UBC Real Estate Practice Exam

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• What is the primary purpose of a listing contract?
• Net income is included in which financial statement?
• Implied authority includes rights such as having the keys to the house and performing duties necessary for effective performance.
• What does a lease create in real estate law?
• Which statements describe restrictive covenants?
• Which statement about removing a condition in a contract is true?
• What are the three conditions to be protected by the Torrens system?
• Where is depreciation expense shown?
• Which of the following is listed as an exception to the infeasibility principle?
• Which statement best describes a brokerage's role when handling a purchase deposit?
• What action can a strata corporation take?
• Which condition makes a listing valid?
• Which type of contract mistake occurs when one party is mistaken and the other party is aware but does nothing?
• Which is a primary responsibility of the British Columbia Real Estate Association (BCREA)?
• Which statement best describes the elements of negligent misrepresentation (careless)?
• Termination of an agency contract includes which of the following?
• Licensee owes fiduciary duty to reveal all sources of income from the transactions to which party?
• Life Estate Pur Autre Vie is a life estate measured by the life of someone else.
• An agent accepting a hidden payment related to a transaction is best described as?
• Which of the following is listed as a remedy for misrepresentation?
• Strata does not have which type of rights?
• Acceptance of the offer requires which of the following?
• Acceptance of an offer has to be which of the following?
• Which item is NOT listed as part of fiduciary duty?
• Which court is the highest appellate court in Canada?
• What is the purpose of discovery in the trial process described?
• Freehold and leasehold are both forms of ownership tenure.
• What term describes a covert benefit gained by an agent from a transaction?
• To whom is a real estate professional's higher duty owed, in order?
• Who owns common property?
• Pur Autre Vie describes a life estate measured by the life of another person.
• What is the purpose of a code of ethics?
• Which statement about a seller's obligation when receiving an offer is true?
• Which type of waste is exemplified by cutting a tree or pulling down a garage?
• What is a typical notice period to Cancel a management contract?
• Which of the following is an obligation of the life estate holder?
• Which statement best describes a breach of condition?
• Which concept should agents avoid to prevent conflicts of interest with clients?
• Which statement about the two types of strata funds is true?
• What is agency by estoppel?
• How can a condition precedent be removed?
• Which defect type should be discoverable upon reasonable inspection at the time of purchase?
• Contract termination involves which concept according to the material?
• MLS must be
• Which statement best describes an invitation to treat?
• To convert the strata building for rebuilding or renovation, what must the developer obtain?
• An open listing can include which of the following?
• The extent of ownership in land includes which two categories?
• What must be paid before transporting a manufactured home?
• In terms of contract capacity, which entity has capacity?
• Which statement about commission in relation to listing terms is true?
• In ADR, who decides the process?
• Which term refers to any profit that is not disclosed by the agent in a transaction?
• In an exclusive listing, if the owner sells the property himself, what must he do regarding the commission?
• Which role is described as the 'assistant manager' within the brokerage hierarchy?
• In a strata setting, who is responsible for paying a special levy?
• Which activity is described as rental property assistance in real estate services?
• What characterizes an option agreement?
• Common remedies for private nuisance include:
• The Assurance Principle is intended to compensate parties who cannot recover via co-action due to principle infeasibility, provided the land title has not passed. Which of the following best encapsulates its purpose?
• Under contract terms, when may a party assign its rights?
• Which statement about counteroffers is correct?
• Under the Occupiers Liability Act, which category carries the highest duty of care on the occupier?
• Under the Occupiers Liability Act, what is the economic interest status of a licensee?
• Which statement best defines a fiscal year?
• Which statement about offers received by an agent is correct?
• Who should receive a copy of the listing agreement?
• An agent who receives a personal, undisclosed profit from a deal is engaging in what behavior?
• Under common law, what is the occupier's duty of care, and does it extend to risks willingly assumed by visitors?
• Which of the following describes a payoff from a transaction that is kept secret from the client?
• In an easement, which party benefits from the easement?
• Contracts are enforceable only against which party?
