Mock 7 Flashcards
Which of the following statements comparing Strada and co-ops is false
Co-ops are generally easier to sell than stratas
Which of the following statements made during a recent discussion about ownership is true
- A corporation is a subject to income tax and like a partnership
- Individuals who require shares in a company do not only asset of the company
Which of the following act would engage a category of law that is considered public law
Evading taxes
Which of the following criteria are used by negotiation expert and determine the effective of negotiations
Efficiency satisfaction of both parties minimum waste resource
Which of the following statements comparing co-ops and condos are true
Both co-ops and condos must provide each buyer with a disclosure statement
The term in the mortgage agreement that brings the maturity date of the loan forward in the borrows default so that the outstanding balance is immediately due and payable in three months known as
ACCELERATION CLAUSE
Under the environmental management act a mortgage lender may be liable for the remediation of the contaminated so if the lender
Becomes the register owner on the site
And arrangement where a lender makes payments to a borrower over the term of the mortgage which is paid back at the end of the term is referred to as
Reverse Annuity mortgage
Which of the following is not of a fiduciary duty that an agent owes to a principal
Duty to Indemnify the principal
The immobility of real property means that the land is subject to external influence from the neighbouring property is known as
Externalities
And using a cost method of appraisal the major difficulties in his experience in calculating
In curable physical depreciation
Which of the following statements regarding immobility and durability of Land is false?
The immobility Or real estate as commodity allowed it to be moved to a better market
Which of the following lenders are not impacted by the stress test for qualifications rule for unsure of mortgage implemented in January 2018
Credit unions
An offer is released or expired when one or more of the following occur
- No time limit is specified in the offer but a reasonable time has passed without acceptance by the offeree.
- The offer dies or becomes insane before the offer except the offer.
- An offer is revoked be the offer and the revocation is communicated to the offeree before acceptance
Which of the following statements or faults in regards to trespass
A trespasser action must occur repeatedly
True
Intentional
Indirect
Damage
Which of the following statements regarding the stress test for a qualification rule for uninsured mortgage is true?
The stress test mortgage qualifies rates is also known as a benchmark interest rate
When a mortgage payments on fully amortized loans are rounded up to the next higher $10
The number of payments require may decline in addition to reducing the size of the final payment
What notice is required for a special general strata meeting
20% shares in a strata and titles you to the band in writing that the strata corporation holds a special general consider a resolution or other matter
You were talking to your friend about green construction and she seems to be confused about the third party certification. In order to help you explain to her that when someone says lied they are referring to
Leader ship energy environmental design third-party certification program
Which of the following statements regarding the stress test borrower qualification rule for the uninsured mortgage is false?
The financial institution commission of BC establish the stress test requirement for all new mortgages federally charter institutions
Section 52 of the competition act states that faults are misleading advertising in a criminal offense. Which of the following statements are false
- Requires that the representation to the public the fact or misleading in any respect.
- Covers only those representation made in writing as oral representation cannot be proven in a court law.
- Only time for those who preach section 52 is fine with can’t be several thousands of dollars
Laura Patrick’s agent has an espresso authority to enter into a contract with Tom on Patrick’s behalf however since Laura did not disclose a time that she was acting as an agent for Patrick?
Tommy suit either Laura or Patrick to enforce the contract
Which of the following is an offence under the competition act
Agreement in restraint of trade
Which of the following are among the duties and powers of the real estate Council?
Advancing the knowledge skills and competency of the licensee
