Study guides, Class notes & Summaries

If you are unable to address these areas satisfactorily, you may need to conduct a further review with a lawyer or other third-party experts. Note: You may be asked to provide the lawyer (or third-party experts) with a verbal or written summary of the issue to address separately with the client. If after reviewing a commercial agreement of purchase and sale, your client still has areas they don't understand, what should you do? Standard business hours rather than setting the time per...

What is a contract? A legally binding agreement between two or more persons, competent at law to enter into such agreement, for consideration or value, to do or refrain from doing something lawful. True or false? An oral contract for the acquisition or disposition of any interest in the land is enforceable. False. Any contract in real estate is required to be in writing. When drafting a contract, what does The Statute of Frauds require? - Must be in writing to be enforceable by ...

Comparative Market Analysis What does CMA stand for? - The Appraisal Institute of Canada (AIC) - The Canadian National Association of Real Estate Appraisers What are the 2 organizations that designate appraisers in Canada? Canadian Residential Appraiser (CRA): - Qualified to undertake any valuation and consulting assignment on dwellings containing not more than 4 self-contained family housing units or on residential dwelling sites. Accredited Appraiser Canadian Institute (...

The side of the street that abuts or borders a public street or highway - except for waterfront properties which is considered the side that border the body of water. Define 'Frontage' The distance between the front and the rear lot lines. Define 'Lot Depth' The distance between the two side lot lines. Define 'Lot Width' The overall area of the lot. It can be stated in either square feet, square meters, hectares or acres. Define 'Lot Size' That which is wi...

- The effective date and expiry date of the agreement (can only be one expiry date) - The method for calculating commission or other remuneration payable to the brokerage (in the case of a seller, the amount payable) - How the commission or other remuneration will be paid - The services that the brokerage will provide under the agreement What 4 things must be specified on both representation and customer service agreements? The expiry date If the term of a representation or customer ...

Industrial buildings range from warehouses that are typically 25,000 to 100,000 square feet, to a ________________________. 7500 acre oil refinery What 3 categories are industrial properties divided into? - General Purpose - Special Purpose - Single Purpose Industrial properties are typically constructed with ____________________________, or a combination. Concrete block, poured concrete, steel Block buildings, often with _________ facing on the front and two sides, are...

Humber Real Estate - Course 1, Module 4| 94 questions and answers.

- Attend a listing or offer presentation in a support role with a salesperson (i.e. taking photos or measuring rooms) - Set up listing files, complete marketing sheets, submit listings & changes to the MLS - Witness a seller or buyer signature - Schedule appts for a broker / salesperson - Draft offers based on directions of a broker / salesperson - Provide listing info to consumers (i.e. a flyer) - Prepare promo material or place "For Sale" or "Sold" sign on property - Install lockbox...

Define 'Estate' An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? Air rights What type of rights would be required to build on a parcel of land? Surface (or ground level) rights What type of rights manage the property owner's access to and use water, and are often encountered i...

The relationship between two parties in which one party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. Under Ontario law, how is an 'agency relationship' defined? Client & Customer While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? The Common Law of Agency The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? Some...