Module 6

Question 1

detached/semi-detached/row house

Answer 1

1 dwelling unit that has been subdivided w/ a secondary/accessory dwelling

Question 2

Fire separation uses

Answer 2

fire resistant walls

Question 3

bill that amends traditional zoning

Answer 3

bill 140

Question 4

zoning may regulate (for multi unit)

Answer 4

density or unit size

Question 5

OBC is updated every

Answer 5

5 yrs

Question 6

heating systems for homes older than 5 years should have separate heating systems for

Answer 6

accessory apts

Question 7

All electrical work requires a permit and inspection by the

Answer 7

ele. safety authority

Question 8

issues permits for proposed con. or demolition

Answer 8

chief building official apt. by municipal council & building inspectors

Question 9

smoke alarms may be battery operation in houses built before

Answer 9

1998

Question 10

sprinkler systems are mandatory is if there are more than

Answer 10

3 stories

Question 11

fire marshals must inspect

Answer 11

accessory dwelling units

Question 12

necessary to obtain home insurance

Answer 12

inspection certificates (OBC/OFC)

Question 13

covers damage to walls, flooring, fixtures, appliances, heating/cooling systems

Answer 13

basic home insurance policy

Question 14

50% or all of income from an accessory dwelling is considered for

Answer 14

lenders

Question 15

expenses/evidence of rent/vacanies/additional income (storage, parking) for an accessory dwelling

Answer 15

considered a requirement by lenders for financing

Question 16

Extra income from renting an accessory dwelling is

Answer 16

taxable & subject to capital gains (landlord must report the rental income received)

Question 17

Amount of information that should be obtained for investment props.

Answer 17

last 3 yrs

Question 18

SPs can only enter a unit of the tenant between

Answer 18

8 am & 8 pm (give notice 24 hrs before)

Question 19

Notice for a tenant to vacate

Answer 19

must be given 60 day prior & existing lease must be honoured until then

Question 20

3 key documents to collect to document revenue

Answer 20

rent roll
income statements
lease

Question 21

rent roll

Answer 21

confirmation of who is renting what unit, how much they pay

Question 22

in addition to revenue documents a SP also needs a detailed list of

Answer 22

the operation expenses w/ supporting documents (prop tax, insurance, repairs/
maintenance )

Question 23

Direct comparison approach: Compares the rooms in each prop instead of the whole unit

Answer 23

room mix

Question 24

income approach

Answer 24

captialization of net revenue into value

Question 25

captialization rate

Answer 25

rate of return of RE investment props. based on the income that it has/could generate

Question 26

income multiplier approach

Answer 26

does not take into account expenses

Question 27

Form required to terminate tenancy

Answer 27

landlord and tenant form n12 - notice to terminate the tenancy

Question 28

Date of termination of tenancy must be

Answer 28

60 days after the date of the notice (if it is the end of their fixed term)

Question 29

to immediately terminate a tenancy the landlord must

Answer 29

- make an app to the landlord tenant board - provide form L2 to tenant/copy of notice to end tenancy (form n12)/certificate of service (tells LTB how notice was given

Question 30

Apps to immediately terminate a tenancy must be no later

Answer 30

than 30 days after end date on form n12

Question 31

confirmation of desposists in trust is important to know

Answer 31

what deposits have been paid and need to be transferred to the buyer

Question 32

APS should be conditional on the buyer obtaining an inspection report of the prop and insure it in complaince with the

Answer 32

fire protection act and retro fit legislation

Question 33

retro fit legislation to bring existing buildings to a resonable level of

Answer 33

life safety (electrical, fire systems)

Question 34

if the rep and warranty survives and does not merge on completion it continues

Answer 34

indefinetly

Question 35

no warranty re legality of rents confirms

Answer 35

unit #s, rent tenants pay and when the last last rent increase

Question 36

to accept the counter offer the buyer must

Answer 36

- inital all changes - complete & sign con. of acceptance - complete & sign the acknowledgement