Unfamiliar Questions Flashcards
A real estate investment trust is?
Created to invest in mortgages or properties
A condition precedent does not have to…?
Be made under seal
Lenders who are attempting to ration mortgage funds could?
Decrease their maximum loan to value ratio
What is a constant payment mortgage?
Need to get answer
Is a corporation subject to income tax, unlike a partnership?
Yes / True
Are only shareholders entitled to manage a corporation in accordance with the Business Corporations Act?
No / False
What is a common mistake?
Need to get answer
What is the primary difference between an assessment appraisal and a private fee appraisal?
The assessor is constrained to certain dates and must value all interests in land
Assessment Appraisal (Assessor)
Constrains to certain dates
Must value all interests in land
CANNOT adjust estimate of value to reflect tenants interests
Private Fee Appraisal (Appraiser)
Flexible with dates
Flexible with valuing interests in land
CAN adjust estimate of value to reflect tenants interest
Which is not a Standard Assignment Term that must be included in all offers prepared by a licensed, unless instructed otherwise by the client?
The seller must not charge any fee to the buyer when consenting to the assignment
When property is take in trade by the seller as part payment of the purchase price…
The value of the property will appear as a credit on the buyers statement of adjustments
Which of the following is true with respect to lease agreements?
Generally, commercial leases of over 3 years must be in writing to be enforceable by the courts
What is Specific Performance?
The court will order the terms of the contract to be carried out instead of awarding damages
What is the structural member that supports the roof deck?
Rafter
Property Transfer Tax
Applies to any transfer of an interest in real property if registered in Land Title Office unless they can rely on an exemption
What must a landlord do if they intend to redevelop a rental property?
Must give at least four months notice and pay each tenant compensation equivalent to one months rent
What does not make a digital signature for email?
It does not uniquely identify the sender by including a picture file of the senders written signature
What is true about breaches of conditions and warranties?
They allow the injured party to terminate the contract
What best describes a Strata Corporation?
The collective group of individual strata lot owners once the strata plan has been deposited at the land title office
What is a clean, convenient heating system that can respond quickly to temperature changes while providing both convection and radiation heat? One that does not activating heating all rooms at the same time.
Electrical baseboard heating
What is the key function of the Real Estate Foundation?
Undertake and carry out real estate public and professional education, real estate law reform, real estate research and other projects intended for the public or professional good
What does not require a dominant and servient tenement
Profits a prendre
What do improvement districts have the power to do?
Levy taxes
Borrow money
Expropriate land
Anything else necessary to carry out their objectives
What is true about Cooperatives?
They may be governed by a shareholders agreement
Regarding bare land strata, what is true?
It is required by regulation to be identified as such in the strata plan itself
What is real property?
Distinct and unique
What are stocks?
Homogeneous
What best describes the Strata Corporation?
A corporation formed by the deposit of a strata plan whose members are the owners of the strata lots on the strata plan
Open mortgage?
Usually has a contract rate that is lower than an equivalent closed mortgage
What should a licensee do if they have a conflict of interest with another party in the real estate transaction?
Must always disclose the conflict of interest
What does not have to happen to make an easement valid?
It does not have to be file in the Land Title Office
Is the market share of Canadian subprime mortgages much larger in the US?
No / False
What are the top level objectives of the Building Code?
Structural safety - foundation
Public health - sanitary conditions
Accessibility- fire fighters can approach
Fire protection - levels of fire safety
What changed a metric system to hard or soft?
Hard - new standards
Soft - does not change the physical size
What is not included as finished area for square footage of a house?
Garages
Porches, balconies, decks
Unfinished floor areas
Openings to floors below
Finished areas not connected to the main body of house
What is damp proofing?
Sealing minor capillary pores in the concrete
What is the shopping goods model?
Unsought goods
Convenience goods
Shopping goods
Speciality goods
What is a joist?
Horizontal frames that support a floor
What is a stud?
Vertical framing that support the walls
What is a plate?
Horizontal lumber that studs rest on at the bottom and top of a framed wall
What is a truss?
Engineered, prefabricated roof or floor support structure
What is a rafter?
The structural member that supports the roof deck
What is a lintel?
Supporting structure over an exterior opening
What is a header?
Supporting structure over an interior opening
What is post, beam and plan structural method?
Floor to roof windows, roof planks secured to beams supporting planks
Structural building methods?
Log
A-frame
Stone
Concrete
Brick
Western platform wood frame (most common in BC)
Post, bean and plant
Steel frame building?
No shrinkage
Built quickly
Greater % of useable space
Commonly used in the past for high rise construction
Cost more to fireproof
Costly
No room for change
Wood frame building?
Least costly
Shrinkage
Concrete frame building?
More economical than steel
More flexible with design
MAX fire resistance
Most common type of construction today for mid to high rise multi family buildings
There are no disadvantages
What does Zinc do?
Prevents moss growth
What is edge curl?
When asphalt shingles have curled up at each edge
What is fish mouth?
When asphalt shingles have lifted in the middle
What is metal flashing used for?
To direct rain driven moisture away from the sealant and around roof
Benefits of aluminum vinyl siding?
Very popular
Low cost
Ability to maintain
Benefits of stucco?
