Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

REAL ESTATE > unit 4 > Flashcards

unit 4 Flashcards

1
Q

independent contractor

A

a person hired on contract for specific services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

homeowner insurance

A

Real estate prof carrying any electronics which can be stolen, damaged, can be recovered through this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

policy that provides broad coverage for claims made against the insured for bodily injury or damage or property of others for which the insured may become liable

A

comprehensive general liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

professional liability or errors & omissions

A

protects the insured against legal actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

represents a pooling of risk, subscribers agree to create a pool of money to be used to satisfy claims

A

reciprocal insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

insurance coverage

A

coverage for errors, omissions, or negligent acts causing damage or loss resulting from the prof services trading in real estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

demand letter

A

letter demanding payment or other action often sent & received by the individual involved in a dispute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

first claim

A

deductible applicable under REIX is $3500

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

claims made by subscribers within 3 years of the first claim increase to

A

$7000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

omissions

eg )

A

actions that were not done for sellers or buyers
failure to follow up with seller/buyer
failure to disclose certain info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

cognitive reactions

A

often involve observing, listening and reflecting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

intrabrokerage

interbrokerage

A

complaints & disputes that arise between real estate prof in SAME brokerage
complaints & disputes between diff brokerages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

this process enables brokers to take the lead in resolving consumer complaints & disputes prior to or in lies of a former investigation by RECA

A

voluntary broker resolution process (VBRP)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

commercial activity

A

any transaction, act or conduct that involves the exchange of goods/services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

PIPEDA Is what legislation

A

federal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

PIPA is what legislation

A

provincial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

express consent

A

may be given verbally or in writing, least likely to give misunderstanding. Use when info is sensitive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

implied consent

A

the individual does not specifically give consent but volunteers their personal info
Less sensitive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

opt-out consent

A

allows individuals to deny an organization to use their personal info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Ensure Canadian businesses and consumers prosper in a competitive and innovative marketplace.
Ensure there’s no competition within Canadian markets

A

competition act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

price fixing

A

attempting to or agreeing to fix the price of a product/service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

attempting to o r agreeing to divide the market or allocate portions of it among themselves

A

market division

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

prohibits performance claims that are not based on adequate & proper tests conducted before the claims are made. eg) sell your house with city’s top seller

A

performance claims

24
Q

property manipulation

A

purchasing a property using dirty money and then manipulating the value of property to launder eillicit funds

25
Q

transaction manipulation

A

a property owner who agrees to sell his/her property & falsify info in the documents

26
Q

sets the standards to protect and promote the health and safety of employees throughout the province

A

occupational health & safety act (OHS)

27
Q

discrete escape

A

finding a way to move away from the threat calmly

28
Q

direct escape

A

quickly exit the situation

29
Q

Commission

A

an act is done for sellers/buyers that did not meet their approval and created issues for them.

30
Q

3 components of leadership that relate to the broker

A

authority, responsibility, accountability

31
Q

purposes for institutional advertising by brokerages?

A

To promote the services offered by the brokerage

To promote awareness of the brokerage among consumers

32
Q

attempts to seek a resolution satisfactory to all parties that is based on the interest of each party as opposed to their specific position on the matter

A

negotiation

33
Q

seeks to assist disputing parties in arriving at a mutually acceptable solution

A

mediation

34
Q

attempts to seek a resolution satisfactory to all parties that are based on the interest of each party as opposed to their specific position on the matter . Only broker can do it

A

negotiation

35
Q

mediatior

A

talks to both parties, hears both of them, makes a decision at the end

36
Q

Real estate brokerages must report suspicious transactions to which of the following organizations

A

FINTRAC

37
Q

real estate insurance exchange

A

provides finanical protection to its subscribers by administering a mandatory program

38
Q

the type of program represented by REIX

A

reciprocal insurance program

39
Q

insurance coverage

A

for errors, omissions, negligent act causing damage or loss

40
Q

payment of REIX premiums due?

A

Sept 30

41
Q

legal notice registered against the title of property warning a claim has been made

A

caveat

42
Q

t/f broker has 40 days to achieve a successful resolution

A

true

43
Q

conduct deserving of sanction (RECA)

A

conduct contravenes real estate act/rules

determined by the executive director

44
Q

private legal action between disputing parties established by the courts as to the responsibility of the defendant for errors. omissions, negligent acts which give rise to damages

A

civil liability

45
Q

VBRP

A

resolve minor conduct, any civil liability concerns

46
Q

personal info is referred as

A

privacy legislation or privacy law

47
Q

info that is not readily accessible, may include sensitive commercial/business info

A

confidential info

48
Q

brokerage info barriers

A

confidential client info is protected from possible privacy breaches

49
Q

maybe put into effect if RECA has knowledge that the info requested is connected to a possible contravention of the real estate ACT

A

production order

50
Q

refers to an individual’s ability to control his/her personal info

A

privacy

51
Q

max fine if convicted of an offense under PIPDA

A

$10,000 for individuals, $100,000 for businesses

52
Q

general advertising to the public done by the brokerage

A

institutional advertising

53
Q

money laundry involves two diff groups

A

organized crime group, the terrorist group

54
Q

a person whose name property or other assets are transferred in order to facilitate a financial or real estate transaction on behalf of another person

A

nominee

55
Q

a conviction for failure to retain records or to identify sellers/buyers could lead to fines up to

A

$500,00 or 5 yrs jail

REAL ESTATE (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions