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Real Estate Licence > mock 8 > Flashcards

mock 8 Flashcards

1
Q

Consider the following activities:

A. A sells time shares (or contractual rights to use property) on behalf of hotel, in exchange for a commission on each sale.

B. B personally buys a large downtown lot and subdivides it into smaller its for resale.

C. C collects rent from the other tenants in his apartment building on behalf of the landlord, who pays him a fixed fee per month.

D. D, a practicing lawyer, performs the conveyance for one of her client’s property

Which two individuals are performing activities covered by the Real Estate Services Act?

  1. A and B
  2. A and C
  3. B and D
  4. C and D
A
  1. A and C
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2
Q

Which of the following statements is FALSE regarding the Real Estate Council power to investigate a licensee?

  1. The Real Estate Council may investigate a licensee if it is suspected that he or she has contravened any provision of the Act, Regulations or Rules.
  2. The Council may conduct an investigation to determine whether a licensee has committed professional misconduct or conduct unbecoming a licensee.
  3. The Council must obtain permission from the court before beginning an investigation.
  4. The Council can conduct an investigation into a licensee’s conduct whether or not it has received a complaint.
A
  1. The Council must obtain permission from the court before beginning an investigation.
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3
Q

The marketing mix consists of:

  1. place, publicity, place and public relations
  2. product, price, publicity and promotion
  3. price, place, publicity and promotion
  4. product, place, price and promotion
A
  1. product, place, price and promotion
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4
Q

In the provision of electrical service, there is a relationship between electrical current (amps), consumption (watts), and potential (volts). Which of the following is the correct equation to describe this relationship?

  1. Watts= Volts x Amps
  2. Volts = Amps/Watts
  3. Volts = Watts x Amps
  4. Amps = Volts/Watts
A
  1. Watts= Volts x Amps
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5
Q

When a property is taken in trade by the seller as part payment of the purchase price:

  1. The value of the traded property is listed as a debit to the buyer and a credit to the seller.
  2. The value of the property will appear as a credit on the buyer’s statement of adjustments.
  3. The value of the traded property will appear on the buyer’s statement of adjustment only.
  4. No entry to either statement of adjustments is needed to reflect the trade.
A

2.The value of the property will appear as a credit on the buyer’s statement of adjustments.

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6
Q

Your client plans to pay for a vacant lot $500,000 which he feel will sell at the end of 5 years for $650,000. Assuming that these are the only cash flows for this investment, what is the yield expressed as a nominal rate with monthly compounding, will your client earn?

  1. 5.25877%
  2. 7.88447%
  3. 6.57706%
  4. 5.38739%
A

1)5.25877%

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7
Q

Changes in mortgage interest rates tend to lag behind changes in bond yields in both upward and downward movements. One reason for this “stickiness” is:

  1. the short-term nature of a mortgage loan contract.
  2. Mortgages are highly liquid investments.
  3. The wide use of advance commitments for a rate of interest before a loan is advanced.
  4. Mortgage rates do not change during fluctuations in the national economy.
A

3.The wide use of advance commitments for a rate of interest before a loan is advanced.

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8
Q

Assuming a real estate developer is not exempted from the disclosure statement requirements under the Real Estate Development Act, which of the following obligations must the developer fulfill?

  1. The developer must provide a copy of the disclosure statement to both the Superintendent of Real Estate and the purchaser.
  2. The developer must inform the purchaser of his or her right to rescind the purchase agreement by serving written notice on the developer within 30 days after the date of the purchase agreement.
  3. The developer must have the purchase price of a development property approved by the Superintendent of Real Estate before entering into a purchase agreement
  4. The developer must fulfill all of the above obligations.
A

1) The developer must provide a copy of the disclosure statement to both the Superintendent of Real Estate and the purchaser.

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9
Q

The key purpose of a foreclosure action is to:

  1. Extinguish the borrowers equitable right to redeem the property
  2. Obtain judicial recognition that the lender has a valid mortgage on the particular property.
  3. Register a mortgage with the Land Title Office.
  4. Obtain a quitclaim deed in the property whereby the borrower agrees to forfeit his or her title to the lender.
A
  1. Extinguish the borrowers equitable right to redeem the property
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10
Q

Which of the following are among the duties and powers of the Real Estate Council?

