UBC REAL ESTATE MISSED TERMS Correctly Answered.
retained earnings: - CORRECT ANSWERretained earnings is the company's total accumulated profits less any dividends paid since incorporation
The owner of an interest in real property that is located in British Columbia always has: - CORRECT ANSW...
UBC REAL ESTATE MISSED TERMS
Correctly Answered.
retained earnings: - CORRECT ANSWERretained earnings is the company's total accumulated profits less
any dividends paid since incorporation
The owner of an interest in real property that is located in British Columbia always has: - CORRECT
ANSWERcommon law rights as modified by legislation; because real property ownership in British
Columbia is based on English common law property rights as modified by legislation such as the
Property Law Act and the Land Title Act.
ALSO, owners of real property in fee simple must still abide by various common law restrictions as well
as legislative restrictions (e.g., municipalities have the power to regulate subdivision).
Which of the following would NOT be included in a statement of profit and loss? Depreciation - Current
Liabilities - Rental Revenue - Interest on Mortgage - CORRECT ANSWERcurrent liabilities are only listed
on the balance sheet. They would not show up on the statement of profit and loss, which is also known
as the income statement.
What can be found on an income statement? - CORRECT ANSWERthe income statement shows revenues
and expenses, such as depreciation, rental revenue, and interest expense on a mortgage
A seller refuses to acknowledge the waiver (claim) of a condition precedent from a contract of purchase
and sale. Assuming that the condition was made exclusively for the benefit of the buyer and the waiver
was made prior to the expiry of the condition precedent, the agreement is: - CORRECT ANSWERBINDING
(valid and enforceable to both parties)
*because section 54 of the Law and Equity Act provides that "where a condition precedent is for the sole
benefit of the buyer, the buyer is allowed to unilaterally waive the condition prior to its expiration"
Section 54 overrides the common law rule preventing the unilateral waiver of a true condition
precedent
, A mortgage broker has helped you set up a mortgage loan. The loan is for $350,000 at an interest rate of
j12 = 4.75% and a 20-year amortization. The loan calls for monthly payments of $2,262 over a 2-year
term with $327,975.95 owing at the end of 2 years. If the lender pays the broker a fee of 2% of the funds
advanced, what is the yield to lender, expressed as an effective annual rate (j1), rounded to two decimal
places. - CORRECT ANSWER
CCA rules for the year the asset is purchased and the year it is disposed, bonus: who determines CCA %
Rate? - CORRECT ANSWEROnly one-half of the maximum allowable CCA may be claimed on an asset in
the year the asset is purchased.
No CCA may be claimed in the year of the asset's disposal.
The CRA
In British Columbia, a lender who holds a mortgage registered as a charge on an otherwise clear title to a
borrower's land has - CORRECT ANSWERan interest in land that provides security for the loan.
three elements required for a successful negligence claim: - CORRECT ANSWER(1) owed a duty of care
(2) breached the standard of care
(3) that the damage was reasonably foreseeable
section 4 of the Real Estate Services Actstipulates that if an agent is unlicensed at the time real estate
services were provided, - CORRECT ANSWERhe or she cannot bring a court action to collect commission
A bylaw that is passed by a strata corporation cannot be enforced against a strata lot owner unless or
until - CORRECT ANSWERit has been filed in the appropriate land title office:
a strata corporation may amend the Standard Bylaws in the Strata Property Act by creating a new
custom-made bylaw, but they may not enforce such a bylaw until it has been filed at the land title office
rental restriction bylaws do not apply to strata units for how long? what if there is a tenant? - CORRECT
ANSWERDo not apply for one full year following the strata bylaws passage or, if there is a tenant in a
strata lot on the day the new bylaw is passed, the one-year grace period only begins on the day the
tenant vacates the strata lot.
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