question
Self regulation
answer
-General obligation
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
-Perform mandate
question
Brokerage interests
answer
Interest of brokerage at odds with brokerage client
question
Fiduciary duties
answer
-Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
question
Competing interests
answer
Interest of brokerage clients compete in a transaction or potential transaction
question
Opposing interests
answer
Interest of brokerage clients oppose in the same transaction or potential transaction
question
Standard of care
answer
-Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
question
PIPEDA
answer
Federal - privacy act
question
PIPA
answer
Provincial - Privacy act
question
CASL
answer
Canada's anti spam legislation - federal
question
Privacy principles
answer
-Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
question
Seller's confidential info
answer
-Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
question
Buyer's confidential info
answer
-Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
question
Trustee
answer
Legally appointed person to hold assets for benefits of one or more persons. Trust agreements set out terms of trustee's powers and duties.
question
Executors
answer
Person who receives title of property when owner of the property is deceased.
question
Development permits
answer
-Used for new subdivisions.
-Authorizes location, size and use of building.
-Authorizes location, size and use of building.
question
Building permits
answer
-Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
question
Occupancy permits
answer
-Used for new residential buildings. Builder must secure permit before residence is approved for occupation by purchaser.
question
Subsequent building permits
answer
-Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or renovation, supplemental structure.
-Required for new additions, demo or relocation, Major alterations or renovation, supplemental structure.
question
Concepts of residential construction
answer
-Technology
-Sustainability
-Accessibility
-Adaptability
-Sustainability
-Accessibility
-Adaptability
question
Technology
answer
-the process of implementing single application to operate multiple functions of a property
question
Sustainability
answer
-Use and recycling of materials used in construction
question
Accessibility
answer
-Individuals ability to access a building, move within and independence without barriers. IE Ramps, lifts elevators.
question
Adaptability
answer
-How easy it is to change a home to meet a client's need, ie a home to grow old in.
question
Developer warranty programs
answer
-1 year warranty on materials/workmanship used to construct residence, begins when buyer takes possession.
question
Extended warranty programs
answer
-In conjunction with builder's warranty, provides 10-year protection against structural defects.
question
Manufactured construction
answer
-3 sections almost complete (up to 95%)
-Minimal time required to join and complete sections.
-Minimal time required to join and complete sections.
question
Modular construction
answer
-Three-dimensional, combined to create cohesive building.
-85% complete, few weeks to fully develop.
-85% complete, few weeks to fully develop.
question
Panelized construction
answer
-Prefabricated wall, floor or roof panel.
-Partial wall panel is framing sheathing.
-Completed wall panel include windows and or siding.
-Partial wall panel is framing sheathing.
-Completed wall panel include windows and or siding.
question
Building substructure
answer
Below grade construction of foundation.
question
Building superstructure
answer
Above grade construction of building.
-Envelope, service systems, interior building features.
-Envelope, service systems, interior building features.
question
Building envelope
answer
-Everything that encloses structure and protects from elements.
-Roof, exterior walls, windows, exterior doors and interior walls.
-Roof, exterior walls, windows, exterior doors and interior walls.
question
Interior building features
answer
-Interior finishes that complete interior.
-Interior walls, features, finishes, fixtures, lighting, floor, ceiling, kitchen/bathroom cabinets.
-Interior walls, features, finishes, fixtures, lighting, floor, ceiling, kitchen/bathroom cabinets.
question
Building service systems
answer
Essential services, connected to applicable municipal services
-Heat, electricity, water
-Heat, electricity, water
question
Building lot
answer
Lot grading, landscaping and other exterior components.
-Landscaping, walkways, driveway, fences.
-Landscaping, walkways, driveway, fences.
question
Poured concrete
answer
Cement, gravel, aggregate and sand. Poured from mix trucks into large foundation molds known as forms.
-Strengthened by reinforced steel bars (rebar)
-Strengthened by reinforced steel bars (rebar)
question
Cement block
answer
Poured concrete, cement, gravel aggregate and sand. Fills blocks that are hollow but filled with mortar and reinforced with rebar.
question
Preserved wood
answer
Load bearing walls built with treated lumber and sheathed with treated plywood.
-Wood used is treated with preservative chemicals to prevent decay and layered with mortar.
-Requires certification before usage.
-Wood used is treated with preservative chemicals to prevent decay and layered with mortar.
-Requires certification before usage.
question
Damp proofing
answer
Asphalt-based film or coating applied to below grade exterior of foundation walls during construction process.
-Reduces passage of water vapor into foundation walls
-Reduces passage of water vapor into foundation walls
question
Waterproofing
answer
Seamless membrane or spray is applied to exterior of foundation walls. Alternatively, compound can be added to concrete foundation mixture.
-Prevents water vapor and liquid water from penetrating foundation walls.
-Prevents water vapor and liquid water from penetrating foundation walls.
question
Subsurface drainage: Drain tiles
answer
Perforated piping surrounded by aggregate rock, placed along foundation footings or beneath concrete slab.
-AKA weeping tile, directs water to municipal storm sewer system or to sump pit containing sump pump.
-AKA weeping tile, directs water to municipal storm sewer system or to sump pit containing sump pump.
question
Subsurface drainage: Sump pump
answer
Lined hole of shaft, two feet in diameter. Draws water away from foundation and redirects it to municipal storm water system or rock pit (rural).
