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Real Estate Exam Study Cards > Unfamiliar Questions > Flashcards

Unfamiliar Questions Flashcards

1
Q

A real estate investment trust is?

A

Created to invest in mortgages or properties

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2
Q

A condition precedent does not have to…?

A

Be made under seal

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3
Q

Lenders who are attempting to ration mortgage funds could?

A

Decrease their maximum loan to value ratio

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4
Q

What is a constant payment mortgage?

A

Need to get answer

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5
Q

Is a corporation subject to income tax, unlike a partnership?

A

Yes / True

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6
Q

Are only shareholders entitled to manage a corporation in accordance with the Business Corporations Act?

A

No / False

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7
Q

What is a common mistake?

A

Need to get answer

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8
Q

What is the primary difference between an assessment appraisal and a private fee appraisal?

A

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

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9
Q

Which is not a Standard Assignment Term that must be included in all offers prepared by a licensed, unless instructed otherwise by the client?

A

The seller must not charge any fee to the buyer when consenting to the assignment

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10
Q

When property is take in trade by the seller as part payment of the purchase price…

A

The value of the property will appear as a credit on the buyers statement of adjustments

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11
Q

Which of the following is true with respect to lease agreements?

A

Generally, commercial leases of over 3 years must be in writing to be enforceable by the courts

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12
Q

What is Specific Performance?

A

The court will order the terms of the contract to be carried out instead of awarding damages

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13
Q

What is the structural member that supports the roof deck?

A

Rafter

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14
Q

Property Transfer Tax

A

Applies to any transfer of an interest in real property if registered in Land Title Office unless they can rely on an exemption

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15
Q

What must a landlord do if they intend to redevelop a rental property?

A

Must give at least four months notice and pay each tenant compensation equivalent to one months rent

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16
Q

What does not make a digital signature for email?

A

It does not uniquely identify the sender by including a picture file of the senders written signature

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17
Q

What is true about breaches of conditions and warranties?

A

They allow the injured party to terminate the contract

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18
Q

What best describes a Strata Corporation?

A

The collective group of individual strata lot owners once the strata plan has been deposited at the land title office

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19
Q

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.

A

Electrical baseboard heating

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20
Q

What is the key function of the Real Estate Foundation?

A

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

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21
Q

What does not require a dominant and servient tenement

A

Profits a prendre

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22
Q

What do improvement districts have the power to do?

A

Levy taxes
Borrow money
Expropriate land
Anything else necessary to carry out their objectives

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23
Q

What is true about Cooperatives?

A

They may be governed by a shareholders agreement

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24
Q

Regarding bare land strata, what is true?

A

It is required by regulation to be identified as such in the strata plan itself

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25
Q

What is real property?

A

Distinct and unique

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26
Q

What are stocks?

A

Homogeneous

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27
Q

What best describes the Strata Corporation?

A

A corporation formed by the deposit of a strata plan whose members are the owners of the strata lots on the strata plan

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28
Q

Open mortgage?

A

Usually has a contract rate that is lower than an equivalent closed mortgage

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29
Q

What should a licensee do if they have a conflict of interest with another party in the real estate transaction?

A

Must always disclose the conflict of interest

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30
Q

What does not have to happen to make an easement valid?

A

It does not have to be file in the Land Title Office

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31
Q

Is the market share of Canadian subprime mortgages much larger in the US?

A

No / False

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32
Q

What are the top level objectives of the Building Code?

A

Structural safety - foundation
Public health - sanitary conditions
Accessibility- fire fighters can approach
Fire protection - levels of fire safety

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33
Q

What changed a metric system to hard or soft?

A

Hard - new standards
Soft - does not change the physical size

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34
Q

What is not included as finished area for square footage of a house?

A

Garages
Porches, balconies, decks
Unfinished floor areas
Openings to floors below
Finished areas not connected to the main body of house

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35
Q

What is damp proofing?

A

Sealing minor capillary pores in the concrete

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36
Q

What is the shopping goods model?

