Working With Other Professionals Flashcards
(44 cards)
Common conditions written into a buyers offer?
Financing
Property Inspection
Condominium document review
Sale of buyer’s home
Review of permits or building applications
Water well and septic inspections
Must licensee’s recommend three service providers to a client?
No.
Steps a licensee can take to reduce liability in case a referral’s service falls short of expectations?
Ensure they’re licensed in their industry
Know about their qualifications and competence (work with them)
How to approach referral fees?
You must disclose to your client that you will receive in compensation.
If you are sharing the clients contact information, you must receive their consent in writing, and keep the record on file.
What factors determine whether or not someone needs a real estate license in Alberta?
If they are providing a service for someone else relating to real estate, mortgage, property management
Whether the person is being compensated for undertaking these activities or proving these services
If a consumer, institution or corporation is selling real estate owned by them, do they require a license?
No
Do appraisers need a license if they are conducting appraisal on behalf of the corporation they’re employed by?
No, they need a license if they’re hired by someone other than their employer.
Maximum fine for a individual carrying out activities for which a license is required?
The registrar can impose a maximum fine of $25,000.
Three obligations of real estate professionals acting in an agency capacity when providing services to the public?
General Obligations
Fiduciary Obligations
Statutory Obligation
Legal obligations
Performing the mandate of the agreement
Acting honestly
Obeying the client’s instructions
Maintaining the client’s instructions
Maintaining confidentiality
Exercising care and skill
Disclosing relevant information
Is digitally altering a room to add a window on a wall socket acceptanble?
No, physical features that are apart of the home should not be added or removed.
Harmonized Rules: Exterior photos of property to be sold
There should at least one photograph or art’s rendering of the exterior of the property.
Must the exterior photo be the first photo on the listing’s MLS page?
No.
Can MLS photographs include any type of corporate advertising logos/symbols of the photographer?
No
Can photographers use MLS listing photos they have taken for any other purpose?
Yes, they have perpetual rights to the photos as they own them, unless otherwise specified in a written contract.
Common survey for a real estate transaction?
Real Property Report (RPR)
What does a RPR include?
Physical dimensions of the property
Location of buildings
Improvements
Rights of way
encroachments
Current RPR
Shows everything on a property as it currently exists. Even if it is 10 years old, as long as no further changes were made to the property, it is current.
Existing RPR
Last completed RPR, but does not show accurate state of land or improvements.
Is an RPR required for the sale of real estate in Alberta?
Though commonly used, it is not a requirement.
Do Alberta Real Estate Association (AREA) include RPR’s as a requirement?
Yes
Certificate of Non-Conformance
The structures and improvements on the property do not comply with current standards but are allowed to remain in place.
What does title insurance protect against?
Fraudulent activity against the property title
Mortgage fraud
Issues not included in an RPR such as:
Unregistered utility easements
Builders liens
non-Land titles matters like deficient corporate status
Limitations of title insurance?
Only protects against unknown defects
