module 6 part 3 Flashcards
10 spheres of influence
how municipal governments have authority
Floodplain mangement bylaw
if a municipality has flood prone zones, there are specific guidelines for flood mangement (e.g. max dept of a house)
Fill bylaw
munc. regulate the storage and removal of topsoil, alterations to grade of land
FINTRAC
financial intelligence unit that has established guidelines for institutions that engage in financial transactions
FINTRAC also implements
criminal and administrative penalties
FINTRAC prevents
money laundering and terrorist financing
Know your client obligation
understanding client, ascertaining client identity and determining 3rd party involvement
credit file method
existence for a minimum of 3 years
Ascertain client identity
find source documents for name, address, date of birth or financial account
Business realtionship is created
within 5 years u conduct 2 transactions or activities
Reporting obligation
Second obligation of FINTRAC
Sus transaction reporting
reasonable grounds to suspect a trans is related to money laundering
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
Large cash trans reporting must be submitted within
15 days
Terrorist property reporting
when u know or believe a property is owned or controlled by terrorists
Terrorist property reporting is disclosed to
RCMP or CSIS
Recordkeeping obligation
must keep 5 kind s of records
client info records, reciept of funds records, records of all submitted reports are to be kept for
5 years
TPR are to be kept for
no specific timeframe
unrepresented party records
do not have to keep these records, but measures should be taken to ascertain their identity
Records of reasonable measures taken
keep a record of when measures were taken but unsuccessful
Compliance officer
brokerage must appt this for FINTRAC
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
