Module 12 + 14 + 15

Question 1

A la carte/fee based listing

Answer 1

flat rates for various services (eg listing + advertising + hosting open houses)

Question 2

Collateral agreement

Answer 2

reduction in comission paid if there is no co-operating brokerage

Question 3

Seller property information statement

Answer 3

document that is provided to a buyer w/ info and disclosures about the property

Question 4

shadow file

Answer 4

copy of all documents used for a trade

Question 5

Kitchen & bathroom renos may add up to

Answer 5

50 or 75% of their cost to the value of the home

Question 6

finished basement may only contribute

Answer 6

50% of its cost to overall value

Question 7

painting has the highest

Answer 7

return for sellers

Question 8

broker load practice

Answer 8

is not sent to the RE board, uploaded from a brokerage or a SP

Question 9

data sheets are used to

Answer 9

create a local listing

Question 10

False statement

Answer 10

factually incorrect

Question 11

Inaccurate statement

Answer 11

may be true but not precise or complete enough

Question 12

_ is required to search the title at their own expense and make any objections within 30 days

Answer 12

buyer

Question 13

seller has _ days to remove any objection

Answer 13

30

Question 14

All adjustments made to the purchase price are adjusted

Answer 14

as of the date of closing

Question 15

deed is perpared by the _ and registered at the expense of the

Answer 15

seller/buyer

Question 16

requisition date

Answer 16

time period in which the lawyer completes a search for title

Question 17

irrevocable date

Answer 17

date and time during which the person making the offer is obligated to that offer

Question 18

Registering an offer

Answer 18

arrangements are made to present an offer to a seller

Question 19

counter offer is also referred to as

Answer 19

a sign back

Question 20

listing salesperson is obligated to tell the co-operating brokerage how many offers there are but not the

Answer 20

substance of the offer

Question 21

arranges offer presentation time

Answer 21

seller’s SP

Question 22

registers the offer

Answer 22

buyer’s SP

Question 23

A seller can either __ an offer

Answer 23

accept, reject or counter (negotiate)

Question 24

non titled spouse must provide ___ for a sale

Answer 24

written consent

Question 25

Party that confirms acceptance

Answer 25

last party to accept the offer

Question 26

when 2 brokerages are involved in a transaction this is signed to protect the buyer’s SP’s commission

Answer 26

trust agreement

Question 27

Deposit delivered herewith

Answer 27

will be provided along with the offer upon presentation

Question 28

holds the deposit in trust

Answer 28

co-operating brokerage

Question 29

In a seller’s market a ___ deposit is usually given

Answer 29

herewith

Question 30

Documents deposit on trust ledger

Answer 30

listing brokerage

Question 31

Interest earned on a deposit is paid to the

Answer 31

buyer

Question 32

Interest earned on a deposit is included in

Answer 32

the AOP&S on the schedule A

Question 33

when does a brokerage need to disclose multiple rep to the buyer

Answer 33

before an offer is made on a property

Question 34

Tite clause

Answer 34

provides that the title is free from an encumbrance, charges or liens

Question 35

not an exception to the title cause

Answer 35

right of way easements

Question 36

Electronically registers the transfer of the deed

Answer 36

buyers lawyer

Question 37

The inspection clause acknowledges that

Answer 37

the buyer has had an opportunity to include the requirement of a property inspection in the agreement

Question 38

is not transferred at closing

Answer 38

insurance

Question 39

if substanital damage occurs to a property the buyer

Answer 39

can terminate the agreement or take the insurance to pay for the damage and go through with the sale

Question 40

compliance with the planning act is not required when

Answer 40

listing a property or accepting an offer (required when title is transferred)

Question 41

seller is required to pay for

Answer 41

deed

Question 42

buyer is required to pay for

Answer 42

mortgage document if the seller is providing financing & land transfer tax affidavit

Question 43

documents and discharge clause

Answer 43

sets out obligations for mortgage discharge, title deed, property survey

Question 44

sale of a property of a non resident may be subject to

Answer 44

capital gains tax

Question 45

tendering means

Answer 45

an unconditional offer to perform their part of the agreement

Question 46

UFFI clauses should be added in homes made prior to the

Answer 46

1970s

Question 47

signs the confirmation of acceptance

Answer 47

the last person to sign t

Question 48

Acknowledgement is signed by the s&b once

Answer 48

the confirmation of acceptance is completed

Question 49

comission trust agreements are only required if there is a

Answer 49

co-operating brokerage