Mock 12 Flashcards
Which of the following statements regarding the speculation and vacancy tax SVT is true?
The SVT is payable by owners of residential property located in designated taxable regions of BC unless the owner qualify for an exemption.
An Assessment notice received via a property owner and early do I report the asset value of the property as at?
July 1 of the previous year
Which of the following is false with respect to title insurance in BC
Title insurance has no importance in BC due to the in the Indefeasibility principal
You are interested in purchasing a house listed for sale and are aware of the asking price consider the following
The portable sale price will be equal to or above the vendor value to owners.
The portable sale price will be equal to or above the floor price
The ceiling price will be equal to or below the asking price
Which of the following statements about the property transfer tax is true?
The property transfer tax applies to any transfer of interest in real property if registered at the land title office unless the transfer a camera lie on the exemption of PTT
Which of the following is not one of the three keys purposes of section 51 disclosure of risk and unrepresented party form
To inform the client that the licensee is also providing trading services to an unrepresented party
Which of the following statements the ALC act is true? Agriculture Land Commission Act
The objective of ALC act is to preserve area of agricultural land for farm use instead of other use as urban development
Which of the following statements regarding a due on sale clause is true?
Due clauses allows the lender to collect on all the amount owning under the mortgage, including prepayments penalties, upon sales of the property.
