Answer 59

Focusing on, and dedication significant time to, asserting and defending the positions of each party

Question 60

In the real estate transaction, an item that is included in the purchase price that will remain with the property once the seller moves out is known as a:

chattel
gratuity
fixture
deposit

Answer 60

fixture

Question 61

In appraisal, an outdated feature that can be corrected economically is best known as:

physical incurable depreciation
functional curable depreciation
physical curable depreciation
physical curable depreciation

Answer 61

functional curable depreciation

Question 62

Under the BC Supreme Court Rules, which party to a court proceeding files a response to civil claim?

The defendant
The accused
The plaintiff
The prosecutor

Answer 62

The defendant

Question 63

Paul grants Luke, his agent, express authority to list his house but has not explicitly granted the right to show it to potential buyers. If Luke shows the house to a potential buyer, she would likely be acting on:

apparent authority
express authority
agency by estoppel
implied authority

Answer 63

implied authority

Question 64

In which of the following scenarios has a valid acceptance occurred?

Veronica sent Chris a letter in the mail asking him if he would like to buy a box of mangos for $10. Chris placed a reply letter in the mailbox agreeing to the sale.
Veronica and Chris were on the telephone discussing the sale of mangoes. Chris offered Veronica $10 for a box of mangoes, but Chris cell phone battery died before he could hear Veronica‘s reply. Veronica wanted to accept his offer
Veronica sent Chris a letter in the mail asking him if he would like to buy a box of mangos for $10. The letter stated that, if Chris is Interested, he should send her a letter by mail by 3 PM the next day. Chris sent an email to Veronica the next day at 1 PM agreeing to the sale.
Veronica emailed Chris asking him if he would like to buy a box of mangos for $10. Chris has decided that he wants to accept this offer, however, he has yet to communicate this to Veronica

Answer 64

Veronica sent Chris a letter in the mail asking him if he would like to buy a box of mangos for $10. The letter stated that, if Chris is Interested, he should send her a letter by mail by 3 PM the next day. Chris sent an email to Veronica the next day at 1 PM agreeing to the sale.

Question 65

The term of a license, as set out in the Rules under the Real Estate Service Act, is:

one year
two years
three years
indefinite

Answer 65

two years

Question 66

A mortgage loan has a face value of $250,000, an interest rate of J2 = 3.5%, an amortization period of 20 years, a term of 3 years, and an option to make accelerated biweekly payments, rounded up to the next higher dollar. If this option is exercised, what is the outstanding balance owing at the end of the three year term?

$211,500.07
$181,700.79
$198,711.49
$217,949.46

Answer 66

$217,949.46