• Which set of unities is required for a joint tenancy?
• Which statement about PDS is true?
• Which statement best describes the information required for listing contracts regarding ownership and description?
• Which asset never depreciates?
• Which of the following is an exception to requiring a real estate license?
• Which is the remedy under Common Law?
• Consistency principle requires?
• The doctrine requiring courts to follow previous decisions is known as?
• Information required for a listing contract includes which of the following?
• What notice period is required for a strata corporation's general meeting?
• Which organization is described as being responsible for real estate law reform and education and research?
• Which statement best describes a freehold estate?
• What is the primary purpose of placing a caveat on a property's title?
• What does a Starta Plan designate in a strata development?
• Which financial statement includes owner equity?
• Code of Ethics helps maintain the integrity of a profession in the eyes of the public.
• Which statement about caveats is true?
• In easement terminology, which land is the benefit-bearing parcel called?
• What is a building scheme?
• Which form of co-ownership includes the right of survivorship?
• In ethics, what is the name for undisclosed personal profit gained through representing a client?
• Under capacity, which item represents a lack of legal capacity to contract?
• Which of the following are remedies for contract breach?
• What is the occupier's duty to a trespasser?
• What does a 'time is of the essence' clause emphasize in contracts?
• Which of the following is NOT a duty of the strata corporation?
• To minimize misrepresentation risk, a licensee should do which of the following when sharing information with clients?
• Which rule best describes commission in real estate transactions?
• If a real estate agent earns a personal payoff from a deal that is not disclosed, this is known as?
• Which type of waste involves improving property?
• Which statement about a cooperative is true?
• Under the Law and Equity Act, the writing requirement does not apply to leases of which term?
• If not stated in a will, the future interest is the reversioner.
• A listing contract in BC real estate is between which parties?
• Which source has the greatest legal authority?
• Which mechanism best protects the seller by ensuring timing of removal of conditions?
• During conversion of rental units to private ownership, which statement is true?
• What phrase describes a covert financial benefit realized by an agent during a transaction?
• In dual agency, the information kept confidential includes which areas?
• Which of the following is an exception to the privity rule allowing someone other than the contracting parties to sue or be sued?
• A freehold estate stated in a will is called the remainder.
• Delivery of a deed passes which right?
• What is the purpose of the Real Estate Compensation Corporation according to the material?
• In dual agency, the listing agent represents which party?
• Damages in negligent misrepresentation must arise from:
• Which statement about alternative dispute resolution is true?
• A life tenant who holds land without impeachment for waste is not liable for which type of waste?
• Agency disclosure: Before assisting or representing any person in a real estate transaction, the licensee must disclose to that person which of the following?
• Under common law, contracts do not have to be in writing to be valid or enforceable.
• What is the basic accounting equation?
• Which statement accurately reflects a power or feature of the Supreme Court of British Columbia as described in the material?
• Open listing: Which statement is true?
• Which description best fits a management contract in real estate practice?
• Which statement best describes consent in contract formation?
• Negligent misrepresentation can be actionable without which of the following?
• What is MLS?
• What areas does the federal government control?
• Under the Competition Act, which activity constitutes an offense?
• What is the notable exception to the indefeasibility principle?
• What must occur for ratification to bind the principal?
• Does abolition of notice protect purchasers participating in fraud?
• Fraudulent misrepresentation (Deceit) elements:
• For manufactured homes, what is the term used as proof of registration?
• Under the revenue recognition principle, which of the following is NOT a condition for recognizing revenue?
• Which statement is false about the indefeasibility principle?
• Under common law, land is protected for ____ years?
• Which action is an example of negligence according to the provided material?
• Under accrual accounting, revenue is recognized at what point?
• Which action is within the Real Estate Council's powers?
• Which statement correctly reflects trespass doctrine regarding indirect action?
• Which of the following is listed as a charge against land?
• The indefeasibility principle primarily guarantees which of the following?
• Which statement best describes Public Law?
• What constitutes a registrable document in land title practice?