  1. Establishing a fund for the use of the Real Estate Foundation
  2. Supervising the educational qualifications of licensees
  3. Undertaking public education on real estate law reform
  4. Advancing the interests of real estate licensees
A
  1. Supervising the educational qualifications of licensees
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11
Q

Ryan entered into a contract with Erin to sell his sports car. Ryan had previously crashed the car multiple times and had it rebuilt. When Erin asked about whether the car had been involved in any accidents, Ryan replied by saying that it was in excellent condition and had never been in an accident. This is an example of:

  1. Innocent misrepresentation
  2. Fraudulent misrepresentation
  3. Negligent misrepresentation
  4. Undue influence
A
  1. Fraudulent misrepresentation
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12
Q

In order for a person to make a successful claim against the Assurance Fund he or she must demonstrate which of the following?

A. That he or she made the claim within the prescribed three month period after learning of his or her loss.

B. That his 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. That he would recovered that interest in land by a court action if the Land Tile Act had not been passed.

D. That he has lost an interest or estate in land.

  1. A, B and D only
  2. B, C and D only
  3. A and C only
  4. A, B C and D
A
  1. B, C and D only
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13
Q

A company recently purchased $12,000 worth of new construction equipment. The company expects to sell the construction equipment at the end of it’s 5 year life for $1,000. What is the annual depreciation expense if the company uses straight-line depreciation method?

  1. $2,000
  2. $2,600
  3. $2,400
  4. $2,200
A
  1. $2,200
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14
Q

Three years ago your client bought a house at which time she arranged a mortgage in the amount of $320,000. The loan was written at a rate of 5.75% per annum, compounded quarterly, with 5 year term, and 25 year amortization period and monthly payments.

Your client has just received an offer to buy her house which provides $55,000 cash and assumption of the existing financing for the remainder of the term of current interest landing rates for 2 year term mortgages are 7.5% per annum, compounded quarterly, what is the market value of the offer?

  1. $352,990.78
  2. $347,047.13
  3. $346,681.34
  4. $292,047.13
A
  1. $346,681.34
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15
Q

When preparing an appraisal using the income method, which of the following items is deducted from gross realized revenue to arrive at net operating income?

  1. Vacancy and bad debt allowance.
  2. Depreciation and cost capital allowance
  3. Income tax
  4. Operation expenses (paid by landlord)
A
  1. Operation expenses (paid by landlord)
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16
Q

Rita, the owner of R. Radiologists, leases one floor of an office building from Vic for the term of 5 years. Six months into the agreement and without warning, Rita stops paying rent and vanishes. Vic may seek all of the following remedies EXCEPT:

  1. Suing Rita in the BC Supreme Court for the unpaid rent.
  2. Cancelling the lease for the remaining four and one-half years.
  3. Seizing the personal property that Rita left behind and selling to pay off the rent payable.
  4. Applying for an arbitrator under the Residential Tenancy Act.
A

4.Applying for an arbitrator under the Residential Tenancy Act.

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17
Q

Which of the following is NOT a remedy for private nuisance?

  1. A notice of civil claim
  2. Injunction relief
  3. Abatement
  4. Damages
A
  1. A notice of civil claim
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18
Q

Julie is acting as the listing agent for a property in a larger city that is owned by her client George. Julie also represents a client, Ahmed, who becomes interested in purchasing George’s property. Which of the following statements is TRUE regarding Julie’s responsibilities in this scenario?

