unit 4

Question 1

independent contractor

Answer 1

a person hired on contract for specific services.

Question 2

homeowner insurance

Answer 2

Real estate prof carrying any electronics which can be stolen, damaged, can be recovered through this

Question 3

policy that provides broad coverage for claims made against the insured for bodily injury or damage or property of others for which the insured may become liable

Answer 3

comprehensive general liability

Question 4

professional liability or errors & omissions

Answer 4

protects the insured against legal actions

Question 5

represents a pooling of risk, subscribers agree to create a pool of money to be used to satisfy claims

Answer 5

reciprocal insurance

Question 6

insurance coverage

Answer 6

coverage for errors, omissions, or negligent acts causing damage or loss resulting from the prof services trading in real estate

Question 7

demand letter

Answer 7

letter demanding payment or other action often sent & received by the individual involved in a dispute

Question 8

first claim

Answer 8

deductible applicable under REIX is $3500

Question 9

claims made by subscribers within 3 years of the first claim increase to

Answer 9

$7000

Question 10

omissions

eg )

Answer 10

actions that were not done for sellers or buyers
failure to follow up with seller/buyer
failure to disclose certain info

Question 11

cognitive reactions

Answer 11

often involve observing, listening and reflecting

Question 12

intrabrokerage

interbrokerage

Answer 12

complaints & disputes that arise between real estate prof in SAME brokerage
complaints & disputes between diff brokerages

Question 13

this process enables brokers to take the lead in resolving consumer complaints & disputes prior to or in lies of a former investigation by RECA

Answer 13

voluntary broker resolution process (VBRP)

Question 14

commercial activity

Answer 14

any transaction, act or conduct that involves the exchange of goods/services

Question 15

PIPEDA Is what legislation

Answer 15

federal

Question 16

PIPA is what legislation

Answer 16

provincial

Question 17

express consent

Answer 17

may be given verbally or in writing, least likely to give misunderstanding. Use when info is sensitive

Question 18

implied consent

Answer 18

the individual does not specifically give consent but volunteers their personal info
Less sensitive

Question 19

opt-out consent

Answer 19

allows individuals to deny an organization to use their personal info

Question 20

Ensure Canadian businesses and consumers prosper in a competitive and innovative marketplace.
Ensure there’s no competition within Canadian markets

Answer 20

competition act

Question 21

price fixing

Answer 21

attempting to or agreeing to fix the price of a product/service

Question 22

attempting to o r agreeing to divide the market or allocate portions of it among themselves

Answer 22

market division

Question 23

prohibits performance claims that are not based on adequate & proper tests conducted before the claims are made. eg) sell your house with city’s top seller

Answer 23

performance claims

Question 24

property manipulation

Answer 24

purchasing a property using dirty money and then manipulating the value of property to launder eillicit funds

Question 25

transaction manipulation

Answer 25

a property owner who agrees to sell his/her property & falsify info in the documents

Question 26

sets the standards to protect and promote the health and safety of employees throughout the province

Answer 26

occupational health & safety act (OHS)

Question 27

discrete escape

Answer 27

finding a way to move away from the threat calmly

Question 28

direct escape

Answer 28

quickly exit the situation

Question 29

Commission

Answer 29

an act is done for sellers/buyers that did not meet their approval and created issues for them.

Question 30

3 components of leadership that relate to the broker

Answer 30

authority, responsibility, accountability

Question 31

purposes for institutional advertising by brokerages?

Answer 31

To promote the services offered by the brokerage | To promote awareness of the brokerage among consumers

Question 32

attempts to seek a resolution satisfactory to all parties that is based on the interest of each party as opposed to their specific position on the matter

Answer 32

negotiation

Question 33

seeks to assist disputing parties in arriving at a mutually acceptable solution

Answer 33

mediation

Question 34

attempts to seek a resolution satisfactory to all parties that are based on the interest of each party as opposed to their specific position on the matter . Only broker can do it

Answer 34

negotiation

Question 35

mediatior

Answer 35

talks to both parties, hears both of them, makes a decision at the end

Question 36

Real estate brokerages must report suspicious transactions to which of the following organizations

Answer 36

FINTRAC

Question 37

real estate insurance exchange

Answer 37

provides finanical protection to its subscribers by administering a mandatory program

Question 38

the type of program represented by REIX

Answer 38

reciprocal insurance program

Question 39

insurance coverage

Answer 39

for errors, omissions, negligent act causing damage or loss

Question 40

payment of REIX premiums due?

Answer 40

Sept 30

Question 41

legal notice registered against the title of property warning a claim has been made

Answer 41

caveat

Question 42

t/f broker has 40 days to achieve a successful resolution

Answer 42

true

Question 43

conduct deserving of sanction (RECA)

Answer 43

conduct contravenes real estate act/rules | determined by the executive director

Question 44

private legal action between disputing parties established by the courts as to the responsibility of the defendant for errors. omissions, negligent acts which give rise to damages

Answer 44

civil liability

Question 45

VBRP

Answer 45

resolve minor conduct, any civil liability concerns

Question 46

personal info is referred as

Answer 46

privacy legislation or privacy law

Question 47

info that is not readily accessible, may include sensitive commercial/business info

Answer 47

confidential info

Question 48

brokerage info barriers

Answer 48

confidential client info is protected from possible privacy breaches

Question 49

maybe put into effect if RECA has knowledge that the info requested is connected to a possible contravention of the real estate ACT

Answer 49

production order

Question 50

refers to an individual's ability to control his/her personal info

Answer 50

privacy

Question 51

max fine if convicted of an offense under PIPDA

Answer 51

$10,000 for individuals, $100,000 for businesses

Question 52

general advertising to the public done by the brokerage

Answer 52

institutional advertising

Question 53

money laundry involves two diff groups

Answer 53

organized crime group, the terrorist group

Question 54

a person whose name property or other assets are transferred in order to facilitate a financial or real estate transaction on behalf of another person

Answer 54

nominee

Question 55

a conviction for failure to retain records or to identify sellers/buyers could lead to fines up to

Answer 55

$500,00 or 5 yrs jail