A

Unsought goods
Convenience goods
Shopping goods
Speciality goods

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37
Q

What is a joist?

A

Horizontal frames that support a floor

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38
Q

What is a stud?

A

Vertical framing that support the walls

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39
Q

What is a plate?

A

Horizontal lumber that studs rest on at the bottom and top of a framed wall

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40
Q

What is a truss?

A

Engineered, prefabricated roof or floor support structure

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41
Q

What is a rafter?

A

The structural member that supports the roof deck

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42
Q

What is a lintel?

A

Supporting structure over an exterior opening

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43
Q

What is a header?

A

Supporting structure over an interior opening

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44
Q

What is post, beam and plan structural method?

A

Floor to roof windows, roof planks secured to beams supporting planks

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45
Q

Structural building methods?

A

Log
A-frame
Stone
Concrete
Brick
Western platform wood frame (most common in BC)
Post, bean and plant

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46
Q

Steel frame building?

A

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

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47
Q

Wood frame building?

A

Least costly
Shrinkage

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48
Q

Concrete frame building?

A

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

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49
Q

What does Zinc do?

A

Prevents moss growth

50
Q

What is edge curl?

A

When asphalt shingles have curled up at each edge

51
Q

What is fish mouth?

A

When asphalt shingles have lifted in the middle

52
Q

What is metal flashing used for?

A

To direct rain driven moisture away from the sealant and around roof

53
Q

Benefits of aluminum vinyl siding?

A

Very popular
Low cost
Ability to maintain

54
Q

Benefits of stucco?

A

Susceptible to cracking and water seepage

55
Q

What is awning?

A

Opening portion of the window is hinged in the top and opens outward

56
Q

What is a hopper?

A

Opening portion of the window is hinged on the bottom and opens inwards

57
Q

What is a casement window?

A

Opening portion of the window is hinged on the side and opens outward

58
Q

What is the most common insulator?

A

Glassfibre batt

59
Q

Electrical code is measured by?

A

Watts = volts x amps

60
Q

What is amperage?

A

Rate of electrical flow

61
Q

What is voltage?

A

Electrical potential or flow pressure

62
Q

What is wattage?

A

Measure of power or consumption

63
Q

What electrical was used in 1950?

A

Knob and tube wiring
Two outlets

64
Q

How are elevators measured?

A

Feet per minute

65
Q

Electric baseboard heating is?

A

Convection and some radiation
Lack of air filtration

66
Q

Central gas fired forced hot water with baseboard units is?

A

Steady consistent heat
Convection
Slow response

67
Q

Wood fired is?

A

Radiant and convection
Only heats one room

68
Q

Central gas fired forced hot air is?

A

Best for extreme outside temperature changes
Requires duct work

69
Q

West cost contemporary build design is?

A

Angular roofs
Large glass areas
Pressure or stained wood

70
Q

A ranch building design is?

A

One story
Garage
Large lot
Continued sloping roof

71
Q

Tudor / Elizabeth building design is?

A

Posts
Beam
Plaster

72
Q

What is a Vancouver special?

A

Narrow lot

73
Q

Victorian build design is?

A

Sleep shingled roof
Peaked turrets
Heavy chimneys
Cookie cutter trim
Brick cladding

74
Q

Arts and crafts build design is?

A

Fire woods
Stonework base

75
Q

What is a bay window?

A

Extension of floor and walls to increase size of a room

76
Q

What is a dormer?

A

Mini roof extension
Provides head room and light in upper level

77
Q

What is a classical design?

A

Flat or low slope roof
White columns
Open porches

78
Q

What is a energy efficient house?

A

R2000
Climate sensitive
Energy efficient
Air sealed
Windows face south

79
Q

What does LEED stand for?

A

Leadership in Energy and Environmental Design

80
Q

What is the comparative appraisal method?

A

Direct comparison
Substitution
Empty lots
Residential houses

81
Q

What is the cost appraisal method?