-Located in sump pit, located in foundation floor.
-Located in sump pit, located in foundation floor.
question
Flat ceiling
answer
Installing drywall to underside of the floor above or underside of roof structure.
-Common residential construction
-Common residential construction
question
Sloped ceiling
answer
Make a residence appear more open and spacious, allow natural light into residence.
-Popular but less common than flat ceilings.
-Popular but less common than flat ceilings.
question
Vaulted ceilings
answer
Attached directly to roof trusses and have two unequal sloping sides that meet at a high point in the room.
question
Surface drainage systems
answer
Roofs gutters, downspouts, extensions(connected and kept clear)
-Overall slope of lot facilitates water movement away from building
-Overall slope of lot facilitates water movement away from building
question
Back-to-front grading
answer
Back of lot = high point.
-Ground surrounding building is elevated to allow water to flow back around towards front of lot.
-Ground surrounding building is elevated to allow water to flow back around towards front of lot.
question
Front-to-back grading
answer
Front of lot = high point.
-Ground is built-up around building, water drains forward before moving around to back of lot.
-Ground is built-up around building, water drains forward before moving around to back of lot.
question
Split grading
answer
Building = high point
-Used on relatively flat lots, allows water to flow to the back and front edges of the property.
-Used on relatively flat lots, allows water to flow to the back and front edges of the property.
question
Environmental awareness
answer
-Consumers developing increased awareness of environmental hazards.
-Property values can be affected by presence of hazards.
-Can affect any type of property.
-Property values can be affected by presence of hazards.
-Can affect any type of property.
question
Underground storage tanks (USTs)
answer
Underground storage of gasoline, diesel, oil and other chemicals.
-Can be hazardous if leaks develop
-Used by Service stations, dealerships, taxi companies, bus, research etc.
-Can be hazardous if leaks develop
-Used by Service stations, dealerships, taxi companies, bus, research etc.
question
4 types of light pollution
answer
-Urban sky glow
-Light trespass
-Glare
-Light clutter
-Light trespass
-Glare
-Light clutter
question
WHMIS
answer
-National hazard communication system, safe use and storage of controlled products in workplace.
-Requires labels, material safety data sheets (MSDS), and education/training.
-Requires labels, material safety data sheets (MSDS), and education/training.
question
Titled parking stall
answer
Illustrated as solid, bold lines
-Sold with unit, described in purchase contract.
-Sold with unit, described in purchase contract.
question
Exclusive use parking stall
answer
Illustrated with dashed lines or not differentiated from common.
-Sold with unit, described in purchase contract.
-Sold with unit, described in purchase contract.
question
Assigned parking stall
answer
Not illustrated.
-Sold with unit, described in purchase contract.
-Sold with unit, described in purchase contract.
question
Rented parking stall
answer
Not illustrated.
-Not sold with unit, must me negotiated with corporation again.
-Not sold with unit, must me negotiated with corporation again.
question
Water efficiency: 3 principles
answer
-Reduce: awareness and active ways to use less
-Retrofit: Replacing fixtures with more efficient less use.
-Repair: Immediate repair of fixtures to reduce water usage.
-Retrofit: Replacing fixtures with more efficient less use.
-Repair: Immediate repair of fixtures to reduce water usage.
question
Xeriscaping
answer
Form of landscaping that emphasizes planting low-water demand vegetation.
- "Dry scaping" minimizing usage of water, fertilizer and other maintenance.
- "Dry scaping" minimizing usage of water, fertilizer and other maintenance.
question
Asbestos
answer
Silicate minerals that naturally form in host rocks.
-Health risk occur when they become air-born and are inhaled.
-Health risk occur when they become air-born and are inhaled.
question
Greenwashing
answer
Making environmental claim about a product, practice or service that is beyond the benefits they actually produce.
question
Property inspection report aspects:
answer
-Current condition of inspected items
-Inspected items that are deemed unsafe or require repair or replacement.
-Estimation of approximate replacements/repairs are needed.
-Preventative measures to remedy current issues/extend life of inspected items.
*should never include estimates or quotes for repairs, replacements or improvements.
-Inspected items that are deemed unsafe or require repair or replacement.
-Estimation of approximate replacements/repairs are needed.
-Preventative measures to remedy current issues/extend life of inspected items.
*should never include estimates or quotes for repairs, replacements or improvements.
question
Property inspection inclusions
answer
-Roof
-walls, floors
-Insulation
-Windows/doors
-Foundation
-Exterior
-Heating/ventilation/AC
-Plumbing/electrical
-Interior
-Asbestos/mould
-walls, floors
-Insulation
-Windows/doors
-Foundation
-Exterior
-Heating/ventilation/AC
-Plumbing/electrical
-Interior
-Asbestos/mould
question
Property inspection exclusions
answer
-Alarm/smoke systems
-Wood burning appliances
-Sprinkler/pool/spas
-Underground items (IE storage)
-Decorative items
-Telephone/ other cables
-Outbuildings (things not attached to main building).
-Wood burning appliances
-Sprinkler/pool/spas
-Underground items (IE storage)
-Decorative items
-Telephone/ other cables
-Outbuildings (things not attached to main building).
question
Environmental site assessments (ESA)
answer
Determines if property is contaminated, level of contamination and how it is to be remediated.
question
ESA Phase 1
answer
Determine through inquiry if contamination exists on property.
question
ESA Phase 2
answer
Testing to confirm contamination, if contaminated, further testing to identify level of contamination.
question
ESA Phase 3
answer
Any further testing to deal with any outstanding issues, determination of remediation options, and development of remediation plan.