  1. Julie can continue to act for Ahmed in buying a property and provide George with a referral to another licensee or brokerage to continue listing his property.Julie thereby avoids the potential conflict of interest and is not required to obtain a written agreement from either client.
  2. Julie can continue to act for both Ahmed and George if she obtains a written agreement from both clients at the time that the potential conflict of interest arises.
  3. Julie must cease providing training services to either client in respect of this transaction in order to avoid the potential conflict of interest.
  4. Julie can continue to represent one of either Ahmed or George if she obtains a written agreement to do so from both clients.
A
  1. Julie can continue to represent one of either Ahmed or George if she obtains a written agreement to do so from both clients.
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19
Q

A breach of a condition of a contract:

  1. Disentitles the injured party to monetary damages.
  2. Concerns only a minor term of the contract.
  3. Allows the innocent party to terminate the contract.
  4. Is not as serious as a breach of a warranty.
A
  1. Allows the innocent party to terminate the contract.
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20
Q

A mortgage loan with a face value of $160,000 is arranged through a mortgage broker. A commission of $7,000, appraisal fees of $250, as well as survey and legal fees totaling $1,000 will be deducted from the face value before the funds are advanced to the borrower. Calculate the cost of funds advanced to the borrower, expresses as an effective annual rate, if the loan is written at 4.75% per annum, compounded semi-annually with monthly payments over 15 year amortization and a 5 year term.

  1. 6.058320%
  2. 9.126070%
  3. 10.935526%
  4. 6.229407%
A
  1. 6.229407%
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21
Q

A $190,000 mortgage loan, written at a nominal rate of 5% per annum, compounded semi-annually, has a 3 year contractual term. Payments are made monthly and are based on a 20 year amortization period. Payments are rounded up to the next higher dollar. What is the size of the required payments?

  1. $1,297
  2. $1,249
  3. $1,157
  4. $2,093
A
  1. $1,249
22
Q

Your client wants to purchase a home that is on the market for $650,000. She has gone to her bank and asked about the maximum loan available to her. The lending of value of her house has been determined to be $630,000. She earns $110,000 per year and annual taxes on the property are $3,200. Subject to a loan-to-value ratio of 80% and a gross debt ration of 32%, the bank is willing to lend your client money at J12=4% with 25 amortization and monthly payments. What is the maximum loan (rounded to the nearest dollar) that your client will be able to arrange?

  1. $505,207
  2. $504,000
  3. $497,605
  4. $520,000
A
  1. $504,000
23
Q

You are thinking of purchasing undeveloped land to use for development purposes. As a sophisticated investor, you will determine the value of undeveloped land by:

  1. Applying the appropriate replacement reserves to the selling price
  2. Consulting with the owner of the undeveloped land as to his estimate of the land’s value.
  3. By calculating the net operating income the property produces.
  4. Determining the value of the improved land and subtracting the development costs.
A
  1. Determining the value of the improved land and subtracting the development costs.
24
Q

At lunch one Sunday afternoon, Frank and Stefan orally agreed that Stefan will lease Frank’s ski cabin for 4 years. With respect to section 59 of the Law and Equity Act which states the general requirement that contracts dealing with real estate should be in writing, which one of the following statements is TRUE?

  1. Section 59 of the Law and Equity Act exempts leases with a term less than 5 years from the writing requirement.
  2. Section 59 of the Law and Equity Act is inapplicable because it deals with transfers of real estate rather than the leasing of real estate.
  3. Since there is no written record of the lease, the lease is void.
  4. If Frank pays to help Stefan move his belongings and attends Stefan’s house house–warming party on the property, it is likely that the lease, despite not being in writing, will be enforceable against Frank, as Frank’s conduct is consistent with a contract being made.
A
  1. If Frank pays to help Stefan move his belongings and attends Stefan’s house house–warming party on the property, it is likely that the lease, despite not being in writing, will be enforceable against Frank, as Frank’s conduct is consistent with a contract being made.
25
Q

Which of the following best describes the Multiple Listing Services (MLS)?

  1. A site that is specifically designed for real estate forms.
  2. A software program that allows a real estate licensee to create their own personalized website which shows the properties they are currently listing or have previously sold.
  3. A software program that allows the real estate licensees to keep a detailed account of customer information, interactions, and sales.
  4. A site that provides current inventory of available properties and a history of sales in a geographic area.
A
  1. A site that provides current inventory of available properties and a history of sales in a geographic area.
26
Q

Trespass:

  1. Involves the use of one’s own property in a way that causes unreasonable ..with another’s use and enjoyment of his or her property.
  2. Cannot be committed by a person under 19 years of age.
  3. Has been replaced by the Occupiers Liability Act.
  4. Is an intentional tort, meaning that the act if trespassing must be voluntary.
A
  1. Is an intentional tort, meaning that the act if trespassing must be voluntary.
27
Q

Scott grants RBC Bank a mortgage over his summer cottage on a lake. RBC, at law, has a contractual interest in Scott’s cottage. What is the legal name given to Scott’s remaining interest?

