Chapter 2 Random Flashcards
A developer is selling a development unit of subdivided land situated in British Columbia and the
developer has obtained a written statement from the purchaser acknowledging that the buyer has read
the appropriate disclosure statement. If the purchase agreement is then entered into, the buyer:
(1) may serve notice to rescind the contract no later than three days from the date of the contract.
(2) may serve notice to rescind the contract no later than seven days from the date of the contract.
(3) may serve notice to rescind the contract no later than one year from the date of the contract.
(4) may not rescind the contract.
2
To qualify for a managing broker’s licence, a person must possess which one of the following
qualifications?
(1) Have at least five years’ experience as a representative in British Columbia
(2) Be a Canadian citizen
(3) Be at least 19 years of age
(4) None of the above are qualifications for a managing broker’s licence.
3
Which of the following is NOT a requirement of the Real Estate Development Marketing Act to protect the
public?
(1) Developers must meet any preliminary requirements or approvals applicable to the type of property
being marketed.
(2) Developers must assure the buyer’s title upon purchase.
(3) Developers must prepare and file a disclosure statement in the form required.
(4) Developers must consult with members of the public over any proposed developments.
4
Where a licensee intends to purchase property, which of the following details must they disclose to the
seller?
(1) The fact that they hold a real estate licence
(2) Any details that have been arranged for the resale of the property
(3) The fact that they will be sharing in the commission on the sale
(4) All of the above information must be disclosed.
4
Where a seller sells a unit of subdivided land in British Columbia and the subdivision is a development
property:
(1) the Real Estate Development Marketing Act has no jurisdiction.
(2) the unit of subdivided land is called a subdivision unit.
(3) the buyer has the right to rescind the purchase agreement at any time by providing appropriate
notice, if the seller has not provided a disclosure statement to the buyer.
(4) None of the above are correct.
3
In addition to carrying out the functions of a trading services representative, a validly licensed
representative is entitled to:
(1) carry out trading services for an unlicensed real estate brokerage.
(2) be the managing broker of their own proprietorship.
(3) carry out trading services for close personal friends and business associates although not employed
by a brokerage.
(4) do none of the above.
4
A trading services licensee who is not licensed to provide property management services CAN:
(1) collect rent from tenants.
(2) supervise contractors hired by the owner.
(3) negotiate a lease document.
(4) negotiate contractors on the owner’s behalf other than the lease.
3
Which of the following information is NOT necessary for a brokerage to keep in the real estate trade
record sheet?
(1) The date of the MLS® listing
(2) The sale price or other consideration for the trade in real estate
(3) The nature of the trade in real estate
(4) The names and addresses of all parties to the trade in real estate
1
Celeste’s brokerage facilitates the sale of Selin’s home. How long must the brokerage retain records of this
transaction?
(1) One year
(2) Seven years
(3) Ten years
(4) The brokerage must retain records of this transaction indefinitely.
2
