Mock 7

Question 1

Which of the following statements comparing Strada and co-ops is false

Answer 1

Co-ops are generally easier to sell than stratas

Question 2

Which of the following statements made during a recent discussion about ownership is true

Answer 2

1. A corporation is a subject to income tax and like a partnership
2. Individuals who require shares in a company do not only asset of the company

Question 3

Which of the following act would engage a category of law that is considered public law

Answer 3

Evading taxes

Question 4

Which of the following criteria are used by negotiation expert and determine the effective of negotiations

Answer 4

Efficiency satisfaction of both parties minimum waste resource

Question 5

Which of the following statements comparing co-ops and condos are true

Answer 5

Both co-ops and condos must provide each buyer with a disclosure statement

Question 6

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

Answer 6

ACCELERATION CLAUSE

Question 7

Under the environmental management act a mortgage lender may be liable for the remediation of the contaminated so if the lender

Answer 7

Becomes the register owner on the site

Question 8

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

Answer 8

Reverse Annuity mortgage

Question 9

Which of the following is not of a fiduciary duty that an agent owes to a principal

Answer 9

Duty to Indemnify the principal

Question 10

The immobility of real property means that the land is subject to external influence from the neighbouring property is known as

Answer 10

Externalities

Question 11

And using a cost method of appraisal the major difficulties in his experience in calculating

Answer 11

In curable physical depreciation

Question 12

Which of the following statements regarding immobility and durability of Land is false?

Answer 12

The immobility Or real estate as commodity allowed it to be moved to a better market

Question 13

Which of the following lenders are not impacted by the stress test for qualifications rule for unsure of mortgage implemented in January 2018

Answer 13

Credit unions

Question 14

An offer is released or expired when one or more of the following occur

Answer 14

1. No time limit is specified in the offer but a reasonable time has passed without acceptance by the offeree.
2. The offer dies or becomes insane before the offer except the offer.
3. An offer is revoked be the offer and the revocation is communicated to the offeree before acceptance

Question 15

Which of the following statements or faults in regards to trespass

Answer 15

A trespasser action must occur repeatedly

True
Intentional
Indirect
Damage

Question 16

Which of the following statements regarding the stress test for a qualification rule for uninsured mortgage is true?

Answer 16

The stress test mortgage qualifies rates is also known as a benchmark interest rate

Question 17

When a mortgage payments on fully amortized loans are rounded up to the next higher $10

Answer 17

The number of payments require may decline in addition to reducing the size of the final payment

Question 18

What notice is required for a special general strata meeting

Answer 18

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

Question 19

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

Answer 19

Leader ship energy environmental design third-party certification program

Question 20

Which of the following statements regarding the stress test borrower qualification rule for the uninsured mortgage is false?

Answer 20

The financial institution commission of BC establish the stress test requirement for all new mortgages federally charter institutions

Question 21

Section 52 of the competition act states that faults are misleading advertising in a criminal offense. Which of the following statements are false

Answer 21

1. Requires that the representation to the public the fact or misleading in any respect.
2. Covers only those representation made in writing as oral representation cannot be proven in a court law.
3. Only time for those who preach section 52 is fine with can’t be several thousands of dollars

Question 22

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?

Answer 22

Tommy suit either Laura or Patrick to enforce the contract

Question 23

Which of the following is an offence under the competition act

Answer 23

Agreement in restraint of trade

Question 24

Which of the following are among the duties and powers of the real estate Council?

Answer 24

Advancing the knowledge skills and competency of the licensee

Question 25

When attempting to determine whether a particular agreement has created a license or at least the best method is to

Answer 25

Usually agreement the surrounding circumstance and the purpose behind agreement to determine the agreement

Question 26

Which of the following statements regarding mortgage is true?

Answer 26

The mortgage contract in addition to the common law provides the lender with a number of options for pursue when the borrower default on the mortgage. It is up to the lender to choose the remedy it feels advantage on the circumstance.

Question 27

Which of the following is not an appraisal approach to value

Answer 27

Re-development approach

Question 28

What is an appraisal approach to value?

Answer 28

Income
comparison
Cost

Question 29

The local government act permits a castle to an act certain byelaws relevant to planning. Which of the following area is not directly regulated by local government?

Answer 29

Public health

Question 30

Which of the following statements are false?

Answer 30

The BC Supreme Court acts as a trial court only.

2.An appeal from small claims Court is to the BC court of appeal

Question 31

In mortgage lending the interest adjustment. Is

Answer 31

The period of the time between the DATE that the funds are advanced and the first payment.