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exam 4 > module 1 > Flashcards

module 1 Flashcards

1
Q

CCA

A

capital cost allowance

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2
Q

independent contractor

A

offers real estate service on behalf that brokerage

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3
Q

primary reason for independent contractor status

A

taxation

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4
Q

sheltering

A

strategy to possibly reduce tax exposure airing form investment

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5
Q

material fact

A

would effect wether or not to buy a specific property

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6
Q

capital gain

A

depreciable property that is added to taxable income

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7
Q

authority granted

A

in the representation agreement is in the BROKERAGE name

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8
Q

when a deposit is forfeited 50% is recoverable for the seller

A
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9
Q

income tax act

A

real estate profit made by a person who regularly buys and sells property

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9
Q

income tax act

A

real estate profit made by a person who regularly buys and sells property

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10
Q

mix use

A

type include both commercial and residential

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11
Q

base cost

A

acquisition price - any allowable adjustment

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12
Q

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”

A
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13
Q

brownfield

A

abandoned contaminated lands in urban location

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14
Q

CCA calculation procedure is known as the

A

declining balance method

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15
Q

indemnification clause

A

commercial representation agreement includes liability resulting form environmental problems

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16
Q

construction permit

A

building permit

17
Q

income tax act rule that

A

restrict CCA for first year that an asset is purchased half year

18
Q

taxpayer

A

individual responsible to report a gain to the canada revenue agency as either a capital gain or income

19
Q

unregistered assistance cannot trade in real estate

A
20
Q

income tax act (acronym for allowable depreciation)

A

CCA - capital cost allowance

21
Q

provincial policy statements

A

are issues by the government regarding planning issues

22
Q

non-conforming use

A

is does not align with the present zoning bylaws

23
Q

gap

A

LOAN that provides funding between mortgage advances

24
Q

sole proprietorship

A

unincorporated business owned by one person

25
Q

mortgage documentation package

A

commercial mortgages

26
Q

blanket

A

mortgage over two or more properties

27
Q

OBC- Ontario building code

A

code that sets out minimum standards for building design and constructions

28
Q

adjustment committe

A

usually authorized to grant small variances form zoning bylaw

29
Q

limited partnership

A

a passive partner with no control over day to day business of the partnership

30
Q

demollition

A

complete removal of a structure which could impact current permitted use from zoning perspective

31
Q

upper tier level of a regional government

A
32
Q

tax liability may fall to the buyer when the seller is non-residential

A
33
Q

tenant cannot withhold rent if a landlord fails to fulfill their lease obligations

A
34
Q

mixed use

A

a building that combines two or more revenue producing use

35
Q

guarantee letter

A

assuring that funds are in place in the event of developer insolvency

35
Q

guarantee letter

A

assuring that funds are in place in the event of developer insolvency

36
Q

a lender can reduce risk

A

by increasing the cap rate , therefore reducing lending value

36
Q

a lender can reduce risk

A

by increasing the cap rate , therefore reducing lending value

37
Q

coverage ratio is used to

A

establish if a mortgagor can handle mortgage payment

38
Q

fire protection and occupant are

A

included in OBC

39
Q

development loan

A

construction loan

exam 4 (14 decks)

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