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Real Estate Licence > mock 5 > Flashcards

mock 5 Flashcards

1
Q

Which of the following situations are consistent with the existence of a joint tenancy under current British Columbia law?

A. Bert and Ernest are co-owners of Whiteacre. The front half of the property is Bert’s and the back half is owned by Ernest.
B. Joan and Anna are co-owners of Greenacre. The document transferring the property to them does not expressly state how they hold the property or what interest each owns.
C. Paul, a co-owner of Blackacre together with Peggy, transferred his interest in the property to his son and registered the transfer in the land title office. Paul’s son is now a co-owner together with Peggy.
D. Herman was a co-owner of Blueacre. When Herman died, the surviving co-owners of Blueacre automatically became its only co-owners.
1. Only D
2. B and D
3. B, C and D
4. A, B and C

A
  1. Only D
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2
Q

Which of the following statements concerning the tort of negligence is TRUE?

  1. A duty of care owed by the defendant to the plaintiff exists when the plaintiff proves that negligence action is found to be a person whom the defendant ought by as someone likely to be injured by the defendant’s conduct.
  2. Where a duty of care exists, the relevant standard of care will be that which a reasonable person would take, in all the circumstances of the case.
  3. Where an employee is negligent in the performance of his or her duties of employment, the employer may be liable for any foreseeable damages under the principle of vicarious liability.
  4. All of the above statements.
A
  1. All of the above statements.
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3
Q

While inspecting a home that is to be used as security for a mortgage loan, you notice a lack of insulation in a number of areas that should be insulated. In noting this as an invisible defect, you would most likely consider it a defect:

  1. due to omission.
  2. due to design.
  3. due to improper maintenance.
  4. due to a non-continuous vapour barri
A
  1. due to omission.
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4
Q

A loan contract was written for a face value of $75,000 at J2 = 6% with a 20-year amortization and a 3-year term. Payments were to be made monthly in the amount of $534.15 and the outstanding balance at the end of the term was $68,565.67. A brokerage fee of $2,000 was deducted from the face value, so the funds actually advanced to the borrower were $73,000.00. What is the effective annual rate of interest on the funds advanced?

  1. . 6.9537620373%
  2. 5.92634551784%
  3. 7.17972600066%
  4. 9.01939166441%
A
  1. 7.17972600066%
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5
Q

Fanny Mac Ltd. purchased a small commercial building for $225,000 of which $100,000 was the value of the land. Fanny, the company president, felt this was an excellent deal because she would have been willing to pay as much as $250,000. One year later Fanny sold the property for $300,000.
If, at the time of purchase, the expected economic life of the building was 10 years, there was an estimated salvage value of $25,000 at the end of that time, and Fanny uses the straight-line depreciation method, what is the depreciation expense for the year?

  1. $10,000
  2. $12,500
  3. $20,000
  4. $25,000
A
  1. $10,000
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6
Q

Which of the following features would NOT be found in an R2000 home?

  1. Construction of a draft-free building envelope.
  2. Large, north-facing windows to absorb passive solar energy.
  3. The use of insulated doors instead of hollow doors.
  4. Installation of metal window frames with a thermal break.
A
  1. Large, north-facing windows to absorb passive solar energy.
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7
Q 
Which of the following statutes affect the Real Property taxation system in BC:
A. Land Transfer Form Act
B. Hospital District Act
C. School Act
D. Income Tax Act
  1. B and C only
  2. A, B, and C only
  3. B and D only
  4. A and C only
A
  1. B and C only
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8
Q

“Replacement cost” is best defined as:

  1. the current cost of moving the building to a site where the building would represent the highest and best use of that site.
  2. the current construction cost of a building which would be the modern equivalent of the subject property.
  3. the current cost of constructing an exact replica of the subject property.
  4. the original cost of construction, adjusted for inflation.
A
  1. the current construction cost of a building which would be the modern equivalent of the subject property.
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9
Q

Upon satisfactory completion of initial registration of a manufactured home, the registrar issues a decal which must be affixed to the manufactured home. The decal:

  1. must be renewed every year.
  2. must be renewed every 3 years.
  3. is good for the lifetime of the home.
  4. must be replaced upon the sale of the home.
A
  1. is good for the lifetime of the home.
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10
Q

Martha Stuweart has recently became a limited partner in a limited partnership. It is important for her to know that in a limited partnership:

  1. the general partner has unlimited liability and carries on the business of the partnership.
  2. the income is taxed before it is distributed to the partners.
  3. a limited partner can actively be engaged in managing the business without any consequences to his or her partnership status.
  4. each limited partner is personally liable for all debts that the partnership incurs.
A
  1. the general partner has unlimited liability and carries on the business of the partnership.
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11
Q

Which of the following statements about the B.C. Torrens system are FALSE?

A. The fact that a charge is registered on title does not guarantee the validity of the charge.
B. A caveat that is registered on title will be effective until the party registered it removes it.
C. Documents must be in the form prescribed by statute law to be enforceable between the parties.
D. Trustees are shown on title as the registered owners of an estate or interest in land with no indication of the existence of the trust.

  1. A and C are false.
  2. B, C and D are false.
  3. A, C and D are false.
  4. All of the above are false.
A
  1. B, C and D are false.
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12
Q

Which of the following statements about foreclosure of a mortgage is False?

  1. The right of foreclosure refers to right of a mortgagee to apply to court for an order putting an end to the mortgagor’s equitable right to redeem the property after default.
  2. After an order absolute, if the mortgagee sells the property for an amount in excess of the total debt, including the costs of foreclosure, the mortgagee is required to pay over the excess to the mortgagor’s account.
  3. After granting of an order absolute, the mortgagee has no right to enforce the borrower’s personal covenant to pay unless the court first reopens the order absolute.
  4. After the granting of an order nisi of foreclosure, the property may be sold by judicial sale or alternatively, at the end of the redemption period the petitioner may apply to the court for an order absolute, after which the petitioner is entitled to have the title to the property transferred into his to her name.
A
  1. After an order absolute, if the mortgagee sells the property for an amount in excess of the total debt, including the costs of foreclosure, the mortgagee is required to pay over the excess to the mortgagor’s account.
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13
Q

Gary Broker has arranged a mortgage for the Smiths in the amount of $110,000. The loan call for quarterly payments based on 25 year amortization period and a contract rate of 10% per annum, compounded annually and with a 5 year term. Included in the face amount is Gary’s $2,200 commission and legal fees of $1,500. What is the cost of funds advanced to Smiths, expressed as an effective annual rate?

