Academicmaterials

common reasons to renegotiate - CORRECT ANSWER-1. timeline for conditions 2. Inspection issues 3. Appraisal issues Conveyancing - CORRECT ANSWER-Process of transfer of property from one party to another privacy principles - CORRECT ANSWER-1. accountability 2. identify purposes 3. Consent 4. limiting collection 5. accuracy 6. limiting use, disclosure 7. safe guards 8. openness 10. individual access Opt-out consent - CORRECT ANSWER-organization presents an opportunity for an individ...

Principle of progression - CORRECT ANSWER-when properties is the same area are dissimilar, the property with lesser value will be enhanced in the value by its close proximity properties of greater value Property of regression - CORRECT ANSWER-When properties in the same area are dissimilar, the great value will be adversely affected in value buyers market - CORRECT ANSWER-occurs when market supply is strong and buyer demand is weak. property prices tend to increase sellers market - CORREC...

Material laten defect - CORRECT ANSWER-refers to physical defect known to the seller or real estate licensee that is not easily discoverable through a reasonable inspection common mistakes - CORRECT ANSWER-involves both parties misunderstanding a fact the same way mutual mistakes - CORRECT ANSWER-each party makes a mistake but each of their mistakes relates to something different int he contract Unilateral mistakes - CORRECT ANSWER-one party makes a mistake which the other party knows to...

bilateral relationships - CORRECT ANSWER-Legally enforceable in which the parties to the contract are bound by their exchange of mutaul promises Unilateral relationships - CORRECT ANSWER-Legally enforceable in which only one party makes an obligation to preform an act or promise without receiving anything in return fulfillment of contractual obligations - CORRECT ANSWER-Executory and executed executory - CORRECT ANSWER-where one or more obligations by the party has yet to be completed or ...

contract - CORRECT ANSWER-binding agreement, enforceable by court between two or more persons, competent at law for consideration or value to do or refrain from doing some lawful and genuinely intended act method of create contract - CORRECT ANSWER-.express contract .implied contract relationship between contracting parties - CORRECT ANSWER-bilateral contract unilateral contract fulfilment of contracted obligations - CORRECT ANSWER-.executory contract .executed contract doctrine of est...

nduring Power of Attorney - CORRECT ANSWER--Makes financial and legal decisions on behalf of the donor upon the following: 1- Immediately upon it being dated, signed, and witnessed, and continues if the donor becomes incapable of his/her financial and legal affairs 2- When the donor becomes mentally incapacitated 3- When some other event specified by the donor occurs, sometimes referred to as a Springing POA. *In order for the POA to be enduring, it must state whether it is to take effect...

client - CORRECT ANSWER-individual or organization entered into service agreement with real estate professional confidential information - CORRECT ANSWER-real estate needs motivation financial ability disclosure - CORRECT ANSWER-.existing representative relationship .service to be supplied .conflicts of interest .additional facts or information real estate relationship - CORRECT ANSWER-.non-representative relationship .presentative relationship customer - CORRECT ANSWER-individual or ...

What does performance of the agreement refer to? - CORRECT ANSWERPerformance refers to the fact that the services were provided, a buyer was found and the seller's property was sold. What should a REP do if a seller has ended a service agreement and they suspect that the seller is trying to do a private sale (avoid paying the REP) - CORRECT ANSWERAlert the broker of this matter. The service agreement is actually between the broker and the seller. It is the brokerage that would pursue any...

Hearing panel - CORRECT ANSWER-Includes a minimum of 3 individuals, one of whom is a board member. Has many powers of the court. appeal - CORRECT ANSWER-A licensee or the registrar may appeal the hearing panel decision to an appeal panel. Must be served within 30 days of the notice containing the decision of the hearing panel. Appeal to the court - CORRECT ANSWER-Either the licensee or the registrar may appeal the appeal panel's decision. Must be served within 30 days of receipt of the ...

