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Real Estate Humber Course 1 > module 6 part 3 > Flashcards

module 6 part 3 Flashcards

1
Q

10 spheres of influence

A

how municipal governments have authority

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2
Q

Floodplain mangement bylaw

A

if a municipality has flood prone zones, there are specific guidelines for flood mangement (e.g. max dept of a house)

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3
Q

Fill bylaw

A

munc. regulate the storage and removal of topsoil, alterations to grade of land

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4
Q

FINTRAC

A

financial intelligence unit that has established guidelines for institutions that engage in financial transactions

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5
Q

FINTRAC also implements

A

criminal and administrative penalties

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6
Q

FINTRAC prevents

A

money laundering and terrorist financing

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7
Q

Know your client obligation

A

understanding client, ascertaining client identity and determining 3rd party involvement

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8
Q

credit file method

A

existence for a minimum of 3 years

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9
Q

Ascertain client identity

A

find source documents for name, address, date of birth or financial account

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10
Q

Business realtionship is created

A

within 5 years u conduct 2 transactions or activities

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11
Q

Reporting obligation

A

Second obligation of FINTRAC

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12
Q

Sus transaction reporting

A

reasonable grounds to suspect a trans is related to money laundering

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13
Q

Large cash trans reporting

A

must submit a report if you recieve $10000+ in a single transaction or multiple accounts from the same source totalling over 10,000

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14
Q

Large cash trans reporting must be submitted within

A

15 days

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15
Q

Terrorist property reporting

A

when u know or believe a property is owned or controlled by terrorists

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16
Q

Terrorist property reporting is disclosed to

A

RCMP or CSIS

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17
Q

Recordkeeping obligation

A

must keep 5 kind s of records

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18
Q

client info records, reciept of funds records, records of all submitted reports are to be kept for

A

5 years

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19
Q

TPR are to be kept for

A

no specific timeframe

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20
Q

unrepresented party records

A

do not have to keep these records, but measures should be taken to ascertain their identity

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21
Q

Records of reasonable measures taken

A

keep a record of when measures were taken but unsuccessful

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22
Q

Compliance officer

A

brokerage must appt this for FINTRAC

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23
Q

Written risk assessment

A

analysis of potential threats to FINTRAC

24
Q

2 year program effectiveness review

A

check for the effectiveness of the compliance program

25
Q

Failure to report sus transactions

A

up to 2 mil fine and or 5 yrs of imprisonment

26
Q

failure to report large cash trasn, record keeing requirements

A

500,000 + 5 yrs in jail

27
Q

Administrative monetary penalities

A

minor: 1-1000
serious: 1-100000
very serious, 1-100000 and 500000 for coprs

28
Q

Condos are created when

A

a decleration and description are registered at a land registry office

29
Q

Protecting condo owners act

A

to streamline disputes bw the condo owners and the board

30
Q

2 condo authorities

A

condo authority of ontario and condo mangement authority of ontario

31
Q

condos are operated by a

A

board of directors who are required to complete training

32
Q

condo reserve fund

A

special account that is separate from the condos operating fund, used for major repairs and replacements of condos common elements

33
Q

converted condos are a way of municipalities

A

repurposing existing buildings

34
Q

converted condos industry term

A

residential condo conversion projects

35
Q

Ontario new home warranties plan act

A

now includes protection for converted buildings

36
Q

condo reserve fund comes from

A

each owner’s monthly common expenses fee

37
Q

special assessment

A

board of directors can charge an additional fee in order to conduct repairs that exceed what is in the reserve fund

38
Q

status certificate

A

info regarding the status of the unit, legal and finaical dimensions of the condo corp

39
Q

status certificates must be given within

A

10 days for a fee not exceeding $100

40
Q

condo management regulatory authority of Ontario

A

admin body that oversees the condo management act

41
Q

condo mangement licenses need to be renewed

A

every year

42
Q

condo management regulatory authority of Ontario has jursidiction to

A

handle compaints bw condo owners, mangers and condo boards

43
Q

Gives tenants a wider range of rights

A

residential tenancies act

44
Q

rent is negotiated prior to occupany

A

residential tenancies act

45
Q

no charge/increase of rent is allowed greater than the lawful rent permitted

A

residential tenancies act

46
Q

determained by terms of the lease agreement

A

commerical tenancies act

47
Q

base rent is the basic rent payable

A

commerical tenancies act

48
Q

landlord cannot demand a security deposit over and above any rent deposit requested

A

residential tenancies act

49
Q

security deposit negotiable

A

commerical tenancies act

50
Q

rent deposit cannot be more than 1 months rent

A

residential tenancies act

51
Q

tenant is not reqired to provide a landlord with postdated cheques or automatic debt payments

A

residential tenancies act

52
Q

rent deposits are permitted w/o restriction

A

commerical tenancies act

53
Q

landlord must give 90 days notice if rent increases

A

residential tenancies act

54
Q

Disputes are handled by the landlor and tenant baord

A

residential tenancies act

55
Q

Disputes are handled by superior court of justice or the small claims court

A

commerical tenancies act

56
Q

landlord can only terminaite with a 1 month notice

A

commerical tenancies act

57
Q

if the tenant stays after the en of the lease the could be subject to pay 2 months rent for every month they stay

A

commerical tenancies act

Real Estate Humber Course 1 (14 decks)

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