Susceptible to cracking and water seepage
What is awning?
Opening portion of the window is hinged in the top and opens outward
What is a hopper?
Opening portion of the window is hinged on the bottom and opens inwards
What is a casement window?
Opening portion of the window is hinged on the side and opens outward
What is the most common insulator?
Glassfibre batt
Electrical code is measured by?
Watts = volts x amps
What is amperage?
Rate of electrical flow
What is voltage?
Electrical potential or flow pressure
What is wattage?
Measure of power or consumption
What electrical was used in 1950?
Knob and tube wiring
Two outlets
How are elevators measured?
Feet per minute
Electric baseboard heating is?
Convection and some radiation
Lack of air filtration
Central gas fired forced hot water with baseboard units is?
Steady consistent heat
Convection
Slow response
Wood fired is?
Radiant and convection
Only heats one room
Central gas fired forced hot air is?
Best for extreme outside temperature changes
Requires duct work
West cost contemporary build design is?
Angular roofs
Large glass areas
Pressure or stained wood
A ranch building design is?
One story
Garage
Large lot
Continued sloping roof
Tudor / Elizabeth building design is?
Posts
Beam
Plaster
What is a Vancouver special?
Narrow lot
Victorian build design is?
Sleep shingled roof
Peaked turrets
Heavy chimneys
Cookie cutter trim
Brick cladding
Arts and crafts build design is?
Fire woods
Stonework base
What is a bay window?
Extension of floor and walls to increase size of a room
What is a dormer?
Mini roof extension
Provides head room and light in upper level
What is a classical design?
Flat or low slope roof
White columns
Open porches
What is a energy efficient house?
R2000
Climate sensitive
Energy efficient
Air sealed
Windows face south
What does LEED stand for?
Leadership in Energy and Environmental Design
What is the comparative appraisal method?
Direct comparison
Substitution
Empty lots
Residential houses
What is the cost appraisal method?
No income
Unique
Nothing to compare
Church
Temple
Milk
Concrete plant
What is the income appraisal method?
Commercial
Rental
Multi unit apartment
What is the residual appraisal method?
Latent value
Redevelopment
Residential house in middle of business district
What is the principle of substitution?
A property’s value should be no more than the cost of purchasing a substitute property that provides similar utility
What does similar represent?
With respect to factors judge importantly by buyers and sellers
What does recent represent?
When the market conditions property values remain stable
What does latent value mean?
Not at its highest and best use
Good for redevelopment
What does subjective value mean?
Value to owner
What does objective value mean?
Value in exchange
What does lending value mean?
Long term conservative estimate of the value pledged as security
What is an insured mortgage?
Lender protection against loss should the borrower default
What is a limited partnership?
General and limited partners have the same income status
What is the best way to distinguish between a license and a lease?
Look at the terms in the agreement to determine the parties intention as to whether or not an agreement has granted exclusive possession to the tenant
What is an assessment notice?
An extract from the assessment roll concerning a specific property
The purpose of the RE Development Marketing Act is to protect the public by requiring developers to?
Meet preliminary requirements or approvals
Prepare and file a disclosure statement on form required
Assure the purchases title by the RE act
When an Order of Foreclosure is obtained by the petitioner who is in the position of second mortgage what happens?
The order forecloses the registered owners interest in the mortgaged land and permits the petitioner to transfer title into his or her name
When can an appeal be made to a Supreme Court of BC regardless of real property assessment value?
Within 21 days of an Appeal Board decision
What is loan to value ratio?
Maximum loan divided by lending value
Federal Law does not involve what?
Education
Provincial matters include what?
Education
Small Claims Court is?
Lowest trial court
$35,000 or less
Supreme Court of BC is?
Trial and appeal court
No territorial or money limits
BC Court of Appeal is?
Highest appellate court in BC
Supreme Court of Canada is?
Highest appellate court in Canada
What is the CRT?
Civil Resolution Tribunal
Online tribunal
Strata corporation disputes regardless of value
What are the phases of the CRT?
Negotiation
Facilitation
Adjudication
What are the 4 stages of the Trial process?
Pleading
Discovery - no judge
Trial
Judgment
What are the enforcing judgment options?
Examination
Write of execution
Remedies
Garnishing wages
Does a judge look to Statute or Common Law first?
Statute
What is a reversioner?
Name of person who isn’t stated in the will but gets the land
What is a remainderman?
Pays mortgage principle if there is a life estate to the land
What is a life estate?
Lasts for the lifetime of the holder
Called life tenant
Charge to title
Who pays interest on the mortgage?
Life tenant
What is Estate Pur Autre Vie?
Based on the life of
Meaning the life estate can sell the land
What are the rights of a life tenant/life estate?
Right to use and occupy the land
Right to receive revenue
What are the Common Law types of waste?
Voluntary - cutting down a tree
Permissive - allowing property to deteriorate
Ameliorating - improving the property
What is considered equitable waste?
Damage to the building
Big damage
What are the types of void deeds?
Forged
Illegal
Non est factum
The British Columbia Financial Services Authority does not have to…?
Use funds from administrative penalties for non-educational purposes
Does the Strata Property Act affect First Nation reserve land?
Generally does not apply