  1. An equitable priority
  2. A collateral advantage
  3. The equity of redemption
  4. An equitable mortgage
A
  1. The equity of redemption
28
Q

Which of the following statements concerning the comparison between a licence and a lease is TRUE?

  1. Both lease and a license are subject to certain rights and responsibilities as set out in the Residential Tenancy Act.
  2. A license creates a contractual privilege, whereas a lease creates an additional interest that runs with the land.
  3. To distinguish between a license and a lease, the Supreme Court of Canada has stated that the determination depends primary on the format of the document creating either lease or a license
  4. Generally, where a court concludes that an agreement has conferred a right of exclusive possession, then the agreement will be considered to be a license.
A
  1. A license creates a contractual privilege, whereas a lease creates an additional interest that runs with the land.
29
Q

Which of the following actions does NOT facilitate the exchange process in a negotiation?

  1. Emphasizing the underlying interests and needs of each party.
  2. Determining both parties’ priorities.
  3. Considering as many solutions as possible.
  4. Focusing on, and dedication significant time to, asserting and defending the positions of each party.
A
  1. Focusing on, and dedication significant time to, asserting and defending the positions of each party.
30
Q

Which of the following would likely NOT be considered an occupier under the Occupiers Liability Act of BC?

  1. The owners of a summer home, in which they reside only four weeks a year.
  2. With respect to a rental property, the property manager who rarely visits the building.
  3. The tenants of a small home in Vancouver, who are in year 1 of a two year lease.
  4. A maintenance person who is hired by a business to clean the windows of their building each day.
A
  1. A maintenance person who is hired by a business to clean the windows of their building each day.
31
Q

What is the primary difference between an Assessment Appraisal and Private Fee Appraisal?

  1. a private fee appraiser has access to data for all real property transactions as reported by land title office, whereas the assessor does not.
  2. an assessor would normally adjust his estimate of value to reflect tenants interest, whereas the private fee appraiser does not.
  3. the private fee appraisal looks at the market for the various indicators of values and then proceeds toward the assessment of each property.
  4. the assessor is constrained to certain dates and must value all interest in land.
A
  1. the assessor is constrained to certain dates and must value all interest in land.
32
Q

With a portable mortgage:

  1. a purchaser takes over responsibility for the remaining contractual terms of an existing mortgage. 

  2. a borrower can save money when the existing mortgage has a lower interest rate than current market rates.
  3. the vendor creates a vendor-supplied mortgage
  4. the portable funds fee (PFF) is always charged.
A
  1. a borrower can save money when the existing mortgage has a lower interest rate than current market rates.
33
Q

Which of the following statements is TRUE?

  1. Subject to some exemptions, a bylaw may prohibit the rental of strata lots on the condominium complex.
  2. In an entirely residential condominium complex, a bylaw must be amended by a ½ vote of the strata corporation.
  3. A bylaw may contravene the Strata Property Act and Regulations, but only if it has been passed unanimously be the members.
  4. An amended bylaw becomes enforceable once it is passed by the members.
A
  1. Subject to some exemptions, a bylaw may prohibit the rental of strata lots on the condominium complex.
34
Q

Using the cost method of appraisal, determine the market value of a property with a 40,000 square foot building if construction costs new are $60 per square foot, land value is estimated to be $1,200,000 and total depreciation on the building to date is to be 6%.