-Carrying out remediation plan is not a part of ESA P3.
-Carrying out remediation plan is not a part of ESA P3.
question
RMS Principles
answer
-RE agents must use it.
-Identify measurement system, use consistently.
-For single detached, measure exterior wall at foundation.
-Semi-attached, measure interior perimeter walls (paint to paint) at floor level. Additional area assumed with exterior measurements.
-Include floor levels entirely above grade, exclude floor levels below floor grade. Below grade may be measured but must not be included.
-Include all additions above grade areas within structure, must be weatherproof and suitable for year-round use.
-Identify measurement system, use consistently.
-For single detached, measure exterior wall at foundation.
-Semi-attached, measure interior perimeter walls (paint to paint) at floor level. Additional area assumed with exterior measurements.
-Include floor levels entirely above grade, exclude floor levels below floor grade. Below grade may be measured but must not be included.
-Include all additions above grade areas within structure, must be weatherproof and suitable for year-round use.
question
RMS Principles continued.
answer
-Minimum floor-to-ceiling height of 2.13 meters (7ft).
-When ceiling sloped, area with floor-to-ceiling of at least 1.52 meters (5ft) may be included as long as there is 2.13 meters(7ft) in the same room.
-Include extensions from main structure with minimum floor-to-ceiling of 1.52 meters(5ft), cantilevers, bay/bow/dormer windows.
-Exclude open areas that have no floor, vaulted areas.
-Additional areas can be included as long as they are: Permanent, connected to main electrical, and has main heating or self that can maintain 22 degrees year round.
-Box window can be included if it is 1.52 meters(5ft).
-When ceiling sloped, area with floor-to-ceiling of at least 1.52 meters (5ft) may be included as long as there is 2.13 meters(7ft) in the same room.
-Include extensions from main structure with minimum floor-to-ceiling of 1.52 meters(5ft), cantilevers, bay/bow/dormer windows.
-Exclude open areas that have no floor, vaulted areas.
-Additional areas can be included as long as they are: Permanent, connected to main electrical, and has main heating or self that can maintain 22 degrees year round.
-Box window can be included if it is 1.52 meters(5ft).
question
RMS: Detached properties.
answer
-Take exterior measurements at foundation.
-Extrapolate exterior measurements from interior when foundation is inaccessible.
-Take interior measurements at floor level.
-Extrapolate exterior measurements from interior when foundation is inaccessible.
-Take interior measurements at floor level.
question
Permitted additional property measurements:
answer
-Below grade areas.
-Area of structures not connected to property.
-Area of structures connected but do not meet year-round requirements.
-Attached properties: assumed exterior size.
-Area of structures not connected to property.
-Area of structures connected but do not meet year-round requirements.
-Attached properties: assumed exterior size.
question
Condominium units: RMS
answer
-Registered size not to be used as RMS.
-Use standard RMS measurement practices.
-Use standard RMS measurement practices.
question
RMS & client.
answer
-Retain measurements, calculations, notes, and date to be reported to brokerage.
-Retain measurement report if a qualified professional does RMS, submit to brokerage.
-Check measurements are up to standards and accurate/error free.
-Retain measurement report if a qualified professional does RMS, submit to brokerage.
-Check measurements are up to standards and accurate/error free.
question
Patent defects
answer
-Obvious flaw discovered upon reasonable inspection.
Minor: Broken window pane, damage to entry walkway, cracks in cement etc.
Material: Roof re-shingling, large windows broken seals.
-Caveat emptor applies "Buyer beware" buyer is responsible to see suitability to their needs.
Minor: Broken window pane, damage to entry walkway, cracks in cement etc.
Material: Roof re-shingling, large windows broken seals.
-Caveat emptor applies "Buyer beware" buyer is responsible to see suitability to their needs.
question
Latent defects
answer
-Physical deficiencies that do not make property dangerous or unfit for habitation. Something not known by seller/buyer at time of sale, thus not disclosed.
-Caveat emptor applies "Buyer beware".
IE: Hold in drywall hidden by wall hanging, dent in hardwood hidden by carpet. Damage to inner closet.
-Caveat emptor applies "Buyer beware".
IE: Hold in drywall hidden by wall hanging, dent in hardwood hidden by carpet. Damage to inner closet.
question
Material latent defects
answer
Not visible upon ordinary inspection, has a potential to have adverse impact on value of property and or be a risk to people.
IE: Concealed structure damage, environmental contamination not remedied, renovations without building permits required, corroded post-tension cables, grow operations not remediated.
IE: Concealed structure damage, environmental contamination not remedied, renovations without building permits required, corroded post-tension cables, grow operations not remediated.
question
Negligent misrepresentation
answer
False or misleading statement who believed it to be true, after taking reasonable steps to assure accuracy.
question
Reckless misrepresentation
answer
False or misleading statement, not intended to be, but without taking reasonable steps to assure accuracy.
question
Intentional misrepresentation
answer
False or misleading statement, made by someone who knew it was untruthful.
question
Floodways
answer
Portion of flood hazard area most likely to flood.
