Mock 14

Question 1

Alice bought an old house in Kamloops for 400,000 in January 2015. She spent 150,000 renovating the house, which she intends to sell for a profit immediately. Alice listed the house for sale on January 2016 as soon as the renovation were complete.By January 2017 she had not managed to sell the house. She therefore moved into the house. In general 2018 Alice was able to sell the house for 600,000. Which of the following statements regarding Alice’s tax obligation is correct

Answer 1

Alice may owe taxes for the portion of the capital gains corresponding to January 2015 to January 2016 when the head was not her prince principal residence

Question 2

A…… Is a licensee who meets the educational and experience requirement to be a managing broker but who is providing real estate service under the provision of the managing broker

Answer 2

Associated broker

Question 3

Which of the following are necessary for Susie a trading service licensee to be found liable for the tour of negligent misrepresentation

Answer 3

The plaintiff must have reasonable relied on Susie statement.

Statement by Susie must have been made negligence.

Susie must have made an untrue statement of facts or opinion

Question 4

In accordance with the proceeds of crime money laundering and terrorist financing act. Licensees involved in real state transaction must do which of the following

Answer 4

Asserting the identity of every person involved in the transaction

Question 5

Which of the following property is not subject to an assessment based on special use

Answer 5

Environmental contaminated properties

Question 6

The concept where by the legal obligation upon a party in a contract are performed by a third-party with the liabilities for performance remain with a particular contract party is known as

Answer 6

VICARIOUS PERFORMANCE

Question 7

Jason believe that the property assessment appeal board made a legal air and its decision if Jason is to appeal this decision must

Answer 7

Apply within 21 days the proper assessment appeal board decision

Question 8

There is state Council is responsible for which of the following

Answer 8

Reviewing licensee applications to insure that the applicant is suitable to be a license

Question 9

Which of the following statements about cops is true

Answer 9

Co-ope may be governed by a shareholder agreement

Question 10

To calculate income taxes payable for a corporation

Answer 10

Depreciation expense cannot be treated as a deductible expense

Question 11

IN BC foreclosure proceedings are commence by a document called

Answer 11

Petition

Question 12

I May 1, 2015 Meredith grandson mortgage over the house she is purchasing. The mortgage term is five years terminating on April 30, 2020. Meredith sells her home to David on May 1, 2017 who assumes Meredith mortgage. On August 15, 2020 the lender realize that there are several months of payments outstanding. The lender has records to pursue

Answer 12

David only has a property law to provide that Meredith liability has been extinguished

Question 13

Which of the following statements with respect to pending applications on title and BC is correct

Answer 13

Conveyances make closing payments based on pending application. They do not have to await final registration of the conveyance before making closing payments. Hi

Question 14

Which of the following statements with respect to strata plan is true

Answer 14

The bare land strata plan Is required by regulation to be done a fied as such in the strata plan itself

Question 15

In the contacts of real property taxes split classifications mean that

Answer 15

And give them parcel of property falls into or more property classes for the assessment purposes

Question 16

Which of the following would appear as credit on the buyer statement of adjustments

Answer 16

Deposit paid directly by buyer to seller seller’s share of taxes not yet due, existing first mortgage would be assumed by the buyer

Question 17

Which of the following statements regarding offers for a contract is true

Answer 17

Have a time limit for acceptance has not specified in the offer it may be excepted within a reasonable following the offer

Question 18

Which of the following statements about corporation is true

Answer 18

Individual if you acquire shares in corporations do not own the assets of the corporations

Question 19

When using the cost method of appraisal or cost of the improvement is normally determined by utilizing

Answer 19

replacement cost

Question 20

Which of the following is true with respect to the required disclosure of the material Latin defect by the listing licensee

Answer 20

The disclosure must be separate from any agreement of purchase and sale

Question 21

Karen just signed a fixed term residential tenancy agreement that is set to last five years after one year her landlord may

Answer 21

Provide Caron with four months notice at the end of tenancy because he attends to demolish the unit

Question 22

The negotiation tactic where one solution but later on states that someone else such as a boss or a partner will not agree to the deal is called

Answer 22

False authority

Question 23

Frustration occurs

Answer 23

Only after a contract is made, but before it has been performed.

Question 24

Jonathan is the register owner of a right to purchase or agreement for sale charge on your end property this typically means that

Answer 24

Jonathan receipt possession of the property and pays the purchase price in installments to Jan who remains on tile as a rush the owner of the property

Question 25

Clara and non-resident of Canada is selling a townhouse to Vancouver to Sam who is a Canadian resident. Which of the following statement is true

Answer 25

Sam is obligated to withhold 25% of the gross proceeds of the transaction and remit those proceeds to Canada revenue agency

Question 26

Which of the following statements regarding non-conforming use it’s true

Answer 26

Legal nonconforming use refers to land use that is in permissible under current zoning restrictions never less permit because they used was established before the current zoning restrictions came in affect

Question 27

Your friend mentioned to you that the value of his house was 850,000. Well you understand what that means you know that the true subject of an appraisal is

Answer 27

The value of the legal rights of ownership facet in a particular piece of real estate

Question 28

Which of the following statements is true

Answer 28

When an item is resting on its own weight and it is not attached to the land it is presumed to be a shuttle and is not included in the sale of the property

Question 29

Which of the following is not typical remedy of trespass

Answer 29

Forcible removing a trespasser if he is first asked to leave and does not

Question 30

Following best describes the role of equity in relation to the common law

Answer 30

Equity allows judges to administer justice in accordance with FAIRNESS instead of merely applying the strictly formulated rules of common law