  1. 10.4720599804%
  2. 10.5414996612%
  3. 10.9744747596%
  4. 10.965581237%
A
  1. 10.965581237%
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14
Q

If, under a principal’s instructions, an agent makes certain representations concerning a property which are false to the knowledge of both the principal and the agent:

  1. the principal is liable because he or she explicitly authorized the tort.
  2. the agent cannot escape personal liability by arguing that he or she was authorized to commit the tort.
  3. the agent will be personally liable for the tort.
  4. All of the above will be applicable.
A
  1. All of the above will be applicable.
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15
Q

Different heating systems have different advantages and disadvantages. Which of the following
are advantages of a wood-fired space heater?

A. Reduced overall heating expense.
B. Convenient to use.
C. Provides both radiant and convection heat.

  1. A only.
  2. A and B only.
  3. A and C only.
  4. B and C only.
A
  1. A and C only.
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16
Q

One or more of the following statements are FALSE.

A. An agent’s authority to bind his or her principal depends entirely on the express authority given by the principal, and not upon implied, usual or customary authority.
B. A listing contract is a specialized form of agency contract.
C. Both real estate services representatives and real estate brokerages are “agents” under the common law of agency, when acting on behalf of a “principal”.
D. Real estate brokerages always work on behalf of the vendor in respect of a real estate transaction.

Which of the above statements are FALSE?

  1. All of the above statements.
  2. Only statements A, B and C.
  3. Only statements A and D.
  4. Only statement D.
A
  1. Only statements A and D.
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17
Q

Governments pass statutes in order to:

  1. change the common law.
  2. develop a system of precedent.
  3. alter the constitutional allocation of legislative authority between the federal and provincial governments.
  4. do all of the above.
A
  1. change the common law.
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18
Q

Pam and Tom own a piece of real property as joint tenants. Which of the following is FALSE?

  1. If Pam dies before Tom, her interest will pass immediately to Tom.
  2. Pam and Tom must each have an undivided interest in the whole of the property.
  3. . Because Pam and Tom are married, Pam cannot sever the joint tenancy by execution and registering a conveyance to herself.
  4. Pam and Tom must have obtained their interest from the same document.
A

3.. Because Pam and Tom are married, Pam cannot sever the joint tenancy by execution and registering a conveyance to herself.

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19
Q

How much should Brent Coates be willing to pay for a property that is expected to sell for $250,000 in 5 years if he desires a yield of not less than J2 = 10%

  1. $195,881.54
  2. $196,385.82
  3. $186,553.85
  4. $153,478.31
A
  1. $153,478.31
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20
Q

The owner of a small building has applied for a loan at ABC Bank. The property has a lending value of $500,000 and yields a net operating income of $65,497 per year, where the lender requires a debt coverage ratio of 1.3 and a 70% loan-to-value ratio. The loan will be amortized over 10 years with annual payments and the interest rate is 13% per annum, compounded annually. What is the maximum 10 year loan the owner will be entitled to from ABC Bank, rounded to the nearest dollar?

  1. $ 273,387
  2. $ 268,832
  3. $ 355,402
  4. $ 350,000
A
  1. $ 273,387
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21
Q

The owner of a small building has applied for a loan at ABC Bank. The property has a lending value of $500,000 and yields a net operating income of $65,497 per year, where the lender requires a debt coverage ratio of 1.3 and a 70% loan-to-value ratio. The loan will be amortized over 10 years with annual payments and the interest rate is 13% per annum, compounded annually. What is the maximum 10 year loan the owner will be entitled to from ABC Bank, rounded to the nearest dollar?

  1. $ 273,387
  2. $ 268,832
    3 $ 355,402
  3. $ 350,000
A
  1. $ 273,387
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22
Q

Peter has put his house up for sale for $260,000. Harry and Sally have made an offer consisting of $95,000 cash and vendor supplied mortgage for the balance. The mortgage has a 15 year amortization and monthly payments over a 5 year term, at J2=11%. The market rate of similar mortgages is J2=12%. What is the market value of the offer?

  1. $251,582.17
  2. $254,483.01
  3. $254,185.22
  4. $320,672.01
A
  1. $254,483.01
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23
Q

Three years ago Harry Jamieson took out an interest only loan at the Bank of Shaquille. He originally borrowed $78,000 at the rate of 14.75% per annum, compounded semi-annually. Harry makes quarterly payment and has a five year term. What is the amount of Harry’s 13th payment?

  1. $2,825.09
  2. $2,876.25
  3. $11,505.00
  4. $11,300.36
A
  1. $2,825.09
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24
Q

When Uncle Steve moved out of his house and into a rest home, he decided to transfer his house to his favorite niece, Heather, and to her fiancé, Tommy, as a wedding gift. He wanted the house to stay in the family, but didn’t want to offend Tommy. After consulting with his good friend Lou, he made a deed which transferred ½ of his fee simple interest in the house to Heather and the other ½ to Tommy as life estate, with Heather as the remainderman. Finally, he told Tommy and Heather that the two would co-own the house as “joint tenants” so the house would really be a gift to the both of them. The next year, Tommy entered law school and was shocked to find that he and Heather did not own the house as joint tenants as Uncle Steve had intended. Which of the 4 unities required for joint tenancy never existed?

