module 6 part 3 Flashcards by Hana Suth

10 spheres of influence

how municipal governments have authority

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Floodplain mangement bylaw

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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Fill bylaw

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

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FINTRAC

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

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FINTRAC also implements

criminal and administrative penalties

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FINTRAC prevents

money laundering and terrorist financing

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Know your client obligation

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

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credit file method

existence for a minimum of 3 years

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Ascertain client identity

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

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Business realtionship is created

within 5 years u conduct 2 transactions or activities

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Reporting obligation

Second obligation of FINTRAC

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Sus transaction reporting

reasonable grounds to suspect a trans is related to money laundering

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Large cash trans reporting

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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Large cash trans reporting must be submitted within

15 days

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Terrorist property reporting

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

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Terrorist property reporting is disclosed to

RCMP or CSIS

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Recordkeeping obligation

must keep 5 kind s of records

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

5 years

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TPR are to be kept for

no specific timeframe

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unrepresented party records

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

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Records of reasonable measures taken

keep a record of when measures were taken but unsuccessful

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Compliance officer

brokerage must appt this for FINTRAC

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Written risk assessment

analysis of potential threats to FINTRAC

2 year program effectiveness review

check for the effectiveness of the compliance program

Failure to report sus transactions

up to 2 mil fine and or 5 yrs of imprisonment

failure to report large cash trasn, record keeing requirements

500,000 + 5 yrs in jail

Administrative monetary penalities

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

Condos are created when

a decleration and description are registered at a land registry office

Protecting condo owners act

to streamline disputes bw the condo owners and the board

2 condo authorities

condo authority of ontario and condo mangement authority of ontario

condos are operated by a

board of directors who are required to complete training

condo reserve fund

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

converted condos are a way of municipalities

repurposing existing buildings

converted condos industry term

residential condo conversion projects

Ontario new home warranties plan act

now includes protection for converted buildings

condo reserve fund comes from

each owner's monthly common expenses fee

special assessment

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

status certificate

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

status certificates must be given within

10 days for a fee not exceeding $100

condo management regulatory authority of Ontario

admin body that oversees the condo management act

condo mangement licenses need to be renewed

every year

condo management regulatory authority of Ontario has jursidiction to

handle compaints bw condo owners, mangers and condo boards

Gives tenants a wider range of rights

residential tenancies act

rent is negotiated prior to occupany

residential tenancies act

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

residential tenancies act

determained by terms of the lease agreement

commerical tenancies act

base rent is the basic rent payable

commerical tenancies act

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

residential tenancies act

security deposit negotiable

commerical tenancies act

rent deposit cannot be more than 1 months rent

residential tenancies act

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

residential tenancies act

rent deposits are permitted w/o restriction

commerical tenancies act

landlord must give 90 days notice if rent increases

residential tenancies act

Disputes are handled by the landlor and tenant baord

residential tenancies act

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

commerical tenancies act

landlord can only terminaite with a 1 month notice

commerical tenancies act

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

commerical tenancies act