  1. $3,456,000
  2. $3,310,480
  3. $3,408,000
  4. $3,481,600
A
  1. $3,456,000
35
Q

The city of Bearsville was historically the world headquarters for the production of CDs. Since MP3 players came into existence, the town’s population has been declining. In 2004, it was discovered that the area surrounding Bearsville was the only remaining area where is rare species of bear lived. Since then, Bearsville has become a major tourist destination. In 2006, Bearsville rezoned an area from commercial to residential use to accommodate as population increase. Assuming that none of the following affected owners has made a subsequent application to the municipality, which of the following examples are legal non-conforming use of land?

A. Electronics store, due to its success, decided to construct an addition to its store space that made it 50% larger.

B. A hair salon completely burned down due to a fire in 2007. It was known as a best hair salon in Bearsville and since after the fire, was reconstructed to its pre-fire state and continued operating.

C. In 2009, Jeff purchased Daniels hardware store.

D. A law firm was located in an office which occupied 30% of a commercial building before rezoning. In 2008, because of CD packaging company moved and left the commercial building, a law firm took over the unit so that it now it occupied 70% of the commercial building.

A and D only
B and C only
C and D only
B, C and D only

A
  1. C and D only
36
Q

What is the yield on a property that sold for $875,000 and had a stabilized annual net operation income of $64,000?

  1. 12.1093%
  2. 8.25806%
  3. 13.6718%
  4. 7.31429%
A
  1. 7.31429%
37
Q

Mark, an experienced trading service representative, showed a house to John, prospective purchaser. John asked Mark whether the house had or had infestation. In fact the vendor had lied to Mark because the vendor know there was a termite infestation. John bought the house and discovered the infestation. On which of the following grounds might the vendor, George, be liable to John in a lawsuit?

  1. Breach of the warrant of authority
  2. Deceit
  3. Negligent misrepresentation
  4. Breach of a condition precedent in the contract of purchase and sale.
A

2.. Deceit

38
Q

Your friend mentioned to you that the value of his house was $655,000 While you understand what he means , you know that the true subject of an appraisal is

  1. known as the value to the owner because it is subjective in nature
  2. a combined value that considers personal property , public property and private simulations
  3. the market value of the physical property
  4. the value of the legal rights of the ownership vested in a particular piece of real estate.
A

4..the value of the legal rights of the ownership vested in a particular piece of real estate.

39
Q

Ann, a real estate training service representative, was a listing as selling representative with respect to the sale of Jim’s house to Oleg. After the sale completed, Oleg discovered that the second floor of the house was sloped. Ann, Jim and Oleg had not noticed this before, although the defect was discoverable using ordinary diligence.

Based on the above, which of the following statements is TRUE?

  1. Neither Ann or Jim is liable to Oleg for failing to bring the defect to Oleg’s attention.
  2. Ann had a duty to inspect the premises for soundness and structural defects before advertising it for sale.
  3. The sloping floor is a latent defect that should have been brought to Oleg’s attention
  4. Both 2 and 3 are true statements
A

1.. Neither Ann or Jim is liable to Oleg for failing to bring the defect to Oleg’s attention.

40
Q

Jason, looking to sell his downtown apartment unit, enters into a multiple listing agreement with Pam, a licensee at M. Realty. Which one of the following statements is FALSE?

  1. Jason is free to sign multiple listing agreements with a number of licensees and the licensee that effects the sale will be entitled to the commission as stated in his multiple listing agreement.
  2. Other real estate licensees may assist Pam in selling Jason’s house
  3. If a selling agent approaches Jason with a purchaser and he completes a contract of purchase and sale without Pam’s assistance or knowledge, Jason will still be liable for a commission to Pam.
  4. A multiple listing agreement is different from the ordinary exclusive listing because the contract requires that the listing be distributed to all members of the real estate board.
A

1.. Jason is free to sign multiple listing agreements with a number of licensees and the licensee that effects the sale will be entitled to the commission as stated in his multiple listing agreement.