A. Unity of Time
B. Unity of Title
C. Unity of Interest
D. Unity of Possession

  1. B and C
  2. A, B, and C
  3. C only
  4. A and D
A
  1. C only
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25
Q

Which of the following statements regarding building envelope systems are true?

a. When a window is cracked, allowing a large amount of heat to escape from the home to the outside, it is known as a thermal broken window.
b. Polystyrene insulation is sprayed into wall cavities and attics through small drilled holes.
c. Window drafts can be alleviated by sealing the joints between the window and the wall with caulking.
d. Cellulose Fibre is made from shredded recycled newsprint, with chemicals added to prevent fungi and fire.

  1. Only statements a and c are true.
  2. Only statements c and d are true.
  3. Only statements a, b and d are true.
  4. All of the above statements are true.
A
  1. Only statements c and d are true.
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26
Q

Jake Touche wants to purchase a house that is listed for $76,000. The bank’s appraiser estimates that the lending value of the property is $71,000. Jake’s gross annual income is approximately $28,000 per year. The bank applies a 70% Loan-to-Value ratio and a Gross Debt Service ratio of 30%. Property taxes amount to $1,200 per year. Assume that the lender demands a twenty-five year amortization period and monthly payments at J12 = 15%. How much can Jake borrow?

  1. $49,700.00
  2. $46,844.60
  3. $54,652.04
  4. $48,148.46
A
  1. $46,844.60
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27
Q

Wally Walters has decided to sell his property, but first he wants to determine what the market value is. Unfortunately for Wally, he lives in a sparsely inhabited region where no similar properties have sold for quite some time. However, he does know the replacement cost (new) of his 2,600 square foot house is $42.50 per square foot. The land value estimated using the comparative method is $41,500.
Mr. Wally has not taken good care of his home, so it has depreciated in value. There has been $16,300 of curable physical depreciation. The bathroom and kitchen fixtures, however are out-dated and their replacement cost is $13,200.

What is the market value of his property?

  1. $122,500
  2. $81,000
  3. $152,000
  4. $135,700
A
  1. $122,500
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28
Q

An example of a wood frame exterior wall buildup (from the inside outwards) would include:

  1. interior finish, vapour barrier, insulation, the wood frame, plywood sheathing, building paper, and exterior siding
  2. exterior siding, building paper, plywood sheathing, the wood frame, insulation, vapour barrier, and interior finish.
  3. insulation, exterior siding, plywood sheathing, the wood frame, building paper, vapour barrier, and wallpaper.
  4. vapour barrier, paint on drywall, insulation, building paper, the wood frame, insulation, and interior finish.
A
  1. interior finish, vapour barrier, insulation, the wood frame, plywood sheathing, building paper, and exterior siding
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29
Q

In British Columbia there are three basic requirements for an easement. Which one of the following is not a requirement?

  1. The easement must be negative in nature.
  2. The easement must accommodate the dominant tenement.
  3. There must be both dominant and servient tenements.
  4. The easement must be capable of forming the subject matter of a grant.
A
  1. The easement must be negative in nature.
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30
Q

In which one of the following situations may the landlord choose to give the tenant one month’s notice of the end of the tenancy agreement?

  1. Charles is renting a one-bedroom apartment in the West End of Vancouver on a month-to-month basis. He has been diligent in paying his rent on the due date each month but the landlord has recently discovered that Charles’ friend, Christine, has moved into the apartment with him.
  2. Jordan’s warehouse is long overdue for a major renovation which cannot be completed with the present tenant in occupation. Aladdin, the tenant, has four months left on his term certain tenancy and does not wish to move.
  3. On September 1st, Kirsten moved into a small house owned by Jackson without paying the security deposit of $300 requested by the rental agent and according to the terms of the tenancy agreement. On September 30th she tenders $600 for the October rent but refuses to pay the additional $300 for the security deposit.
  4. MacGregor’s son is moving to Vancouver and wants to live in an apartment which MacGregor owns and has rented out to Mrs. Julian for the last twenty years.
A
  1. On September 1st, Kirsten moved into a small house owned by Jackson without paying the security deposit of $300 requested by the rental agent and according to the terms of the tenancy agreement. On September 30th she tenders $600 for the October rent but refuses to pay the additional $300 for the security deposit.
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31
Q

Nicolette, an employee of Industrial Solvent Ltd. is in the habit of venting a cloud of highly toxic gas into the air at dusk every evening. Once it escapes, the cloud usually drifts over Ralph’s apple orchard. Nicolette’s actions are strictly against company policy but by venting the gas Nicolette saves time. Nicolette is aware that the gas is highly toxic. Ralph has discovered that the emissions have destroyed his apple crop.
Which one of the following statements is False?

  1. Industrial Solvents may be liable for Nicolette’s acts because Nicolette was acting contrary to XYZ’s rules.
  2. The Occupiers Liability Act will be of no assistance to Ralph’s claim.
  3. Ralph will not will not have any remedy against Nicolette personally.
  4. Ralph may be successful in a claim against Industrial Solvents based on the principles of private nuisance.
A
  1. Ralph will not will not have any remedy against Nicolette personally.
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32
Q

Which one of the following is NOT a requirement to establish misrepresentation in contract law?

  1. There must be an assertion of fact.
  2. The assertion must be false.
  3. The assertion must have been material to the formation of the contract.
  4. The assertion must be in writing.
A
  1. The assertion must be in writing.
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33
Q

Which one of the following is NOT an implied term of a mortgage?

  1. The borrower is entitled to redeem the mortgage within a reasonable time.
  2. The borrower is entitled to redeem the mortgage free from all conditions or terms of the mortgage contract.
  3. The borrower is entitled to assign the mortgage.
  4. The borrower is free from any unreasonable collateral advantage required by the lender.
A
  1. The borrower is entitled to assign the mortgage.
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34
Q

A loan has a face value of $450,000, a term of 5 years, and an interest rate of 9% per annum, compounded annually with payments set at $12,000.00 per quarter. What is the period necessary to amortize the loan?

  1. approximately 20 years
  2. exactly 78.4757458906 years
  3. approximately 20 quarters
  4. None of the above.
A
  1. approximately 20 years
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35
Q

which of the following statements regarding the comparative method of appraisal is TRUE?

