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BC REAL ESTATE ACTUAL QUESTIONS AND ANSWERS 100% VERIFIED | SCORED A+ | (NEW VERSION 2025)
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BC REAL ESTATE ACTUAL QUESTIONS AND ANSWERS 100% VERIFIED | SCORED A+ | (NEW VERSION 2025)
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BC REAL ESTATE ACTUAL QUESTIONS ANDANSWERS 100% VERIFIED | SCORED A+ |
(NEW VERSION 2025)
The immobility of real property means that land is subject to external effects
known as? - ANSWER Externalities
True or false? The major concern of the real estate services act is the protection of
the public - ANSWER True
Immobility - ANSWER Is responsible for the local nature of real property
markets
The British Columbia Real Estate Association (BCREA) is an example of a what
organization? - ANSWER A Voluntary organization
Real estate council of British Columbia - ANSWER Is responsible for the
licensing of real estate service providers and the general protection of the public
What is an example of a statuatory Real Estate organization? - ANSWER The
real estate council of BC
When considering the durability of structures, it is important to distinguish
between the ———- life and the ——- life of the structure - ANSWER When
considering the durability of structures, it is important to distinguish between the
PHYSICAL life and the ECONOMIC life of the structure
,True or false?
BCREA only attempts to address concerns that affect members in a particular
geographic location within province - ANSWER FALSE
True or False?
The ownership of a single parcel of real estate may be divided both physically and
legally - ANSWER True
Fee Simple Interest - ANSWER Greatest bundle of rights and responsibilities
that an individual can hold in land in BC
Civil Resolution Tribunal - ANSWER Tasked with resolving all strata corporation
disputes and certain small claims disputes
True or False?
Small claims disputes for
$5,000 or less relating to debt or damages,recovery of personal property, personal
injury or specific performance of agreements involving personal property or
services must be submitted to the Civil Resolution Tribunal - ANSWER True
True or False?
Parties to civil Resolution Tribunal strata dispute can appeal decision to Supreme
Court - ANSWER True
,Where civil wrong is committed, a person may initiate an action in BC Supreme
Court by filing what? - ANSWER Notice of civil claim
Injunction - ANSWER Court order which either restrains a party from doing
something or requires a party to do something
Common law - ANSWER System of law made up of principles and rules of
ancient customs and usages of the people of a nation which have been
recognized, affirmed or enforced by the courts
What are the 3 potential phases involved in settling disputes through Civil
Resolution Tribunal? - ANSWER 1) Negotiation
2) Facilitation
3)Adjudication
True or False?
Small claims court is NOT an appellate court? - ANSWER True
Equity - ANSWER In law, equity denotes the spirit and habits of fairness,
justness, and right dealing which would regulate interaction between people
stare decisis - ANSWER "Let the former decision stand"
Refers to the following of prior decisions when the facts are substantially the same
True or False?
Small claims deals with $35,000 or less? - ANSWER True
, Private law - ANSWER Type of law that deals with disputes between 2 or more
individuals
What are the 2 types of discovery? - ANSWER 1) Examinations for discovery
2) Discovery of documents
True or false?
BC Supreme Court can appeal decisions to the BC court of appeal - ANSWER
True
Life Estate Pur Autre Vie - ANSWER Form of life Estate where length of estate is
measured against the life of another person
limitation period - ANSWER Prescribed period of time in which a person has a
right to bring an action
True or False?
Exemptions from licensing under the real estate services act are located in the act
itself, the regulations and the rules - ANSWER True
disclosure statement - ANSWER Document, prepared by the developer of a
development property in accordance with the Real Estate Development marketing
act, to ensure that investors or purchasers receive adequate information upon
which to base a purchase of a development unit in BC.
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