Humber real estate stuvia - Study guides, Class notes & Summaries

Humber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate NegotiationsHumber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate NegotiationsHumber Real Estate - Course 2, Module 4, Factors Impacting Residential Real Estate Negotiations A 'Patent Defect' is observable by the untrained eye. A 'Latent Defect' is not readily observable to the untrained eye during the reasonable inspection of a property. - ANSWER-What is the difference betwe...

Real Estate and Business Brokers Act (REBBA) - ANSWER-- regulates real estate trading - Ministry of Government & Consumer Services is responsible for it - RECO enforces it - provides a framework for the regulation of the profession to protect consumers & ensure integrity of interactions is upheld REBBA Code of Ethics - ANSWER-- objective is to protect sellers & buyers by outlining standards to be upheld during all real estate activities - Fairness & Honesty - Conscientious & Competent Se...

- Zoning - the highest and best use should conform with the zoning, unless there is a probable and imminent prospect that the zoning will change or be amended to accommodate the highest or best use estimate not currently legal - Physical possibility of the proposed use in relation to factors such as the size or shape of the lot, soil condition, water drainage, etc. - The demand for the proposed use along with its economic and financial feasibility - Answer What are 3 key factors that an ap...

Yes, to ensure the property is protected. - Answer Is it mandatory to be present at any third-party inspections at the home? - A buyer representation agreement or a buyer customer service agreement - The accepted agreement of purchase and sale - The FINTRAC form for identification verification and Receipt of Funds for the deposit - Answer At the time an offer is accepted, what documents must be provided to the brokerage? The conditions are historical evidence of the progress of the p...

- Attend a listing or offer presentation in a support role with a salesperson (i.e. taking photos or measuring rooms) - Set up listing files, complete marketing sheets, submit listings & changes to the MLS - Witness a seller or buyer signature - Schedule appts for a broker / salesperson - Draft offers based on directions of a broker / salesperson - Provide listing info to consumers (i.e. a flyer) - Prepare promo material or place "For Sale" or "Sold" sign on property - Install lockbox...

Real Estate and Business Brokers Act (REBBA) - Answer - regulates real estate trading - Ministry of Government & Consumer Services is responsible for it - RECO enforces it - provides a framework for the regulation of the profession to protect consumers & ensure integrity of interactions is upheld REBBA Code of Ethics - Answer - objective is to protect sellers & buyers by outlining standards to be upheld during all real estate activities - Fairness & Honesty - Conscientious & Competent Se...

Comparative Market Analysis - Answer What does CMA stand for? - The Appraisal Institute of Canada (AIC) - The Canadian National Association of Real Estate Appraisers - Answer What are the 2 organizations that designate appraisers in Canada? Canadian Residential Appraiser (CRA): - Qualified to undertake any valuation and consulting assignment on dwellings containing not more than 4 self-contained family housing units or on residential dwelling sites. Accredited Appraiser Canadian Ins...

Define 'Estate' - ANSWER-An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? - ANSWER-Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? - ANSWER-Air rights What type of rights would be required to build on a parcel of land? - ANSWER-Surface (or ground level) rights What type of rights manage the property owner's access to and use water, and are oft...

A sign back. - Answer A counter offer is also known as what? - Offer date - Irrevocable - Expiry of conditions - conditional date - Requisition - title search date - Completion or closing date Note: The order of these dates does not follow the order on the agreement of purchase and sale. Using this chronological order will help you to determine when different activities must occur for the transaction to be successful. - Answer An offer plan should itemize what dates in chronological or...

What are the 2 types of offices a brokerage can have? - ANSWER-- Main brokerage office - Branch office Does every branch office require a Broker of Record? - ANSWER-No. Only 1 Broker of Record is required for the main office only. Each branch office is assigned its own Branch Manager to provide supervision, compliance with REBBA & handle all record management. When a brokerage has a property for sale, what is the brokerage identified as? - ANSWER-The listing brokerage When a brokerag...