  1. The comparative method of appraisal should be used in the property possesses latent value
  2. To apply the comparative method of appraisal, the appraiser estimates the market value of the subject property using as evidence the sale prices of similar properties which would be sold at any time prior to the appraisal
  3. The comparative method of appraisal is the most inexact approach for finding market value since cost and market value are not necessarily equal at any particular time
  4. The comparative method reflects market behavior and requires a minimum of subjective opinion from the appraiser.
A
  1. The comparative method reflects market behavior and requires a minimum of subjective opinion from the appraiser.
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36
Q

Mario is arranging a third mortgage with Shady Financiers, a local finance company. The loan amount is $22,000, the interest rate is 19.75 per annum compounded semi-annually, the amortization period is 15 years and the contractual term is 5 years. If the monthly payments are rounded up to the next higher $10, calculate the outstanding balance at the end of the term.

  1. $19,743.29
  2. $19,826.90
  3. $19,334.45
  4. $41,826.9
A
  1. $19,826.90
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37
Q

Which one of the following factors is MOST likely to affect the value of residential real property in the short run?

  1. shifts in age composition of the population
  2. a change in mortgage interest rates
  3. a shift in the balance of trade between countries
  4. the supply and cost of raw materials and energy
A
  1. a change in mortgage interest rates
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38
Q

Sam and Sally recently negotiated a second mortgage in the amount of $24,000 at an interest rate of 19% per annum, compounded semi-annually. The loan is to be amortized over twenty years by equal monthly payments.
What is the size of the monthly payment to be made by Sam and Sally?

  1. $357.74
  2. $369.74
  3. $375.74
  4. $388.97
A
  1. $375.74
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39
Q

A local mortgage broker has arranged a mortgage in the amount of $240,000. The borrower has agreed to pay a brokerage fee of $8,999.82 which is to be added to the loan amount, giving a face value of $248,999.82 for the loan.
The mortgage bears interest at a contract rate of 18% per annum, compounded quarterly. The mortgage has a term and amortization period of 25 years. The loan is to be repaid using monthly payments. The equivalent periodic interest rate, expressed as a rate per month on the funds advanced is:

  1. 1.53649446786%
  2. 1.42140087486%
  3. 1.50410643789%
  4. 1.67322516185%
A
  1. 1.53649446786%
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40
Q

Rapid Roy Construction Company recently purchased $32,000 worth of new equipment. Rapid Roy expects to sell the equipment at the end of 15 years for $4,000. What is the annual depreciation expense, according to the straight line method?

  1. $1,750.87
  2. $1,866.67
  3. $2,400.00
  4. $2,133.33
A
  1. $1,866.67
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41
Q

Two years ago, Erma bought a beautiful lakefront estate for $750,000. Erma made the purchase with a $250,000 down payment and financed the remainder with a mortgage loan written at a contract rate of J2 = 12.5%, amortized over 20 years with monthly payments, and with a five year term. She now wants to sell the property and Ernie has made an offer of a $240,000 down payment and the assumption of the mortgage payments. If the current market interest rate for similar mortgages is J4 = 10%, what is the market value of Ernie’s offer?

  1. $ 754,542.06
  2. $ 800,099.28
  3. $ 783,126.30
  4. $ 514,542.06
A
  1. $ 754,542.06
42
Q

Which one of the following people would best fit the description of “special purchaser” as used in appraisal?

  1. A former Prime Minister of Canada who is interested in purchasing a residential property in an upper middle class neighbourhood.
  2. A famous Canadian painter who, in order receive creative inspiration, feels he must purchase a little abandoned church he has located deep in the woods.
  3. A retail merchant who wants to purchase a store with a large window display along the main street in southern BC.
  4. A professional football player who wants to purchase an apartment to invest and have a stable income.
A
  1. A retail merchant who wants to purchase a store with a large window display along the main street in southern BC.
43
Q

On May 3, Mary offered to buy Harvey’s house, and the offer was stated to be open for acceptance until 2:00 p.m. May 4. Which one of the following statements is FALSE?

  1. Mary can revoke her offer prior to 2:00 p.m. on May 4.
  2. Mary’s offer represents an option agreement.
  3. If Harvey makes any changes to the offer, Mary’s original offer is terminated.
  4. If Mary mails a notice of revocation to Harvey, the offer is only revoked if the notice is received by Harvey before he accepts.
A
  1. Mary’s offer represents an option agreement.
44
Q

Daisy is saving money for her future career in real estate. If she deposits $4,200 in a savings account which bears interest at a rate of 7% per annum, compounded monthly, how much will she have at the end of 120 months?

  1. $8,342.96
  2. $8,310.00
  3. $8,421.54
  4. $8,440.58
A
  1. $8,440.58
45
Q

You have been asked to calculate the Net Operating Income (NOI) of Hasselback Tower. The building has an effective gross income of $850,000, estimated monthly expenses of $7,600 and fixed annual expenses of $17,000. What is the NOI?

  1. $825,400
  2. $833,000
  3. $758,800
  4. $741,800
A
  1. $741,800
46
Q

During a recent discussion about corporations the following statements were made:

A. A corporation can be sued.
B. The shareholders of a corporation can be held responsible for more than their agreed share purchase.
C. The shares of a corporation must be held by more than one party.
D. A corporation is a taxable entity.

Which of the statements are TRUE?

  1. A, B and C
  2. B and C
  3. A and D
  4. None of the above.
A
  1. A and D
47
Q

Which of the following actions would constitute a trespass by Vivian?

  1. Vivian goes fishing at a local lake for the first time and, to reach her destination, cuts through Marla’s property thinking that it was public property.
  2. Vivian sells newspaper subscriptions door-to-door and walks onto Larry’s property to reach his front door.
  3. Vivian bangs her head while rollerblading rendering her unconscious; she is then rolled by a bystander into a yard with a sign that reads No Trespassing.
  4. Vivian arrives at CD World just as the door is being locked for the day and convinces the clerk to allow her in for last minute shopping
A
  1. Vivian goes fishing at a local lake for the first time and, to reach her destination, cuts through Marla’s property thinking that it was public property.
48
Q

A tenancy which automatically renews itself on the last day of the term for a further term of the same duration until terminated by either party with proper notice is called a:

  1. tenancy at will.
  2. tenancy at sufferance.
  3. periodic tenancy.
  4. term certain tenancy.
A
  1. periodic tenancy.
49
Q

The income approach is generally NOT used for the valuation of:

  1. warehouses.
  2. single-family residences.
  3. leasehold interests.
  4. any of the above.
A
  1. single-family residences.
50
Q

Which of the following statements is/are true?

