Brainarium

providing services relationship - ️️- the party is a customer who is receiving services from a brokerage (e.g., get info on a house for sale but represent themselves) - brokerage must treat party with fairness, honesty, and ensure any info provided is accurate - no fiduciary obligations real estate - ️️typically refers solely to the tangible aspects of a property, the land and improvements Real Estate and Business Brokers Act (REBBA) - ️️- regulates real estate trading - Mini...

In commercial transactions, how are deposits usually paid? - Answer-Via certified cheque or e-transfer in trust to the listing brokerage or to the seller's lawyer. The buyer may request the deposit be placed into an _____________________. This requirement would also be specified in the agreement. - Answer-Interest-bearing trust account A ________________________________ between seller and buyer may also be required because of the proprietary and personal nature of the information provid...

Is there a When the offer accepted, but is conditional upon an event (such as the buyer obtaining financing), the offer is referred to as what? - ️️An accepted, conditional offer When the offer is a legal, binding contract, it's called what? - ️️An agreement What information about the seller, buyer and property are included in the agreement of purchase and sale? - ️️- Full legal names of the sellers and buyers - Municipal address and complete legal description - Purchase pr...

When documenting listing information, you cannot include any information that cannot be verified by ________ ________. - ️️Source documents To advertise a property after a sale is completed, do you need written consent? - ️️Yes. The original consent only extends until the time the property is sold. Depending on when the advertising takes place and the content of the advertisement, consent must be obtained from the seller, the buyer or both parties. Before the sale, the seller. Afte...

What are some signs of improper attic venting systems? - ️️- Snow melting unevenly in the winter - Curled or cracked shingles - Mould or mildew inside the attic - Rusy nails - Insulation that is wet or compressed List the most common residential roof finishing materials. - ️️- Asphalt shingles - Metal - Wood shingles and shakes - Slate (a premium roofing material but can be easily damaged and they're heavy so the support system must be reinforced - have a utility period of 6...

What is an 'Implied Agreement'? - Answer-An agreement created by the words and actions of one party, which leads the other party to believe there is an agency relationship when no formal acknowledgement of the relationship exists. What are the 3 recognized forms of 'Agreement'? - Answer-Written, verbal & implied Under common law (not REBBA), what are the 3 ways an agreement can be formed? - Answer-- By ratification - By estoppel - By operation of law Define an agency relation...

What Act sets out requirements for the establishment of survey items (i.e. lines, boundaries & corners)? - ️️The Surveys Act According to The Association of Ontario Land Surveyors, what are the 4 components of a survey? - ️️- Research (info available re: legal description, easements, etc.) - Measurement - Monumentation (physical markers/posts located at regular intervals around the property boundary) - Plan and/or Report Surveyors in Ontario are subject to what Acts? - ️️- Th...

A borrower on an adjustable rate product must be notified of the first rate change within___. A. 25 days of the B. 30 days of the change C. One calendar month D. No notice required - ️️A A borrower's appraised value is $750,000. What is the required title insurance amount? A. $750,000 B. $525,000 C. $625,500 D. Not enough information to answer the question - ️️A Mr. Butcavage lost his mortgage statement. Who should he call to find out what his mortgage balance? A. His mor...

n 2015 the Birch Company had gross income of $163,000, a bad debt deduction of $5000, and other allowable deductions of $58500. Birch uses the accrual method of accounting and the specific charge-off method for bad debts. In 2016, Birch recovered $1600 of the bad debt that had been deducted in 2015. What portion of the bad debt recovery should be included in Birch's income for 2016? A. $0 B. $1600 C. $3400 D. $5000 - ️️B In 2016 Charlie purchased a lease on an office building for...

How do calculate the deduction for self-employment health insurance? - ️️Income -50% deduction for self-employment taxes -any retirement contributions to SEP-IRA, SIMPLE-IRA or Keogh plan =Allowable deduction for health insurance expenses You cannot claim this deduction if you are reporting a loss but you can itemize the expenses on Schedule A (limited by 7.5% AGI) How do you calculate the amount a self-employed person is allowed to deduct for health insurance? - ️️SE income - 50%...

