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Flashcards in Preface Deck (10)
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1
Q

The greatest bundle of rights and responsibilities that an individual can hold in land in BC is a _______ _______ interest

A

fee simple

2
Q

A BC Real Estate Association is an example of a ____ organization

A

voluntary

3
Q

The ownership of a single parcel of real estate may be divided both physically and legally. TF?

A

True

4
Q

TF? The major concern of the RESA is the protection of the public.

A

True

5
Q

The __ __ __ __ __ __ is responsible for the licensing of real estate service providers and the general protection of the public

A

Real Estate Council of British Columbia

6
Q

TF? BCREA only attempts to address concerns that affect members in a particular geographic location in the province

A

False

7
Q

Which of the following is an example of a statutory real estate organization? 1. the real estate council of BC 2. the real estate institute of bc

A

1.

8
Q

____ is responsible for the local nature of real property markets

A

Immobility

9
Q

The immobility of real property means that land is subject to external effects known as ____

A

externalities

10
Q

When considering the durability of structures, it is important to distinguish between the ___ life and the ____ life of the structure.

A

physical and economic life of the structure