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OACIQ Exam preparation set Questions With Complete Solutions
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OACIQ Exam preparation set Questions With Complete Solutions
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OACIQ Exam preparation set Questions With CompleteSolutions
BCS and DS - Which should you complete first? Correct
Answer Always complete the DS first!
You then Annex the DS to BCS.
Clients are going through a divorce? Correct Answer Ask for
copy of judgement to verify if there are any instructions on how
to sell immovable.
Common-law spouses? Who signs? Correct Answer Common-
law couples are considered to be single as per CcQ, therefore the
signature of the non-owner common law spouse is not required!
Company sells immovable? Who signs? Correct Answer -the
name of the seller is the name of the company
-the name of the representative is the person authorized to sell
and is listed in the Resolution of the Company.
Cracks in foundation? What to do? Correct Answer
Recommend a building inspection of the property to determine
if an expert is required for further inspection. Include as a
condition in PP.
Divided co-ownership (CONDO) Correct Answer One person
holds the rights of a fraction of an immovable and a share of
common parts.
-Requires declaration of co-ownership
,-Requires Request for information of the Syndicate of Co-
ownership form to be completed for add. info on contingency
funds, minutes of meetings, etc. (5 years)
-Require certificate of location
-Deed of Sale
*Always ask Syndicate to install sign - seller has to do this.
*Inform seller that there could be a fee to request docs from
syndicate, if he doesn't agree to pay he is responsible, so worth
paying.
RIS form annexed to PP, not BCD
DS - Clause D 2.6. - What to include in D14 section? Correct
Answer Immovable affected by:
-hypothecs : include bank info and hypothec registry #
-servitudes: include registry # and description
-other real rights: right of way, cultural property, etc.
*Servitudes only count if published and have a #.
-verify deed of sale, deed of loan, certificate of location
Declarations in D.14 must be explained and all related
documents attached.
E-t-V? Correct Answer Equity (down payment) to Value (sale
price)
E
V x 100
,20,000
480,000 x 100 = 5%
Only 5% down means that this loan requires an insurance
premium with CMHC.
EBC is between? PP is between? Correct Answer ECB =
between the broker and the seller
PP = between the seller and the buyer
Fraction divisions in a CONDO? Correct Answer -Cadastral
description of private portion seller owns
-# of parking spaces/indoor/outdoor
-Cadastral description of common portions (shared)
-Include these details in MLS
Refer to the following 3 documents:
-Certificate of location-
-Deed of Sale
-Declaration of co-ownership
GDS Ratios Correct Answer GDS = 32%
TDS = 40%
GDS = Payment + taxes + heating x 100
gross salary
TDS = Payment + taxes + heating + other debts x 100
gross salary
, *payment is the mortgage payment you calculate using the sale
price of property.
Example:
P\Y = 12 C\Y = 2
N=240 (20x12)
I=6.5%
PV= +/- 185,000
CPT PMT= 1,369.93 x 12 = 16,439.16
GDS = 16,439.16 + 3,700 + 1,800 x 100 = 28.13%
78,000
TDS = 16,439.16 + 3,700 + 1,800 + 4,227.36 x 100
78,000
= 33.55%
To calculate car loan of $4,227.36?
N=48 payments
I=6%
PV= +/- 15,000
CPT PMT= 352.28 x 12 = 4,227.36
House inspections? Correct Answer Give 5-10 days for
inspections
Buyer can waive his right to inspect property
If buyer is satisfied with condition, let delay expiry and it will
become auto-accept clause.
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