An organization must meet the standard of care that it owes to others in order to ensure that Select one: A. Legal obligations are satisfied. B. Operations are efficient. C. Contracts are not breached. D. Post-loss goals are in place. - Answer-A. Legal obligations are satisfied. An organization's responsibility to its stakeholders and society to consider the consequences of its actions on all stakeholders and to protect the welfare of society overall - Answer-Social Responsibility a...

Which one of the following statements is true regarding the basic measures that apply to risk management? - Answer-consequences measure the degree to which an occurrence could positively or negatively affect an organization A relationship between variables. - Answer-correlation A risk that affects only some individuals, businesses, or small groups. - Answerdiversifiable risk A system or process that an organization uses to achieve its operational goals, internal and external financial repo...

Attitudes, policies, and practices that are destructive to other cultures and their members are examples of lack of cultural _______. A) blindness B)competence C) destructiveness D) incapacity - Answer-B)competence The concept of informed consent requires that before agreeing to accept treatment, clients should know their rights and obligations, therapeutic goals, fees for services, and__________. A) availability of referral services B) community resources to be used C) with whom they...

AUDIT - Answer-The Alcohol Use Disorders Identification Test (AUDIT) can detect alcohol problems experienced in the last year. A score of 8+ on the AUDIT generally indicates harmful or hazardous drinking. Questions 1-8 = 0, 1, 2, 3, or 4 points. Questions 9 and 10 are scored 0, 2, or 4 only. CAGE - Answer-The CAGE can identify alcohol problems over the lifetime. Two positive responses are considered a positive test and indicate further assessment is warranted. Common side effects of SSRIs ...

A life insurance policy provision that allows coverage to continue even if the premium is not paid on time is known as the - ️️grace period. A life insurance policy that has a flexible premium and allows the policyowner to selfdirect their cash values into equities is known as - ️️variable/universal life. A life insurance policy that has been surrendered for cash - ️️may not be reinstated. A life insurance policy that invests its cash values in equities is known as - ️️vari...

How long to you have to protest the denial of your Enrolled Agent Application? - ️️You must write a formal written protest as prescribed by the Internal Revenue Service within 30 days after receipt of the denial. How many accounts and what kind of accounts can a refund be directly deposited into? - ️️The refund can be split in up to three qualified accounts. Qualified accounts include checking, savings, IRA, HSA, Archer MSA, Coverdell education savings account or TreasuryDirect onl...

A gonioscopy is an examination of what part of the eye: a. Posterior segment b. Interior surface of the eye c. Anterior chamber of the eye d. Lacrimal duct - ️️c. Anterior chamber of the eye A patient has the diagnosis of diabetes and gangrene and osteomyelitis; which of the following is most TRUE? A. Conditions listed with a diagnosis of diabetes or in a diabetic patient are usually complications of the diabetes. B. Diabetes can have a causal relationship to these conditions. C. T...

Business continuity is designed to meet both the primary risk management program post-loss goal of continuity of operation and the Choose one answer. A. Post-loss goal of growth. B. Post-loss goal of survival. C. Pre-loss goal of economy of operations. D. Pre-loss goal of social responsibility. - ️️B. Post-loss goal of survival. Business continuity management is primarily designed to meet which one of the following risk management goals? Choose one answer. A. Survival B. Tolerable...

Damages - Answer-money claimed by, or a monetary award to, a party who has suffered loss or injury for which another party is legally responsible Declarations page - Answer-an insurance policy information page or pages providing specific details about the insured and the subject of the insurance Deductible - Answer-a portion of a covered loss that is not paid by an insurer Depreciation - Answer-the reduction in value caused by the physical wear and tear or technological or economic obsoles...