module 1 Flashcards
CCA
capital cost allowance
independent contractor
offers real estate service on behalf that brokerage
primary reason for independent contractor status
taxation
sheltering
strategy to possibly reduce tax exposure airing form investment
material fact
would effect wether or not to buy a specific property
capital gain
depreciable property that is added to taxable income
authority granted
in the representation agreement is in the BROKERAGE name
when a deposit is forfeited 50% is recoverable for the seller
income tax act
real estate profit made by a person who regularly buys and sells property
income tax act
real estate profit made by a person who regularly buys and sells property
mix use
type include both commercial and residential
base cost
acquisition price - any allowable adjustment
The acquisition price is the price that was actually paid for an asset when it was first acquired by a resident user. It is a synonym for “historic price”
brownfield
abandoned contaminated lands in urban location
CCA calculation procedure is known as the
declining balance method
indemnification clause
commercial representation agreement includes liability resulting form environmental problems