Real Estate Exam 1 Flashcards

Real Estate Exam 1 Flashcards Involve the right to enter or use land for the purpose of removing minerals on or beneath it.Mineral Rights A common elements condo corporation has no units (true or false) True Commission is paid to a brokerage as compensation for the service provided on the sale or lease of a property.Commission agreements Term used when a brokerage represents a seller or a buyer as a client. An agency relationship can be created in a number of ways such as a written or a verbal agreement.However, the Code of Ethics requires that a registrant must reduce a verbal representation agreement with a seller or a buyer to writing at the earliest practical opportunity and before any offer is made, have it signed on behalf of the brokerage and submit it to the seller or the buyer for a signature Representation Agreement Can be a source of confusion or litigationYou will need a clear understanding of the exact location of the mutual driveway and whether or not there have been any misunderstandings or disputes with the drive Mutual Shared Driveway Implies an agency relationship has been established between two parties. An agency relationship places both regulatory and fiduciary obligations on the brokerage.Fiduciary obligations generally require the brokerage to be loyal, not disclose confidential information, and promote and protect the seller or buyers best interests.Representation The term "Mortgagee" is used to identify the lender when the title is registered under the Registry Act. The term "chargee" is used when the title is registered under the Land Titles Act.The lender is the one to whom property is given as security for the payment of a mortgage debt Lender Involves the acquisition of private property by the government for the public's best interest and use with fair compensation to the owner. This is done by the government exercising the right to eminent domain. There is a process in place to permit a landowner to object to the expropriation and/or the amount of compensation being offered.Expropriation Takes reasonable steps to deal with any failure to comply with the Act or Regulations by any registrant or other person in the branch Branch Manager

A standard condo is an example of co-operative ownership (true or false) False Merge, Release, Ceasing of PurposeEasement Termination Fixtures (personal property) are securely attached - used permanently - to a property and are to remain upon the sale of the property. If a seller wants to retain any fixture, the agreement of purchase and sale should identify the item(s) as excluded.Fixtures Hosting an open house for another salesperson (trading not trading) Trading Refer to any right of land that is not mining rights. A --- holder is an individual who owns rights to land which do not include the mineral rights. The owner(s) can be identified by performing a title search at a land registry office Surface Rights The interest of a deceased owner does not pass to the survivor but is treated as an asset of the deceased's estateOne unity (possession) and there is no survivorship Tenants in Common The date where transfer of ownership is completed between the seller and the buyer is referred to as the "completion date". This date is specified in an agreement of purchase and sale. The date is also commonly referred to as the closing date.Completion date Every time share agreement shall be in writing, shall be delivered to the consumer and shall be made in accordance with the prescribed requirementsA consumer may, without any reason, cancel a time share agreement at any time from the date of entering into the agreement until 10 fays after receiving the written copy of the agreementA consumer may cancel a time share agreement within one year after the date of entering into the agreement if the consumer does nor receive a copy of the agreement that

meats the requirementsNote: These rights do not apply to

Ontario Residents when acquiring a timeshare interest outside the province Right to use Interest Term used when a brokerage provides services to a customer, it can be written or verbal. However, the code of Ethics requires that a registrant must reduce verbal representation agreement with a seller or a buyer to writing at the earliest practical opportunity, have it signed on behalf of the brokerage and submit it to the seller or the buyer for signature.Distinct from a representation agreement with a client and can be non-exclusive Customer Service Agreement Right enjoyed by one landowner over the land of another and is granted for a special purpose rather than general use and occupation of the land. It does not grant ownership

to any part of the land only a right to use for that specific purpose. An interest that runs with the land which means that it binds subsequent owners and is not eliminated just because the property is sold. Agreements related to easements are usually registered against title to both properties effected by the easement Easement operations can include single, stand alone buildings, groupings of retail stores on a downtown street,

neighbourhood malls, and large indoor shopping centres that serve local and or regional markets.Retail