-Include main channel of water way and part of adjacent bank.
-Areas where floodwaters expected to be deepest, fastest and most destructive.
-Highest risk.
-Include main channel of water way and part of adjacent bank.
-Areas where floodwaters expected to be deepest, fastest and most destructive.
-Highest risk.
question
Flood fringes
answer
Areas near waterways where floodwaters expected to be shallower and flow slowly.
-Include overland flow special areas.
-Overflow areas: Shallow floodwater is present; includes flood water that would run down streets between curbs.
-Include overland flow special areas.
-Overflow areas: Shallow floodwater is present; includes flood water that would run down streets between curbs.
question
Flood hazard map application
answer
-Maps areas of Alberta that are frequent with flood hazards, includes areas that are a flood hazard.
-Over 70% mapped of major flood areas.
-Over 70% mapped of major flood areas.
question
Disaster Recovery Program (DRP)
answer
Temporary programs that provide financial assistance to eligible individuals and organizations for uninsurable property damage, loss and other expenses as a result of extraordinary event.
-Covers costs essential to return property to basic function.
-Does not cover costs of enhancements/improvements made to essential property before disaster.
-DRP notice is placed on property once used up(can not occur again until 100 years event), can only be removed if proper flood mitigation is installed for future preventative matters.
-Covers costs essential to return property to basic function.
-Does not cover costs of enhancements/improvements made to essential property before disaster.
-DRP notice is placed on property once used up(can not occur again until 100 years event), can only be removed if proper flood mitigation is installed for future preventative matters.
question
Land use districts
answer
Divides municipality into number of land use districts.
question
Land use: Residential classifications
answer
Division of district of land, R-1, R-2, R-3, R-5 etc.
question
Land use: Commercial classifications
answer
Division of district of land, C-1, C-0, C-C1 etc.
question
Land use: Industrial classifications
answer
Division of district of land, IM, IB etc.
question
Land use: Special use or direct control classification
answer
Agricultural areas, public parks, school areas, recreation areas and urban-reserve areas.
question
Land use: Permitted
answer
Identified in land use bylaw for each land use district within municipality.
-Entitles property owner to a permit if development conforms to applicable sections of bylaw.
-Entitles property owner to a permit if development conforms to applicable sections of bylaw.
question
Land use: Discretionary
answer
Generally appropriate for applicable land use district, but are not necessarily compatible with surrounding uses.
-May be approved permanently or for a limited time and may require conditions to be met.
-Decision is based on merits of proposed development and impact on surrounding area.
-May be approved permanently or for a limited time and may require conditions to be met.
-Decision is based on merits of proposed development and impact on surrounding area.
question
Land use: Legal secondary suite
answer
Secondary suite that meet current land use bylaw requirements and are built in accordance to ABC and fire code requirements.
question
Land use: Illegal secondary suite
answer
Secondary suite that does not meet current land use bylaw requirements and/or built without property permits.
question
Land use: Non-conforming secondary suite
answer
Secondary suite that meets requirements that were in place when they were developed but do not meet the current requirements.
question
Building code requirements for secondary suites:
answer
-Minimum 1.85 meter ceiling height.
-Direct access to exit to outside(in the event of emergency). Door must be 1890mm high, not less than 810mm wide, permitted to swing inward.
-Landings (stairs) Not less than 860mm in length.
-One window/bedroom.
-Fire protection between suite and dwelling.
-Interconnected smoke alarms, carbon monoxide alarms between primary & secondary suites.
-Enclosed furnace room, with specified thickness fire code.
-Independent heating, ventilation and electrical panel.
-Direct access to exit to outside(in the event of emergency). Door must be 1890mm high, not less than 810mm wide, permitted to swing inward.
-Landings (stairs) Not less than 860mm in length.
-One window/bedroom.
-Fire protection between suite and dwelling.
-Interconnected smoke alarms, carbon monoxide alarms between primary & secondary suites.
-Enclosed furnace room, with specified thickness fire code.
-Independent heating, ventilation and electrical panel.
question
Subdivision
answer
Division of larger lot into two or more smaller lots. Each smaller lot granted own title, allowing it to be sold separately.
question
Intensification
answer
Change in use within same land use classification. Development of a residential property or site to higher of occupancy that currently exists.
question
Assemblage
answer
Purchase of contiguous lots by same buyer(s), with intent to create single larger site with enhanced development potential.
-Involves efforts to change applicable land use bylaws if it limits or restricts property owner's intended (re)development of the land.
-Involves efforts to change applicable land use bylaws if it limits or restricts property owner's intended (re)development of the land.
question
Densification
answer
Increased concentration of residents or jobs over particular land area.
-Involves increase to maximum allowable number of occupants in particular parcel of land relative to land use classification/district.
-Involves increase to maximum allowable number of occupants in particular parcel of land relative to land use classification/district.
question
Reclassification
answer
Change in land use for particular parcel of land.
-Process property owners seek to change residential land use to non-residential land use.
-Process property owners seek to change residential land use to non-residential land use.
question
Fee simple estate
answer
Highest form of private land ownership, includes most ownership rights.
-After rights of crown(government), closest to absolute ownership.
-AKA Freehold ownership
-After rights of crown(government), closest to absolute ownership.
-AKA Freehold ownership
question
Leasehold estate
answer
Land ownership via contract or lease between landlord and tenant.