A. A double glazed window is a tinted window that eliminates the glare from the sun.
B. Cellulose Fibre Insulation is made from shredded recycled newsprint with chemicals added to prevent fungi and fire.
C. Brick veneer refers to the application of a layer of brick to a standard frame wall system.
D. Stucco provides a more continuous exterior cover than wood or aluminum siding, and is not susceptible to cracking or water seepage.

  1. D only
  2. B and C
  3. A and B
  4. A, C and D
A
  1. B and C
51
Q

Kevin and Sara are looking to buy their first home in Salmon Arm. They have been saving money for a long time but will need a mortgage loan to help with the purchase. They believe that the current interest rates will decrease in the future. Given the information presented, which of these mortgage options would be most appropriate to recommend in this situation?

  1. Graduated Payment Mortgage
  2. Variable Rate Mortgage
  3. Reverse Annuity Mortgage
  4. Sinking Fund Assisted Mortgage
A
  1. Variable Rate Mortgage
52
Q

Bob Allen is considering a purchasing a property for one million dollars. He would like to finance the purchase with an interest only loan of $800,000, written at a contract rate of 12% per annum, compounded annually. If the term of the loan is ten years and payments are to be made at the end of each month, what will be the size of the payment?

  1. $11,195.78
  2. $8,000.00
  3. $7,519.01
  4. $7,591.04
A
  1. $7,591.04
53
Q

A local mortgage broker arranged a mortgage in the amount of $210,000. The borrower has agreed to pay a brokerage fee in the amount of $7,200 which is to be added to the loan amount, giving a face value of $217,200 for the loan. The mortgage bears interest at a contract rate of 17 ¾% per annum, compounded semi-annually. The mortgage has an amortization period and term of 20 years and calls for monthly payments rounded to the next higher cent.
If the mortgage is to be sold to an investor for $225,000 immediately after the loan is initiated, the investor will earn the following nominal interest rate, with semi-annual compounding:

  1. 17.0265603822%
  2. 16.354586295%
  3. 16.452236868%
  4. 17.7513197783%
A
  1. 17.0265603822%
54
Q

Real property markets are, by nature, local because of the immobility of real property. This implies that real property will be affected by external influences from neighbouring properties that are know as:

  1. immobilities.
  2. nationalities
  3. residual effects.
  4. externalities.
A
  1. externalities.
55
Q

Which one of the following statutes affects the real property taxation system in British Columbia?

A Hospital District Act
B School Act
C Arbitration Act
D Real Estate Services Act

  1. C only
  2. A, B and D
  3. A and C
  4. A and B
A
  1. A and B
56
Q

A potential borrower with an annual income of $24,000 and net real property taxes of $1,000 per annum has been told by a mortgage lender that the largest loan available will be $52,171. What is the maximum gross debt service ratio allowed by the lender given that the loan has monthly payments and is to be written at 10% per annum, compounded semi-annually and amortized over 25 years?

  1. 25%
  2. 27.5%
  3. 28.5%
  4. 30%
A
  1. 27.5%
57
Q

The abolition of the doctrine of notice by the Land Title Act is subject to the exception of:

  1. innocent misrepresentation.
  2. fraud.
  3. breach of contract.
  4. quantum meruit.
A
  1. fraud.
58
Q

Which one of the following statements is FALSE?

  1. The doctrine of precedent provides uniformity to the common law system.
  2. The Supreme Court of Canada is not required to hear all appeals.
  3. The Supreme Court of British Columbia may exercise both common law and equitable jurisdiction.
  4. An appeal by a taxpayer to reduce a tax assessment would fall within the sphere of private law.
A
  1. An appeal by a taxpayer to reduce a tax assessment would fall within the sphere of private law.
59
Q

What will be the purchase price of a mortgage which will provide the purchaser with 60 payments of $2,050 plus an outstanding balance of $125,550 at the end of 60 months, if the purchaser of the mortgage requires an effective annual yield of 13%?

  1. $157,671.82
  2. $159,709.05
  3. $152,756.34
  4. $155,870.08
A
  1. $159,709.05
60
Q

In B.C., a lender who holds a mortgage registered as a charge on an otherwise clear title to a borrower’s land has:

  1. the equitable right to redeem the mortgage.
  2. an interest in land created by contract.
  3. priority over every other subsequent creditor and lien holder in respect of the mortgaged land.
  4. the right to retain the mortgagor’s duplicate certificate of title to the mortgaged land until the loan is repaid in full.
A
  1. an interest in land created by contract.
61
Q

A multiple listing agreement is a type of exclusive listing agreement in which:

  1. the brokerage lists two or more properties for the same vendor.
  2. the vendor lists the property with two or more brokerages.
  3. the vendor pays more than one commission.
  4. the contract requires the listing to be distributed to all members of the real estate board.
A
  1. the contract requires the listing to be distributed to all members of the real estate board.
62
Q

Which of the following are necessary for Suzie, a trading service representative, to be liable for the tort of negligent misrepresentation?

A. A statement of fact or opinion given negligently by Suzie.
B. Reasonable reliance on the statement by the person whom it was given that was the detrimental to that party.
C. A clear qualification by Suzie that she disclaims any liability for the accuracy of the statement.
D. A pre-existing contractual relation between Suzie and the person she speaks to.

  1. All of the above.
  2. A, B and C
  3. A, B and D
  4. A and B
A

4.A and B

63
Q

Which of the following actions would not increase the energy efficiency of a house?