2 options if REP cannot provide competent service to a client - CORRECT ANSWERBe Supervised, Refer To determine if a REP has met the standard of care in a given situation, an objective review of all facts is performed. 3 measures to determine if that has been met. - CORRECT ANSWER-Professional Standards, Professional Norms and Practices, Expert Testimony "Expert Testimony" Meaning - CORRECT ANSWER-Other real estate professionals, or experts, may provide information as to the expectat...

unique - CORRECT ANSWER-characteristic that identifies parcel of land as being different from one another private - CORRECT ANSWER-characteristic that identifies how real estate transactions are conducted between a buyer and seller standardized - CORRECT ANSWER-characteristic that identifies the inability to market properties for all areas of real estate in a universal approach local - CORRECT ANSWER-characteristic that identifies real estate transactions as occurring in a defined area b...

Discounted Cash Flow (DCF) Analysis - CORRECT ANSWER-Forecasting the cash flows a real estate asset will generate and discounting those cash ows to determine their current value. Discounting - CORRECT ANSWER-The process of converting future sums into present value. Discounting and compounding represent the foundation for assessing the time value of money. In real estate, most emphasis is placed on discounting, given the frequent need to compare and value investment properties based on f...

where there has been direct, voluntary two-way communication) 3. Responding to requests 4. Enforcing a Legal Right (satisfy legal obligations or to enforce or provide notice of existing or pending legal rights or actions) 4 Points on the requirements for third-party referrals - CORRECT ANSWER-1. Consent requirements to do not apply to the first CEM sent 2. The identification and unsubscribe mechanism must be included 3. the CEM must disclose the full name of the individual(s) who made the ...

Tia, who rents an apartment, wants to buy a townhouse, but does not earn enough money to qualify for the mortgage. Her uncle agrees to provide an employment verification letter stating that she works at his store part-time. Using this letter, Tia obtains the mortgage and buys the townhouse. - CORRECT ANSWER-tia committed mortgage fraud because she fully intends to make the mortgage payments Which of the following statements regarding mortgage fraud is NOT correct? - CORRECT ANSWER-Mortgage...

What does the Estoppel relationship look like? - CORRECT ANSWER-when a principal acts in a way that leads a third party to believe that an agent has been given authority on behalf of the principal when they haven't. What is a PRINCIPAL and what is the relationship that an agent has with them? - CORRECT ANSWER-A principal is a customer that is a client of another brokerage. What are three times when real estate professionals can be held liable for their actions? - CORRECT ANSWER-- when t...

What is the licensee's role in reducing mortgage fraud? - CORRECT ANSWER-To identify and report any questionable or suspicious transactions Explanation The licensee's role in reducing mortgage fraud is to be aware of how mortgage fraud is perpetrated, as well as identifying and reporting any questionable or suspicious transactions that industry professionals may encounter in their day-to-day business practice. What type of obligations does a mortgage brokerage have when representing...

WHMIS - CORRECT ANSWER--National hazard communication system, safe use and storage of controlled products in workplace. -Requires labels, material safety data sheets (MSDS), and education/training. Titled parking stall - CORRECT ANSWER-Illustrated as solid, bold lines -Sold with unit, described in purchase contract. Exclusive use parking stall - CORRECT ANSWER-Illustrated with dashed lines or not differentiated from common. -Sold with unit, described in purchase contract. Assigned parkin...

What are cantilevers? - CORRECT ANSWER-(1) Bracket used to support an extended eave or cornice on the inside of a house. (2) Truss or beam projection beyond it's base and supported by its strength and rigidity, such as a balcony. Can you round numbers when using the RMS? - CORRECT ANSWER-Yes, but you must report area to the nearest 0.1 of a square metre or nearest square ft. The RMS allows for a total of 2% in accuracy for the property What is a bungalow? - CORRECT ANSWER-The house is s...

Which of the following types of authority involve describing (orally or in writing) the actions that may be taken by an agent on behalf of a principal? - CORRECT ANSWERExpress Authority Which of the following describes the party that exists outside of a representation relationship? - CORRECT ANSWER-Third Party Which of the following is NOT a type of authority an agent may hold? - CORRECT ANSWER-Functional Authority Which of the following are the only entities authorized to trade in real es...

What's included in written service agreements? - CORRECT ANSWER-- the services to be provided by the brokerage - the responsibilities of each party to the agreement (i.e. remuneration from client to brokerage) - the names of the parties to the agreement Failure to immediately notify Executive Director of changes to information provided in support of license results in: - CORRECT ANSWER-- Exec. Director may refer the matter for a professional conduct review - Exec. Director may suspend...