Mock 14 Flashcards
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
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
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
Associated broker
Which of the following are necessary for Susie a trading service licensee to be found liable for the tour of negligent misrepresentation
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
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
Asserting the identity of every person involved in the transaction
Which of the following property is not subject to an assessment based on special use
Environmental contaminated properties
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
VICARIOUS PERFORMANCE
Jason believe that the property assessment appeal board made a legal air and its decision if Jason is to appeal this decision must
Apply within 21 days the proper assessment appeal board decision
There is state Council is responsible for which of the following
Reviewing licensee applications to insure that the applicant is suitable to be a license
Which of the following statements about cops is true
Co-ope may be governed by a shareholder agreement
To calculate income taxes payable for a corporation
Depreciation expense cannot be treated as a deductible expense
IN BC foreclosure proceedings are commence by a document called
Petition
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
David only has a property law to provide that Meredith liability has been extinguished
Which of the following statements with respect to pending applications on title and BC is correct
Conveyances make closing payments based on pending application. They do not have to await final registration of the conveyance before making closing payments. Hi
Which of the following statements with respect to strata plan is true
The bare land strata plan Is required by regulation to be done a fied as such in the strata plan itself
In the contacts of real property taxes split classifications mean that
And give them parcel of property falls into or more property classes for the assessment purposes
Which of the following would appear as credit on the buyer statement of adjustments
Deposit paid directly by buyer to seller seller’s share of taxes not yet due, existing first mortgage would be assumed by the buyer
Which of the following statements regarding offers for a contract is true
Have a time limit for acceptance has not specified in the offer it may be excepted within a reasonable following the offer
Which of the following statements about corporation is true
Individual if you acquire shares in corporations do not own the assets of the corporations
When using the cost method of appraisal or cost of the improvement is normally determined by utilizing
replacement cost
Which of the following is true with respect to the required disclosure of the material Latin defect by the listing licensee
The disclosure must be separate from any agreement of purchase and sale
Karen just signed a fixed term residential tenancy agreement that is set to last five years after one year her landlord may
Provide Caron with four months notice at the end of tenancy because he attends to demolish the unit
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
False authority
Frustration occurs
Only after a contract is made, but before it has been performed.
Jonathan is the register owner of a right to purchase or agreement for sale charge on your end property this typically means that
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