-Gives right to exclusive use.
-Leases that last 3 years+: leasehold title obtainable, registering lease on property title.
-Gives right to exclusive use.
-Leases that last 3 years+: leasehold title obtainable, registering lease on property title.
question
Life estate
answer
Grants life interest to land, exclusive possession of the land(usually for life of the person).
-Life tenant controls the land during life time, defaults to assignee when deceased and changes to fee simple.
-Life tenant controls the land during life time, defaults to assignee when deceased and changes to fee simple.
question
Dower rights
answer
Grant certain property rights to untitled spouse (whose name is not on title).
-Life interest in property.
-Right to prevent disposal of property by titled spouse.
-Does not apply to common law relationships.
-Life interest in property.
-Right to prevent disposal of property by titled spouse.
-Does not apply to common law relationships.
question
Dower consent
answer
Agreement to specific disposition of a property, where untitled spouse provides agreement that is signed and executed by a lawyer.
question
Dower release
answer
Untitled spouse waives any dower rights by signing legal release that is executed by lawyer.
-Titled spouse is free to do with property as they wish.
-Titled spouse is free to do with property as they wish.
question
Joint tenancy: 4 conditions
answer
Joint tenants hold equal interest in a property, in the event of survivorship, the interests of the deceased will pass to surviving owner(s). 4 conditions must exist:
1. Time: Interests all received at the same time.
2. Title: Title obtained from same document.
3. Interest: Same type of ownership interests.
4. Possession: Undivided interest.
1. Time: Interests all received at the same time.
2. Title: Title obtained from same document.
3. Interest: Same type of ownership interests.
4. Possession: Undivided interest.
question
Tenancy in common
answer
Two or more property owners, with equal or unequal shares of the property.
-No rights of survivorship.
-No rights of survivorship.
question
Mirror principle
answer
When referring to a certificate of title that reflects accurately and completely the current facts about the title.
question
Curtain principle
answer
All current registered interests in land appear on certificate of title.
question
Insurance principle
answer
Government guarantees accuracy of every title.
-Indefeasibility of title: title is not subject to being annulled, voided or undone.
-Indefeasibility of title: title is not subject to being annulled, voided or undone.
question
Certificate of title: information shown
answer
-Land resignation district, LINC, short legal description.
-Title number, owners (name & addresses), fee simple.
-Instruments/other interests registered against title.
-Consideration paid for property.
-Municipality for property taxation/land use purposes.
-Reference number, ATS reference, total number of registered instruments.
-Title number, owners (name & addresses), fee simple.
-Instruments/other interests registered against title.
-Consideration paid for property.
-Municipality for property taxation/land use purposes.
-Reference number, ATS reference, total number of registered instruments.
question
Easements
answer
Right acquired by one party to use another party's land, allowing for shared or common use, typically for a specific purpose.
IE: overland drainage, access roads, maintenance access, parking rights, shared walkways.
IE: overland drainage, access roads, maintenance access, parking rights, shared walkways.
question
Utility right-of-way
answer
Common easement on most property titles; Provides access for utility installations or service points that cannot be altered, removed or blocked by property owner.
question
Conservation easement
answer
Voluntary easement between landowner and government agency; Limits amount and type of development that can occur on a landowner's property, to preserve ecological and/or natural portions of land.
question
Caveats
answer
Notice or warning that someone is claiming interest in the land.
-notice of claim, does not relate to validity of claim.
-notice of claim, does not relate to validity of claim.
question
Priority of registered interests on titles:
answer
1. Property taxes
2. Condominium fees
3. Mortgage(s), in the order of registration.
2. Condominium fees
3. Mortgage(s), in the order of registration.
question
SPIN 2 Search requirements (1 of 3)
answer
-Legal description of the land.
-Land identification number code (LINC)
-Title number for property
-Land identification number code (LINC)
-Title number for property
question
Real property reports (RPR)
answer
-Legal description/municipal address
-Dimensions, directions of boundaries, date of title search and survey.
-Certificate title number, registered owners.
-Location and dimensions of buildings relative to boundaries, improvements, rights-of-ways, encroachments, easements registered on title.
-Designation of adjacent properties, certification from land survey company, permit stamp (when applicable), parcel designations of adjoining lands.
-Areas of concern from land surveyor's perspective.
-Dimensions, directions of boundaries, date of title search and survey.
-Certificate title number, registered owners.
-Location and dimensions of buildings relative to boundaries, improvements, rights-of-ways, encroachments, easements registered on title.
-Designation of adjacent properties, certification from land survey company, permit stamp (when applicable), parcel designations of adjoining lands.
-Areas of concern from land surveyor's perspective.
question
Types of RPR (2)
answer
Current: Current status, as of date of report.
Existing: Status of property as of date it was prepared.
-updating is cheaper than preparing new one.
*Optionally Title insurance can be substituted if accepted by terms of transaction.
Existing: Status of property as of date it was prepared.
-updating is cheaper than preparing new one.
*Optionally Title insurance can be substituted if accepted by terms of transaction.
question
RPR & Municipal certificate of compliance
answer
Proves RPR is conforming to any standards set by municipal regulation.
question
Title insurance
answer
Protected the insured against losses as a result of title related/ some non-title related matters. Any defects or issues regarding property must be disclosed to insurer.