41
Q

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

  1. The mortgage qualifying rate is based on the greater of the Bank of Canada’s 5-year benchmark rate and 2% above the mortgage’s negotiated contract rate
  2. The stress test qualification rules only apply to mortgages from credit unions
  3. Application of the stress test borrower qualification rule results in the borrower qualifying for a larger mortgage
  4. The Financial Institutions Commissions of BC established the stress test requirements for all new mortgages from federally chartered institutions.
A

1… The mortgage qualifying rate is based on the greater of the Bank of Canada’s 5-year benchmark rate and 2% above the mortgage’s negotiated contract rate

42
Q

You have a partially completed appraisal report that you need to fill in. The subject property has 5 bedroom and 4 bathrooms. The house next door is similar in all respects except for the number of bedrooms. The comparable sold for $650,000 and had 4 bedrooms and 4 bathrooms. If the market value of a bedroom is $4,500 and the market value of a bathroom is $5,000, the adjusted sale price for this comparable is:

  1. $640,500
  2. $645,500
  3. $654,500
  4. $659,500
A
  1. $654,500
43
Q

An appeal on a point of law regarding a real property assessment value can be made from the Property Assessment Appeal Board to:

  1. Property Assessment Review Panel
  2. BC Supreme Court
  3. BC Court of Appeal
  4. Supreme Court of Canada
A

2…. BC Supreme Court

44
Q

Which of the following statements are TRUE?

  1. The Supreme Court of BC may exercise common law, but not equitable jurisdiction.
  2. Small Claims court in BC does not have jurisdiction for claims exceeding $35,000
  3. An appeal by the taxpayer to reduce a tax assessment would fall within the sphere of private law.
  4. The Supreme Court of Canada is required to hear all appeals.
A

2… Small Claims court in BC does not have jurisdiction for claims exceeding $35,000

45
Q

A commercial “periodic” tenancy is:

  1. . A lease which automatically renews itself on the last day of the term for a further term of the same length.
  2. . A lease with no predetermined expiry date that can be terminated without notice.
  3. . A type of fixed term lease.
  4. A lease that had a predetermined expiry date
A
  1. A lease which automatically renews itself on the last day of the term for a further term of the same length.
46
Q

Which of the following statements is/are FALSE with respect to statements of adjustments?

A,. The practice is to hold the seller responsible for the taxes on the adjustment date itself.

B. The adjustment date and the possession date do not have to be on the same day.

C. The total of the debit column on the seller’s statement must be identical to the total of the credit column on the buyer’s statement.

D. On the completion date of the sale of real property, the buyer is usually entitled to the transfer of title.

Only A and B are false
Only A and C are false
Only B and C are false
All of the statements are false

A

2.. Only A and C are false

47
Q

Amanda has decided that she wants to convert her apartment building to a condominium development. Amanda knows that the conversion must be approved by the municipal council. In making its decision, which of the following criteria in the municipal council required, by statue, to consider?

A. Whether Amanda has complied with the disclosure statement requirements set out in the Real Estate Service Act

B. The priority of rental accommodations over privately owned housing in the area.

C. The life expectancy of the building

D. Public option on the location of the building

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

2..Only B and C

48
Q

Which of the following acts would engage a category a category of law that is “public law”:

  1. Breaching a warranty in a contract
  2. Negligence
  3. Evading taxes
  4. Filing for divorce.
A
  1. Evading taxes
49
Q

Justin rented his White rock house to Leah for fixed term of two years, with rent being paid in equal monthly installments on the first day of each month. After making rental payments for the first year, Leah abandoned the house without any notice to Justin and without paying the rent for the current month. The BC Residential Tenancy Act required Justin to:

  1. Mitigate his losses as a landlord by attempting to re-rent his house at a reasonable rental price.
  2. Wait until rental payments for two months fall into arrears before re-renting his house.
  3. Sue Leah for the rent due for the remaining term of the lease without any obligation for Justin to account to Leah for the security deposit and accrued interest.
  4. Keep Leah’s security deposit, with accrued interest, and only sue Leah for the amount due is excess of the security deposit and accrued interest.
A
  1. Mitigate his losses as a landlord by attempting to re-rent his house at a reasonable rental price.
50
Q

Calculate the quarterly periodic rate of interest that is equivalent to 12 % per annum, compounded quarterly.

  1. 1%
  2. 3%
  3. 12.550881%
  4. 4%
A

2.. 3%

Real Estate Licence (11 decks)

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