Real Estate Law & Contracts Flashcards
6 cards from real BC Real Estate Trading Services Course practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Real Estate Law & Contracts flashcards as text
In BC, which document transfers ownership of land from seller to buyer?
Answer: Form A Freehold Transfer
In BC, a Form A Freehold Transfer is the standard Land Title Office form used to transfer registered ownership of freehold land from the seller to the buyer.
A counter-offer in a BC real estate transaction has the legal effect of:
Answer: Rejecting the original offer and creating a new offer
A counter-offer legally rejects the original offer and replaces it with a new offer on different terms. The original offer no longer exists and cannot be accepted after a counter-offer is made.
Under RESA in BC, a licensee must complete annual continuing education requirements in order to:
Answer: Renew their licence
RESA requires licensees to complete prescribed continuing education as a condition of licence renewal. Failure to complete CE can result in the licence not being renewed.
Which of the following best describes 'consideration' in a BC real estate contract?
Answer: Something of value exchanged by each party to support the contract
Consideration is something of value (money, promise, services) given by each party to a contract. In real estate, the buyer's consideration is the purchase price and the seller's is the promise to convey title.
Under BC law, a person who is declared mentally incapable of managing their affairs cannot:
Answer: Enter into a binding contract for the sale of real estate
Legal capacity is required to enter into contracts. A person declared mentally incapable lacks the capacity to enter into a binding contract, including contracts for the sale of real estate.
In BC, the term 'completion date' in a Contract of Purchase and Sale refers to:
Answer: The date funds are paid and title is transferred at the Land Title Office
Completion date (also called closing date) is when the transaction legally closes: the buyer's lawyer/notary pays the purchase funds and the title transfer is registered at the Land Title Office.