-Gap coverage, some lenders accept it in lieu of RPR.
-May facilitate some transaction when RPR is unavailable.
-Defends insured's interest.
-Gap coverage, some lenders accept it in lieu of RPR.
-May facilitate some transaction when RPR is unavailable.
-Defends insured's interest.
question
Advantages of current RPR + Municipal certificate stamp
answer
-Prevents unnecessary delays on closing transactions.
-Assures integrity of information through Land surveyor's liability insurance.
-Supports property's marketability.
-Assures integrity of information through Land surveyor's liability insurance.
-Supports property's marketability.
question
Phased development disclosure
answer
-Statement indicated development is in phases.
-Min/max # of units in entire project.
-Description of unit and common property in initial/subsequent phases.
-Basis for unit factor allocation.
-Extent developer will contribute to common expenses during development phases.
-Effect on owners' monthly contributions for administrative expenses and condominiums corporation's budget if future phase are not completed.
-Details of proposed appearance for each phase and compatibility with previous phases.
-Min/max # of units in entire project.
-Description of unit and common property in initial/subsequent phases.
-Basis for unit factor allocation.
-Extent developer will contribute to common expenses during development phases.
-Effect on owners' monthly contributions for administrative expenses and condominiums corporation's budget if future phase are not completed.
-Details of proposed appearance for each phase and compatibility with previous phases.
question
Processing seller's condominium documents
answer
1. Inventory documents received via seller, note date received.
2. Compare seller's documents to those needed for transaction
3. Determine what is required condominium documents, distinguish if documents are current, determine remaining necessary documents to facilitate sale.
4. Follow up with seller a request documents needed.
5.Read all condominium documents to know content.
6*. if bare land unit, advise the seller the need of current RPR for municipal compliance.
2. Compare seller's documents to those needed for transaction
3. Determine what is required condominium documents, distinguish if documents are current, determine remaining necessary documents to facilitate sale.
4. Follow up with seller a request documents needed.
5.Read all condominium documents to know content.
6*. if bare land unit, advise the seller the need of current RPR for municipal compliance.
question
Condominium additional data sheets (CADS)
answer
Provides the following important information:
-Short legal description of condo plan, registered name of condo corporation, name/address of property management or condo management company.
-Number of units in condo, Registered bylaws or changes to bylaws of condo corporation,
-Name of Board of directors, encumbrances, financial obligations, pending litigations.
-Total number of instruments registered against condo.
-Short legal description of condo plan, registered name of condo corporation, name/address of property management or condo management company.
-Number of units in condo, Registered bylaws or changes to bylaws of condo corporation,
-Name of Board of directors, encumbrances, financial obligations, pending litigations.
-Total number of instruments registered against condo.
question
Elements of a contract that make it valid:
answer
-Parties to contract must have legal capacity.
-Objective of contract must be lawful.
-Intent by parties to enter contract.
-Consideration for promises made.
-Parties are in agreement.
-Parties have all fact and use free will to give consent.
-Objective of contract must be lawful.
-Intent by parties to enter contract.
-Consideration for promises made.
-Parties are in agreement.
-Parties have all fact and use free will to give consent.
question
Consideration
answer
What each party to a contract receives in exchange for promised actions specified in contract.
-Must be of value, monetary, or an exchange of promises.
-Must be lawful.
-Contracts made under seal may still bind parties.
-Must be of value, monetary, or an exchange of promises.
-Must be lawful.
-Contracts made under seal may still bind parties.
question
Discharge of contracts - 5 common methods:
answer
Performance: The contract is fulfilled. Contract complete.
Mutual agreement: Both parties decide to end terms of contract, mutual agreement.
Frustration: is void because impossibility of performance.
Operation of law: purchase cannot proceed because bankruptcy or alteration without consent or if a brokerage ceases to be authorized by RECA.
Breach: One of the members of the party breaks or fails a obligation of the contract.
Mutual agreement: Both parties decide to end terms of contract, mutual agreement.
Frustration: is void because impossibility of performance.
Operation of law: purchase cannot proceed because bankruptcy or alteration without consent or if a brokerage ceases to be authorized by RECA.
Breach: One of the members of the party breaks or fails a obligation of the contract.
question
Quantum Meruit
answer
Reasonable pay for the injured party to breach of a contract that has already had obligations completed under it.
question
Specific performance
answer
Guilty party of the breach can be compelled to carry out their promise from order of a court.
question
Injunction
answer
Court mandated restrain to the offending party from performing an act.
question
Written service agreements: Benefits
answer
-Complies with regulatory requirements for service agreements.
-Identifies relationship between consumer and agent.
-Service provisions, arrangements and conditions.
-Responsibilities of parties.
-Discloses amount or method of calculating brokerage remuneration.
-Defines expiry date, provisions for termination, enhances professionalism.
-Transparency, enhances value of services provide.
-Identifies relationship between consumer and agent.
-Service provisions, arrangements and conditions.
-Responsibilities of parties.
-Discloses amount or method of calculating brokerage remuneration.
-Defines expiry date, provisions for termination, enhances professionalism.
-Transparency, enhances value of services provide.
question
Seller's market
answer
Demand > Supply
-Less listings, higher sale price, multiple offers, increase in property sales/pricing.