  1. Construction of a draft-free building envelope.
  2. Installing the largest windows so that they are facing North.
  3. The use of insulated doors instead of hollow doors.
  4. Installation of metal window frames with a thermal break.
A
  1. Installing the largest windows so that they are facing North.
64
Q

Given that all other factors are identical, the shorter the term of the contract on a bonused, partially amortized mortgage:

  1. the lower the effective annual yield.
  2. the higher the effective annual yield.
  3. the higher the required monthly payment.
  4. the lower the outstanding balance at the term’s end.
A
  1. the higher the effective annual yield.
65
Q

The cost method of appraisal is only used on rare occasions to determine market value of residential properties. Which one of the following would be MOST correct as reasoning for the infrequency of use?

  1. Costs are historic and therefore have no relevance.
  2. Replacement cost would be difficult to determine.
  3. Only the cost of land can be accurately determined.
  4. The assumption that cost equals value is not necessarily correct.
A
  1. The assumption that cost equals value is not necessarily correct.
66
Q

Breach of a condition is:

  1. a breach that will only entitle the injured party to damages in compensation
  2. a breach of an essential, fundamental term of contract
  3. a breach that does not relieve the injured party form his obligation to perform the contract.
  4. a breach of a non essential term of contract.
A
  1. a breach of an essential, fundamental term of contract
67
Q

Of the following four statements, which are FALSE?

A. Real estate appraisers must be licensed in British Columbia.
B. Courts have recognized a margin of permissive error of 10% in assessing damages arising as a result of a negligent appraisal.
C. A licensed real estate representative can give an appraisal of real property.
D. The market value of real property as determined by an experienced appraiser will always be greater than the ceiling price of the purchaser.

  1. C and D are false.
  2. A and D are false.
  3. B and D are false.
  4. A and B are false.
A
  1. A and D are false.
68
Q

Wilma is purchasing Barney’s luxury home in Bedrock City. As part payment for the home, Wilma is giving Barney her new car, which is valued at $30,000 and will also be assuming Barney’s mortgage. In addition, she has arranged a second mortgage with a local bank. To date, Barney has received a deposit from Wilma in the amount of $50,000. Which of the following items would appear as either credits or debits on Barney’s statement of adjustments?

  1. Purchase price, second mortgage, legal fees attached to clearing title of any encumbrances.
  2. Car trade, deposit, assumed mortgage.
  3. Legal fees for transfer of title, fees for assumption, salesperson’s commission.
  4. Property transfer tax, assumed mortgage, cash proceed of sale.
A
  1. Car trade, deposit, assumed mortgage.
69
Q

In order for a person to make a successful claim against the Assurance Fund in B.C., he or she must prove three of the following.

A. He or she has lost an interest or estate in land.
B. That his or her only remedy is to sue the person that caused the loss, and that person is either dead, cannot be located or is judgment proof.
C If the land title had not passed he or she would be able to recover that interest in land.
D The loss in question was not caused or contributed by the act, neglect or default of the person making the claim.

  1. A, B and C
  2. B and C
  3. A and D
  4. All of the above.
A
  1. A, B and C
70
Q

Which one of the following does NOT form part of the definition of market value?

  1. Value is a price that is reasonably expected to prevail.
  2. Value is based on the personal opinion of the value to the owner.
  3. Value that is determined at a particular point in time.
  4. The buyer and seller must be bargaining at arm’s length.
A
  1. Value is based on the personal opinion of the value to the owner.
71
Q

Kermit, who is renting Rowlf’s house, has been draining the above-ground pool on a weekly basis. In the process of draining, the water from the pool runs down an embankment and into Gonzo’s backyard. Lately, Gonzo has noticed that ground level in his yard has sunk by 2 inches. Gonzo seeks your advice and you correctly tell him that:

  1. To succeed in court action against Kermit, Gonzo would have to prove that damage or sufficient interference with the use and enjoyment of his property resulted from Kermit’s actions.
  2. For Kermit to be liable for physical damage caused to Gonzo’s property, it would have to be determined that Kermit used his land in a way that exceeded the boundaries of what is considered socially acceptable.
  3. He has a cause of action against both Rowlf and Kermit.
  4. Kermit could successfully defend himself against a claim in nuisance by arguing that no other place was suitable for the dumping of the water, and that draining the water from his pool was reasonable use of his property.
A
  1. To succeed in court action against Kermit, Gonzo would have to prove that damage or sufficient interference with the use and enjoyment of his property resulted from Kermit’s actions.
72
Q

A strata lot in British Columbia in an exclusively residential complex is owned by two persons as joint tenants. At every meeting of the strata corporation the owners are:

  1. entitled to a total of one vote.
  2. entitled to the number of votes which is calculated in proportion to their unit entitlement.
  3. individually entitled to one vote each.
  4. entitled to a total of one vote where the matter involves a special resolution, but individually entitled to one vote on all other matters.
A
  1. entitled to a total of one vote.
73
Q

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

  1. a period of time during which at least four properties have sold in the subject property’s neighborhood
  2. a period of time of no less than one week and no more than six months
  3. a period of time during which supply and demand conditions have not changed
  4. a period of time during which the prime interest rate has been stable
A
  1. a period of time during which supply and demand conditions have not changed
74
Q

The purpose of a code of ethics is to:

A. provide guidelines to ensure that human actions are morally fair as well as lawful.
B. replace the rigidity of the legal system for professionals.
C. provide a remedy through the courts to people who have been wronged by a professional.
D. maintain the reputation of the profession in the eyes of the public.

  1. A and D only.
  2. A and B only.
  3. B and C only.
  4. All of the above.
A
  1. A and D only.
75
Q

Which of the following statements regarding the management of individual loans is true?

  1. The book value of a mortgage is an estimate of the amount that might be received if the existing mortgage was to be sold in an arm’s-length transaction under current conditions.
  2. Individual borrowers have the right, under the terms of the Interest Act, to prepay all of the outstanding debt at any time after three years from the initiation of the mortgage.
  3. Arrears (tardiness in making payments) and default (no payments being made) are not common on mortgage loans.
  4. A mortgage is an asset that cannot be sold to other investors
A
  1. Arrears (tardiness in making payments) and default (no payments being made) are not common on mortgage loans.
76
Q

An appeal from the small claims court would go to:

  1. the British Columbia Court of Appeal, with leave.
  2. the Small Claims Supreme Court.
  3. the British Columbia Supreme Court.
  4. the Small Claims Tribunal.
A
  1. the British Columbia Supreme Court.
77
Q

Which of the following statements is TRUE?