A

No income
Unique
Nothing to compare
Church
Temple
Milk
Concrete plant

82
Q

What is the income appraisal method?

A

Commercial
Rental
Multi unit apartment

83
Q

What is the residual appraisal method?

A

Latent value
Redevelopment
Residential house in middle of business district

84
Q

What is the principle of substitution?

A

A property’s value should be no more than the cost of purchasing a substitute property that provides similar utility

85
Q

What does similar represent?

A

With respect to factors judge importantly by buyers and sellers

86
Q

What does recent represent?

A

When the market conditions property values remain stable

87
Q

What does latent value mean?

A

Not at its highest and best use
Good for redevelopment

88
Q

What does subjective value mean?

A

Value to owner

89
Q

What does objective value mean?

A

Value in exchange

90
Q

What does lending value mean?

A

Long term conservative estimate of the value pledged as security

91
Q

What is an insured mortgage?

A

Lender protection against loss should the borrower default

92
Q

What is a limited partnership?

A

General and limited partners have the same income status

93
Q

What is the best way to distinguish between a license and a lease?

A

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

94
Q

What is an assessment notice?

A

An extract from the assessment roll concerning a specific property

95
Q

The purpose of the RE Development Marketing Act is to protect the public by requiring developers to?

A

Meet preliminary requirements or approvals
Prepare and file a disclosure statement on form required
Assure the purchases title by the RE act

96
Q

When an Order of Foreclosure is obtained by the petitioner who is in the position of second mortgage what happens?

A

The order forecloses the registered owners interest in the mortgaged land and permits the petitioner to transfer title into his or her name

97
Q

When can an appeal be made to a Supreme Court of BC regardless of real property assessment value?

A

Within 21 days of an Appeal Board decision

98
Q

What is loan to value ratio?

A

Maximum loan divided by lending value

99
Q

Federal Law does not involve what?

A

Education

100
Q

Provincial matters include what?

A

Education

101
Q

Small Claims Court is?

A

Lowest trial court
$35,000 or less

102
Q

Supreme Court of BC is?

A

Trial and appeal court
No territorial or money limits

103
Q

BC Court of Appeal is?

A

Highest appellate court in BC

104
Q

Supreme Court of Canada is?

A

Highest appellate court in Canada

105
Q

What is the CRT?

A

Civil Resolution Tribunal
Online tribunal
Strata corporation disputes regardless of value

106
Q

What are the phases of the CRT?

A

Negotiation
Facilitation
Adjudication

107
Q

What are the 4 stages of the Trial process?

A

Pleading
Discovery - no judge
Trial
Judgment

108
Q

What are the enforcing judgment options?

A

Examination
Write of execution
Remedies
Garnishing wages

109
Q

Does a judge look to Statute or Common Law first?

A

Statute

110
Q

What is a reversioner?

A

Name of person who isn’t stated in the will but gets the land

111
Q

What is a remainderman?

A

Pays mortgage principle if there is a life estate to the land

112
Q

What is a life estate?

A

Lasts for the lifetime of the holder
Called life tenant
Charge to title

113
Q

Who pays interest on the mortgage?

A

Life tenant

114
Q

What is Estate Pur Autre Vie?

A

Based on the life of
Meaning the life estate can sell the land

115
Q

What are the rights of a life tenant/life estate?

A

Right to use and occupy the land
Right to receive revenue

116
Q

What are the Common Law types of waste?

A

Voluntary - cutting down a tree
Permissive - allowing property to deteriorate
Ameliorating - improving the property

117
Q

What is considered equitable waste?

A

Damage to the building
Big damage

118
Q

What are the types of void deeds?

A

Forged
Illegal
Non est factum

119
Q

The British Columbia Financial Services Authority does not have to…?

A

Use funds from administrative penalties for non-educational purposes

120
Q

Does the Strata Property Act affect First Nation reserve land?

A

Generally does not apply

Real Estate Exam Study Cards (1 decks)

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