-Less listings, higher sale price, multiple offers, increase in property sales/pricing.
question
Buyer's market
answer
Supply > Demand
-More listings, Lower sale price, buyers can negotiate more, less offers, decrease in property sales/pricing
-More listings, Lower sale price, buyers can negotiate more, less offers, decrease in property sales/pricing
question
Balanced market
answer
Supply = Demand
-Equilibrium, stable sale prices, prices changes vary, stable and steady.
-Equilibrium, stable sale prices, prices changes vary, stable and steady.
question
Days on market (DOM)
answer
Average number of days a property is on open market and sold.
question
Sale price to list price ratio
answer
Average sale price of property percentage of their list price at time of sale.
question
Sales to new listing ratio
answer
Newly listed properties: number of sold properties over specified period.
question
Comparative market analysis process:
answer
1. Communicate with prospective client.
2. Conduct research on property.
3. View subject property.
4. Select comparable sales.
5. Make adjustments to comparable properties.
6. Determine value of subject property.
2. Conduct research on property.
3. View subject property.
4. Select comparable sales.
5. Make adjustments to comparable properties.
6. Determine value of subject property.
question
Sequence of CMA adjustments
answer
-Time of sale.
-Location of sold property.
-Physical characteristics comparable.
-Location of sold property.
-Physical characteristics comparable.
question
Adjustments to CMA
answer
Make adjustments to comparable property.
-For features missing from inferior properties (+)add
-For features subject properties missing (-) value.
-For features missing from inferior properties (+)add
-For features subject properties missing (-) value.
question
MRF calculation (used for single unit rental)
answer
=Value of property/monthly income
question
GIM calculation (used for smaller revenue properties, limited units)
answer
=Value/Annual gross income
question
Cash accounting
answer
Records cash when it is received and expenses when paid.
question
Accrual accounting
answer
Recognizes revenues and expenses when the transaction occurs.
question
Presentation order for CMA
answer
1. Sold properties.
2. Active properties.
3. Brokerage services.
2. Active properties.
3. Brokerage services.
question
Principle of substitution
answer
Pay no more for a property than the cost of acquiring a similar and equally desirable property in the market.
question
Principle of Highest and Best Use
answer
-How much of a net return you can get by building on the property?
-If the use is temporary, it would then be considered the Interim use
-If the use is temporary, it would then be considered the Interim use
question
Amortization
answer
The reduction of a loan balance through payments made over a period of time.
question
Amortization period
answer
The length of time it takes to repay a loan in full based on constant blended payments.
question
Mortgage
answer
Pledging of real property to a lender as security for a debt.
question
Character (mortgage)
answer
-Educational background.
-Professional experience.
-Length of employment at current job.
-Current residence.
-Professional experience.
-Length of employment at current job.
-Current residence.
question
Capital (mortgage)
answer
Amount of funds personally invested in a property.
-Borrower that invests their own capital in a property represents less risk.
-Borrower that invests their own capital in a property represents less risk.
question
Capacity (mortgage)
answer
Borrower's ability to repay all current debt obligation plus new mortgage.
-Calculated using Gross debt service ratio (GDS), total debt service ratio (TDS).
-Calculated using Gross debt service ratio (GDS), total debt service ratio (TDS).
question
Credit score analysis (mortgage) breakdown:
answer
-35% payment history.
-30% level of debt.
-15% length of credit history.
-10% frequency of new credit card inquiries.
-10% type of credit owned.
-30% level of debt.
-15% length of credit history.
-10% frequency of new credit card inquiries.
-10% type of credit owned.
question
Assumable mortgage
answer
Buyer takes on existing mortgage as part of purchase contract.
-May require a credit check etc.
-May require a credit check etc.
question
Vendor Take-Back Mortgage
answer
Property title is transferred to the buyer, who makes mortgage payments directly to the seller.
-Seller registers interest on title.
-AKA seller take-back mortgage.
-Seller is Mortgagee and buyer is mortgagor
-Seller registers interest on title.
-AKA seller take-back mortgage.
-Seller is Mortgagee and buyer is mortgagor
question
Agreement for Sale
answer
Seller allows buyer to finance the property, helps facilitate the sale when buyer cannot get financing for down payment.
-Buyer files caveat on title for interest.
-Seller remains as title owner until payment has been made in full.
-Buyer files caveat on title for interest.
-Seller remains as title owner until payment has been made in full.
question
Wraparound mortgage
answer
A mortgage that encompasses any existing mortgages and is subordinate to them.
-Borrower receives difference between original and new mortgage.
-AKA umbrella mortgage.
-Borrower receives difference between original and new mortgage.
-AKA umbrella mortgage.
question
Blanket mortgage
answer
A mortgage which covers more than one piece of real estate.
-Often used by a developer in the financing of undeveloped lots.
-Contains a partial release clause that stipulates payment as each lot sells.
-Often used by a developer in the financing of undeveloped lots.
-Contains a partial release clause that stipulates payment as each lot sells.
question
Participating mortgage
answer
Two or more lenders involved that have fractional equitable interests in the real property.
-Lenders capitalize on any increase of prices in the property without any responsibilities.
-Lenders capitalize on any increase of prices in the property without any responsibilities.
question
Real estate
answer
Raw land plus any improvements that are fixed/permanent.
question
Real property
answer
Land, permanent improvements and property rights that go with ownership of the land.
question
Reverse mortgage
answer
A loan based on the equity in a home, that provides elderly homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies.
question
Builder's loan
answer
Funding advance in intervals to a developer or builder to work on construction progresses.