  1. The revenue principle holds that revenue would be recognized by an enterprise when it is received, not necessarily when it is earned.
  2. The cost principle holds that when a business acquires an asset, the asset’s current market value (the cost to replace it) is the appropriate amount to record on the books of the enterprise.
  3. The matching principle holds that the profit earned by a partnership must match the revenue earned less any expenses.
  4. The consistency principle holds that once a business enterprise adopts one generally accepted accounting principle, the enterprise should follow the same principle in subsequent years.
A
  1. The consistency principle holds that once a business enterprise adopts one generally accepted accounting principle, the enterprise should follow the same principle in subsequent years.
78
Q

Which one of the following concerning municipal authority is false?

  1. Under the Local Government Act, a legal non conforming use in city of Vancouver will lose its status if the use is discontinued for more than 6 months.
  2. Agricultural Land Reserves, or ALRs were created to stop the development of agricultural lands.
  3. Local public health departments established under the Health Act, have the authority to determine whether a proposed subdivision without a sewer system can be adequately served by septic tanks.
  4. Under the Island Trust Act both trustees and general trustees are appointed to preserve the unique amenities.
A
  1. Under the Local Government Act, a legal non conforming use in city of Vancouver will lose its status if the use is discontinued for more than 6 months.
79
Q

In the provisions of electrical service, there is a relationship between electrical current (amps), consumption (watts), and potential (volts) . Which of the following equations correctly describes the relationship?

  1. Volts = Watts x Amps
  2. Amps = Volts / Watts
  3. Watts = Volts x Amps
  4. Volts = Amps / Watts
A
  1. Watts = Volts x Amps
80
Q

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

  1. it is held subject to the Crown’s land use regulations
  2. it may be expropriated by the Crown
  3. it is a leasehold interest
  4. it is held subject to other individuals’ common law rights
A
  1. it is a leasehold interest
81
Q

Which of the following statements about the fee simple estate are TRUE?

A. The fee simple is a type of leasehold estate.
B. If a fee simple owner dies without a will the property will escheat to the crown.
C. The term fee simple indicates an estate that can be inherited without qualification.
D. The fee simple estate was created by the Torrens system of registration.

  1. B and C are true.
  2. A and C are true.
  3. Only C is true.
  4. C and D are true.
A
  1. Only C is true
82
Q

You have been asked to calculate the Net Operating Income (NOI) of Opus Centre. The building has an effective gross income of $600,000, estimated monthly expenses of $2,600 and fixed annual expenses of $26,000. What is the NOI?

  1. $542,800
  2. $568,800
  3. $574,000
  4. $571,400
A
  1. $542,800
83
Q

Regan, a new appraiser, has found a comparable which was recently sold for $273,000, comprised of $90,000 cash and $183,000 vendor supplied mortgage at 7% per annum compounded semi-annually, with monthly payments (rounded to the next higher dollar) sufficient to amortize the loan over 25 years. If the market rate of similar financing is 5% per annum compounded semi-annually, what would Regan regard as the sale price of the house (round the answer to the nearest $100)?

  1. $310,400
  2. $242,000
  3. $220,400
  4. $152,000
A
  1. $310,400
84
Q

A developer is selling a development unit of subdivided land situated in British Columbia and the developer has obtained a written statement from the purchaser acknowledging that the purchaser has read the appropriate disclosure statement. If the purchase agreement is then entered into, the purchaser:

  1. may serve notice to rescind the contract no later than three days from the date of the contract.
  2. may serve notice to rescind the contract no later than seven days from the date of the contract.
  3. may serve notice to rescind the contract no later than one year from the date of the contract.
  4. may not rescind the contract.
A
  1. may serve notice to rescind the contract no later than seven days from the date of the contract.
85
Q

Which of the following is used in calculation of the maximum allowable mortgage loan under the loan-to-value constraint?

  1. purchase price
  2. market value
  3. lending value
  4. purchase costs
A
  1. lending value
86
Q

Two neighbours, Ms. Finch and Mr. Falcon, each sold their homes last week. Ms. Finch sold her house for $150,000, while Mr. Falcon’s house only sold for $132,000. Mr. Falcon can’t understand why his house sold for less since both homes are identical in all respects. Which of the following could account for the difference in selling price?

  1. Ms. Finch had already purchased another home and needed to sell this home immediately.
  2. Mr. Falcon had already purchased another home and needed to sell this home immediately.
  3. Mr. Falcon supplied a vendor take-back mortgage of 13% while the current market rate was 16%.
  4. All of the above factors could account for the difference in selling price.
A
  1. Mr. Falcon had already purchased another home and needed to sell this home immediately.
87
Q

Which of the following is NOT a procedure commonly used by a large institutional lender in order to reduce the risk associated with a particular mortgage loan?

  1. reduction of the loan-to-value ratio
  2. increase in the interest rate charged
  3. reduction in the gross debt service ratio
  4. all of the above methods are commonly used
A
  1. increase in the interest rate charged
88
Q

An offer of $235,000 is accepted, comprised of a cash downpayment of $55,000 subject to a vendor supplied mortgage of $180,000 at 14% per annum, compounded semi-annually. The loan has an amortization period of 25 years, a term of five years and calls for monthly payments. Market rates of interest for equivalent mortgages are currently 19% per annum, compounded semi-annually. Mortgage payments are to be rounded up to the next higher dollar. The market value of the offer will be:

  1. $152,861.21
  2. $1,235,000.00
  3. $207,861.21
  4. $192,158.76
A
  1. $207,861.21
89
Q

Which one of the following rates is not equivalent to J2=11.5% ?