• A void deed is defined as which of the following?
• Which statement defines the objectivity principle?
• Which of the following is NOT an equitable remedy?
• Condition precedent (subject clause) may only be waived or removed by which party?
• Which defect cannot be discovered upon reasonable inspection later, classically considered latent?
• Under what condition can a manufactured home be moved?
• Under abolition of notice, which statement is true?
• What does the delivery of a deed pass?
• What happens after the strata plan is deposited at the land title office?
• For a breach of warranty, what is the typical remedy?
• Provincial governments typically control which area?
• Common Law originated from which jurisdiction?
• Equitable Law is best described as which of the following?
• Remedies to trespass include which combination?
• How is an agency relationship created?
• Which fund is not intended for regular operating expenses?
• Which statement is true about Municipal government?
• Which of the following is NOT one of the three elements of negligence listed?
• When rental units are converted to private ownership, which of the following is a potential consequence?
• For negligent misrepresentation, the plaintiff must show which of the following about reliance?
• Under a listing contract, when is the owner obligated to pay a commission?
• What governs usual or customary authority?
• Disclosure of interest in trade: which statement is true?
• In mediation, which statement is correct?
• To avoid liability for misleading advertisement in real estate practice, what must a licensee demonstrate?
• Which statement about pre-qualification of a buyer is true?
• How does express versus implied agency differ?
• What phrase best identifies a prohibited personal benefit obtained through agency work that is kept secret?
• Common property in a strata development is owned by whom?
• What is the term for a payoff from a transaction that the agent conceals from the client?
• Which of the following are interests in land that are less than a fee simple (estates)?
• What describes apparent authority?
• Statute Law is described as?
• Which statement accurately describes an express contract?
• What is the official document transferring ownership from seller to buyer?
• Which statement accurately describes the handling of a contract deposit?
• What is the BC Court of Appeal's approach to evidence on appeal?
• When does an offer release or expiry occur?
• Which term describes the person who will receive the property back if no remainder is named?
• What is the correct sequence of steps in the trial process described?
• Under exclusive right to sell, who receives commission if the property sells during the term?
• MLS must be
• Owner's equity is equal to total assets minus total liabilities. Which expression defines owner's equity?
• Which of the following is a typical basis for tenancy termination by the landlord?
• Which statement is true about charges under the indefeasibility concept?
• Capital Cost Allowance (CCA) is
• In an insurance contract, which statement best describes the consideration clause?
• Which statement about mediation is false?
• Which statement best reflects negotiation preparation principles?
• How is a strata corporation created?
• In contract law as described, duress is defined as which of the following?
• What describes implied authority?
• What is the stated coverage limit and deductible under the Real Estate Errors and Omissions Corporation per licensee?
• Which of the following is NOT a termination reason for an agency contract?
• The Real Estate Institute of BC provides what level of education?
• Cooperative interests require how many units?
• Which describes Exclusive Right to Sell?
• Which statement about land depreciation is true?
• How many decals are issued for a manufactured home, and how long are they valid?
• Vicarious liability in real estate practice means:
• An option agreement is characterized by which feature?
• Which fund is described as the key to good strata management?
• Which function is carried out by the 11 BC real estate boards?
• Which of the following describes the matching principle?
• Which is an advantage of ADR over court proceedings?
• What rights does the life estate holder have?
• In contract formation, which statement reflects the requirement for creating a binding contract?
• Under an exclusive listing, if the owner uses a second agent to sell, the commission is payable to whom?
• Which type of waste occurs when a property owner allows the property to deteriorate?
• Under the grandfather rule, how many votes does each strata lot carry?
• Contract misrepresentation is described as which of the following?
• Under the Doctrine of Privity, who can sue or be sued on a contract?
• Which statements best describe the Torrens system?
• Which statement is true about Tenants in Common?
• Who is responsible for paying property taxes in a strata development?
• Chattels are best described as which type of property?
• If a party seeking to enforce a contract can prove the other party’s actions indicated the contract’s existence, what is this evidence called?
