Mock 3 Flashcards
When a licensee purchases the property from the seller he or she must disclose that he or she is a realtor and falls of disclosure statement which of the following statements are false?
The code of ethics along with real estate Services act and the customer protection act demand licensee to file a disclosure statement.
Which of the following statements about fixtures and chattels is false?
Where an object is affixed for a better use of enjoyment of the object, its is considered to be a fixture
Post beam and plank star refer to?
Floor to roof windows with necessary framing off in place between posts
The law and equity a contains a provision that is often required to as the requirements of writing.Which one of the following accurately summarizes the climate of writing contain in the law and equity act?
None of three statements actually summarize requirements of writing.
1.Contract respecting Lang can never be in force against a party who has not signed it. A contract respecting land must be in writing or it is void. A contract for the sale of land must be contained in one written document.
Replacement cost is?
Modern
Reproduction cost
Replica
Joist is
Horizontal framing member used to support a floor
One of More of the following statements describing the BC land registration system is false?
Assurance Fund will compensate every financial loss and inccured as a result of the ceiling and registration system regardless of of the lost
Consider the following statements regarding mortgage loans true?
A short term partial amortized Mortgage permits re-adjustments for mortgage interest rates by the lender at maturity allowing the lender to match the interest rate on its assets to the rates on its liabilities
Wattage in the Canadian electrical code system is
A measure of power or consumption
Which of the following statements regarding general acceptance accounting principle is false?
Matching principle states that expenses are always record at one paid
Baseboard units are used in?
Convective heat
A term and a mortgage provides that if a mortgage or is in default of any payments on the property the mortgagee may pay the amount owning and add the same amount to that year carrying interest at the same pacific rate this term is known as?
Omnibus
Long to value ratio is?
Maximum loan divided by lending value
Which of the following statements regarding lending value or false?
Lending value is always equal 98% of the purchase price.
Lending value is in an estimate of the mortgage loan a purchase will be able to obtain.
Lending value is equal to market value
When an order absolute is obtained by a petitioner who is in the second position for the second mortgagee?
The petitioner may sell the property after taking title to it in the positioner does not have to account mortgager for any profit made
Which of the following is not one of the requirements of a building scheme?
The buildings scheme must be approved by each of the initial purchasers and then in force against each of the lots
The term which makes the redemption day so distant as a result in practical terms in the mortgage is not being redeemable will also be?
Void
Which type of mortgage payments will gradually increase overtime time
Graduate
The purpose of real estate development marketing act is to protect the public by requiring developers to
Meet requirements or approvals to the type of property being market. I’m sure the purchasers tiles on purchase. Prepare and file I just close statement in the form required.
Whenever the amount advanced to a borrow is less that the face value of the mortgage loan is referred to as?
Bonused
The petitioner has granted an order of Nisi of a foreclosure and the respondent has 6 months as redemption period. The borrower has failed to pay the amount due within the redemption period. Now the petitioner may return to court and ask for ?
Order absolute of foreclosure
Which of the following is inconsistent with generally excepted accounting principles?
Assets are the valued upwards to account for the effect of inflation
Which of the following elements is not required in order to establish a restrictive covenant?
Covenantor Must also retain the restricted per property as any subsequent purchase or will not be a part of the original contract