  1. J52=11.193556791%
  2. j52=11.193556791%
  3. i q= 2.83481900602%
  4. i sa= 5.75%
  5. J12=11.2910546544%
A
  1. J12=11.2910546544%
90
Q

Nancy and Mike have always wanted to sail around the world. They have decided to purchase a sixty foot sail boat for $62,500 form the Marine Club. They made an $8,000 down payment and financed the rest. The loan calls for semi-annual payments of $3,565.65 over 20 year amortization and term. What nominal rate, compounded quarterly are they paying?

  1. 11.756876876%
  2. 12.097728474%
  3. 9.5763519295%
  4. 11.5840330208%
A
  1. 11.5840330208%
91
Q

In answer to the ringing of her doorbell, Kim opened the front door of her house to find a door-to-door vacuum salesperson on her doorstep. The salesperson walked into Kim’s house uninvited. Before Kim could stop him, he dumped some dirt onto her carpet for use in a demonstration of the vacuum cleaner he was selling. The dirt stained Kim’s carpet. Her lawyer correctly advises Kim that:

  1. the salesperson may be liable in negligence for the damage he caused to the carpet.
  2. the salesperson may be liable to Kim under the common law of occupier’s liability.
  3. Kim will not recover any damages in a lawsuit against the salesperson because he was a trespasser.
  4. she will probably succeed in a lawsuit based on the tort of private nuisance.
A
  1. the salesperson may be liable in negligence for the damage he caused to the carpet.
92
Q

The loan to value ratio is the ratio of:

  1. the annual payments on the loan divided by the market value of the mortgage.
  2. the actual amount of the mortgage (the amount paid to the borrower net of bonus or brokerage fees) divided by the actual value of the property.
  3. the market value of the mortgage divided by the market value of the property.
  4. the face value of the mortgage loan divided by the lending value of the property.
A
  1. the face value of the mortgage loan divided by the lending value of the property.
93
Q

When a mortgagor grants a mortgage subsequent to a first registered mortgage, the mortgagor has created:

  1. an equitable mortgage.
  2. a legal mortgage.
  3. an assignment of the first mortgage.
  4. none of the above.
A
  1. an equitable mortgage.
94
Q

Which of the following is an example of a void deed at common law?

  1. a forged deed
  2. a deed signed in circumstances where the party signing can plead non est factum
  3. a deed given for illegal consideration
  4. all of the above are examples of void deeds
A
  1. all of the above are examples of void deeds
95
Q

When an Order Absolute of Foreclosure is obtained by a petitioner who is in the position of second mortgagee:

A. that mortgagee can no longer exercise its right to sue the borrower on his or her personal covenant.
B. the order forecloses the registered owner’s interest in the mortgaged land and permits the petitioner to transfer title into his or her own name.
C. all other charges, liens, encumbrances and interests registered on the borrower’s title are foreclosed or “wiped” off the title.
D. the petitioner may sell the property after taking title to it and does not have to account to the borrower for any profit which might be realized in excess of the mortgage debt.

Which of the above statements is/are TRUE?

  1. Only A and B are true.
  2. Only A, C, and D are true.
  3. Only A, B, and D are true.
  4. All of the above statements are TRUE.
A
  1. Only A, B, and D are true.
96
Q

Mark is Hardeep’s agent with the express authority to rent Hardeep’s cabin for the summer months. However, in his capacity as Hardeep’s agent, Mark accepts an offer to purchase the cabin instead. When Hardeep discovers the incident, he is so impressed by the price, he calls and tells the purchasers that he adopts Mark’s act. Which of the following is the result of these actions at law?

  1. When Hardeep adopted Mark’s act, he created legal authority by means of revocation.
  2. Hardeep did not need to ratify Mark’s actions as he had implied authority.
  3. Hardeep did not need to adopt Mark’s act because Mark had apparent authority.
  4. When Hardeep adopted Mark’s act he became bound by the contract as if Mark had been explicitly authorized to create the contract in the first place.
A
  1. When Hardeep adopted Mark’s act he became bound by the contract as if Mark had been explicitly authorized to create the contract in the first place.
97
Q

Prepayment in a mortgage refers to:

  1. the right to demand full repayment of the outstanding principal if the payments fall into arrears.
  2. the right to the borrower to pay off all (or some) of the outstanding balance during the term of the mortgage.
  3. the lender’s right to demand full payment of the outstanding balance at the end of the term of a partially amortized mortgage.
  4. the payment of a finder’s fee to a mortgage broker (as compensation for arranging a mortgage loan) which is made prior to the advancing of mortgage funds.
A
  1. the right to the borrower to pay off all (or some) of the outstanding balance during the term of the mortgage.
98
Q

Which of the following could NOT be used by a defendant as a defense to a claim in negligence against him?

  1. The defendant did not intend to cause injury or damage to the plaintiff.
  2. The defendant did not owe a duty of care.
  3. The damage suffered by the plaintiff was not reasonably foreseeable
    by a person in the defendant’s position.
  4. The defendant did not breach the standard duty of care
A
  1. The defendant did not intend to cause injury or damage to the plaintiff.
99
Q

Joe, a store keeper, asked Harry, a courier, to deliver some groceries for him, which Harry did. What is the result?

  1. Joe does not have to pay Harry anything because Harry’s actions are past consideration.
  2. Harry could bring an action under the Real Estate Services Act to force Joe to pay for the services.
  3. Harry could recover a reasonable amount from Joe for his services under the principle of quantum meruit.
  4. Harry could bring an action under s. 54 of the Law and Equity Act to force Joe to pay for the services.
A
  1. Harry could recover a reasonable amount from Joe for his services under the principle of quantum meruit.
100
Q

Jacob Lipsey plans to pay $105,000 for a parking lot that he feels will sell at the end to 5 years for $135,000. What yield, expressed as a nominal rate with semi-annual compounding will Jacob earn?

  1. 10.1799598805%
  2. 5.15474967973%
  3. 5.08997994025%
  4. There is no possible solution for this problem
A
  1. 5.08997994025%

Real Estate Licence (11 decks)

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