• Which of the following is a feature of a real estate trust account?
• In the context of agency, what defines the relationship?
• Which is an ADR advantage related to privacy?
• Nuisance is best described as:
• What is a primary goal of mediation?
• Which is NOT listed as a termination method?
• For which item can a strata corporation register a lien?
• In nuisance defenses, which statement best describes the outcome?
• Which statement is true about an express contract?
• What is the effect of a void deed on transferring title?
• What defines express authority?
• Which statement best describes the role of the Superintendent of Real Estate in relation to disclosures?
• How many days do you have to remind the purchaser, according to the disclosure statement?
• What indicates the contract’s existence when enforcing under exceptions to the writing requirement?
• Price fixing is illegal under the Competition Act when multiple parties agree on price. Which option expresses this idea correctly?
• In ethical practice, what term refers to a payoff received by an agent that is not disclosed to the client and is considered improper?
• A life estate without impeachment for waste will be enjoined from committing malicious waste.
• On the death of a co-owner in a joint tenancy, who receives the interest?
• Under the Occupiers Liability Act, which party is described as having economic interest to the occupier?
• A deed is void if which of the following?
• How is a license in real estate best described?
• Purchasers are protected by requiring developers to which action?
• Leasehold is for a certain period.
• Which of the following is a duty of the strata corporation?
• What must the disclosure contain?
• What is unit entitlement?
• What must be arranged when converting rental units to private ownership?
• Purchasers interests consist of what?
• What does the cost principle require?
• The duty of care on an occupier applies to which aspects of the premises?
• Which statement about Equitable Law is true?
• What is the typical lapse period for a caveat on title?
• Which item is NOT listed as a responsibility of the Real Estate Council?
• Which of the following describes the requirements for statutory assignment of contract rights?
• Implied agency is typically created when?
• What depreciation method allocates the cost of an asset over time?
• Which statement best describes the anchoring effect?
• Public law deals with which of the following?
• Net income equals
• A licensee should handle a matter beyond their expertise by doing which of the following?
• In a joint tenancy, can a co-owner's interest be disposed of by will?
• Which term describes any personal gain an agent earns from professional activities without disclosure?
• Which statement best describes strata ownership in Canada?
• Which item is explicitly required to be provided to all parties under listing contracts?
• Agency by estoppel is described as...
• Which statement best describes an invitation to treat?
• Which enforcement option involves examining the judgment debtor's assets?
• If agent does not disclose to the 3rd party that he is an agent, which is true?
• A licensee should ensure that the documents they prepare are:
• Book value equals
• What defines a standing offer?
• The Real Estate Development Act imposes disclosure requirements on developers under the supervision of whom?
• Which of the following is NOT one of the three types of real estate agency contracts?
• Small claims jurisdiction includes claims up to 35,000 and is determined by where the defendant lives or where the claim occurred.
• To amend a contract of purchase or sale, the realtor must ...
• Trespass to land comprises which of the following elements?
• Which term best names an agent's unreported gain from professional activities?
• Sole Proprietorship is defined as
• If negligence is found, what actions may the Real Estate Council and Real Estate Board take against a licensee?
• Principal duties to an agent: Which statement is correct?
• An undisclosed personal gain received by an agent from a transaction is called what?
• Which of the following can terminate an offer due to the offeror's personal state such as insanity or death?
• Which of the following is NOT an equitable remedy?
• How many members are on the Real Estate Foundation as described?
• In the described context, subdivisions are defined as 5 or more what?
• If a licensee makes a promise in order to induce anyone to purchase, what two elements must it include?
• BC real estate contracts must be signed.
• Can the real estate board suspend licenses?
• In the brokerage organizational hierarchy described, which role comes directly under the managing broker?
• Life Estate is defined as an interest in property limited in duration to the lifetime of its owner or some designated person, ending at death.
• A misrepresentation is a false statement of fact that induces entry into a contract.
• Which document is required to transfer title from buyer to seller?
• Which statement best describes ratification in agency law?
• Which statement about a fiscal year is true?