-Funds are made available in intervals.
-Funds are made available in intervals.
question
Interim financing
answer
bridge or swing loan for short-term financing before a sale.
-Higher interest.
-Bridges the gap until long term financing is obtained.
-Higher interest.
-Bridges the gap until long term financing is obtained.
question
Conventional mortgage
answer
Loan that does not exceed 80% of the appraised value or price of purchase of the property, whichever is less.
-20% down payment required.
-High ratio = more than 80% loan.
-20% down payment required.
-High ratio = more than 80% loan.
question
Mortgage loan insurance
answer
-Canada mortgage and housing corporation (CMHC)
-Genworth Canada
-Canada Guaranty Mortgage Insurance Company (Canada Guaranty)
-Genworth Canada
-Canada Guaranty Mortgage Insurance Company (Canada Guaranty)
question
Priority of mortgage
answer
-Established by order of date it is registered against title of property at the LTO.
question
Postponement of mortgage
answer
-Lender agrees to maintain position of subsequent priority on title. Permits borrower to renew or replace an existing mortgage.
question
Assignment of mortgage
answer
The document used by a mortgagee to transfer the mortgagor to another company or person.
-Borrower does not have opportunity to contest sale of mortgage.
-Lender only has to notify that a sale of the mortgage took place.
-Borrower does not have opportunity to contest sale of mortgage.
-Lender only has to notify that a sale of the mortgage took place.
question
Unconfined aquifers
answer
Aquifer which has a upper boundary that is exposed directly to the atmosphere through an opening in the soil.
-AKA water table aquifers.
-Can be contaminated by surface waters.
-AKA water table aquifers.
-Can be contaminated by surface waters.
question
Confined aquifers
answer
Aquifer that lies between layers of impermeable material, causing it to be fully saturated with ground water.
-Pressurized because of confining layers.
-Pressurized because of confining layers.
question
Water quality tests for wells
answer
Bacteriological/chemical test
question
Well water quality
answer
Impacted by chemical/ Microbial / Sediment contamination
question
Water well performance test
answer
Yield tests, gallons/minute
question
Septic system maintenance
answer
-Performed annually to test working condition.
-Must be pumped out every 1-2 years.
-Must be pumped out every 1-2 years.
question
Signs of septic system failure
answer
-Sewage odors / backup / slow draining / nitrates or bacteria in water / lush green grass / buildup of weeds.
question
Rural Electrification Administration (REA)
answer
The administration that provided electricity for rural Canada; utility co-ops.
-non profit.
-non profit.
question
Representing sellers (rural)
answer
1. Obtain info about utilities/service providers.
2. Confirm any outstanding payments for installations cost from utility services.
3. Secure representations.
4. Document discussions/decisions and file to brokerage.
5. Take reasonable steps to determine facts about property.
6. Acquire relevant info about utilities and services to describe property.
2. Confirm any outstanding payments for installations cost from utility services.
3. Secure representations.
4. Document discussions/decisions and file to brokerage.
5. Take reasonable steps to determine facts about property.
6. Acquire relevant info about utilities and services to describe property.
question
Representing Buyers (rural)
answer
1. Educate about different types of utilities and services offered.
2. Look up any existing utility payments.
3. Look up current utility and service providers cost.
4. Look up any outstanding payments for utility/services.
2. Look up any existing utility payments.
3. Look up current utility and service providers cost.
4. Look up any outstanding payments for utility/services.
question
Alberta Township System Description
answer
Meridian/Range/Township/Section/Quarter Section/Legal Subdivision
ie. LSD1-17-42-1-W5 (subdivision 1, section17, township 42, range 1, west of 5th Meridian)
ie. LSD1-17-42-1-W5 (subdivision 1, section17, township 42, range 1, west of 5th Meridian)
question
Seller conditions
answer
-Relocation
-Seller purchase
-Lawyer review
-Dower
-Seller purchase
-Lawyer review
-Dower
question
Buyer conditions
answer
-Financing
-Property inspection
-Condominium document
-Another party's approval
-Relocation
-Property inspection
-Condominium document
-Another party's approval
-Relocation
question
Conveyancing
answer
act of transferring property title from one person to another.
-Respond to offers
-Accept/decline/expire/withdraw/counter.
-Respond to offers
-Accept/decline/expire/withdraw/counter.
question
Residential buying process:
answer
1. Pre-discussion with prospect.
2. Prepare presentation package
3. Present presentation package
4. Enter into service agreement.
5. Determine wants, needs, preferences, concerns.
6. Select properties, schedule showing, show.
7. Write, present, negotiate offers.
8. Finalize sale and help with closing process.
2. Prepare presentation package
3. Present presentation package
4. Enter into service agreement.
5. Determine wants, needs, preferences, concerns.
6. Select properties, schedule showing, show.
7. Write, present, negotiate offers.
8. Finalize sale and help with closing process.
question
Heating
answer
Main
-Forced air
-Hot water
-Radiant - hot water electric
-electric systems
*High efficiency vents out the buildings exterior wall.
-Forced air
-Hot water
-Radiant - hot water electric
-electric systems
*High efficiency vents out the buildings exterior wall.
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