Other Legislation Practice Quiz Flashcards
In real estate, there are two federal tax legislations
Income Tax Act
Excise Act
GST does apply to certain real estate transactions. What are some property types that are subject to GST
Commercial Real Estate sales
New build home
Substantially renovated residences
Farmland (if a residential building is only a small section of the land)
In which situations does Dower not apply
Properties used as rental properties where neither spouse has lived
If there is another owner on title, who is not the owner’s spouse
If the property is a commercial property without a residential dwelling
If the spouse is on title
Two pieces of legislation through which Alberta ensures that certain types of land can only be owned by Canadian citizens, permanent residents or Canadian-controlled corporations are the
Agricultural and Recreation Land Ownership Act
Foreign Ownership of Land Regulations
An encumbrance is
Restrictive covenants
A builder’s lien on a property
A mortgage owning
The ETA pertains to licensees mainly around
Electronic signatures
True or False: Communications via text or email are not legally binding
True
A contract is legally binding, not texts or emails
Though, they can be used to show intent in a court of law.
What documents can be used to verify an identity according to FINTACT requirements
Non-expired government ID
Valid Canadian credit file
A passport
What is the correct way to verify for FINTRACT purposes the identity of a corporation
Confirm through a certificate of incorporation and a current search showing the corporate name, address and its directors
Secret commissions can consist of such situations as
Someone receives something valuable for doing, or not doing something connected with the business or affairs of the principal
A real estate professional intends to deceive the principal who could be their client or their broker
If the real estate professional demands or accepts something valuable for doing something related to their principal’s business or affairs
RECA recommend a real estate practitioner retain records up to how many years?
10 years
Who are the Office of the Information and Privacy Commissioner (OIPC)
An independent government body that oversees all privacy matters in Alberta
Which of the following scenarios could be considered a violation of the Competition Act?
ABC Brokerage and XYZ Brokerage have together decided to set their commissions at 1% lower than their competitors
Allan at ABC Brokerage has been talking with Marissa at XYZ brokerage about an associate he does not like at an competing brokerage and has asked her to avoid transacting with them
True or False: An electronic news-blast sent by a real estate professional needs to have an “unsubscribe” button in it, even if the client has given their permission to be sent the news blast
True
True or False: Fee-simple ownership gives the owner complete rights to ownership, sale or lease under the law, of the land, mines and minerals.
False
The right to mines and minerals is not granted under fee-simple ownership
