Preface

Question 1

Name three statutory organizations in the real estate or mortgage brokerage industry.

Answer 1

Statutory organizations in the real estate or mortgage brokerage industry include the British Columbia Financial Services Authority, the Registrar of Mortgage Brokers, the Real Estate Foundation, the Real Estate Errors and Omissions Insurance Corporation and the Real Estate Compensation Fund Corporation.

Question 2

Fee Simple interest

Answer 2

The greatest bundle of rights and responsibilities that an individual can hold in land in British Columbia

Question 3

externalities

Answer 3

The immobility of real property means that land is subject to external effects

Question 4

When considering the durability of structures, it is important to distinguish between

Answer 4

the physical life and the economic life of the structure

Question 5

What is a voluntary organization?

Answer 5

A voluntary organization is an organization that is created and maintained voluntarily (as opposed to under a statute) to serve the interests of its members. Participation or membership in the organzation is voluntary.