BC Real Estate Trading Services Course Real Estate Law BC

Question 1

Under the British Columbia Real Estate Services Act (RESA), who is responsible for regulating real estate professionals in BC?

Accepted Answer

The BC Financial Services Authority (BCFSA)

Answer

The BC Ministry of Finance

Answer

The Real Estate Board of Greater Vancouver

Answer

The Canadian Real Estate Association

Question 2

What is the Land Title Act's role in BC real estate transactions?

Accepted Answer

It governs the registration of interests in land and provides the framework for the Torrens land title system in BC

Answer

It sets commission rates for real estate agents

Answer

It regulates mortgage lending rates

Answer

It determines property tax assessments

Question 3

What is 'indefeasibility of title' under BC's land title system?

Accepted Answer

The principle that a registered owner's title cannot be challenged except in limited circumstances such as fraud

Answer

A guarantee that the property has no liens

Answer

A type of title insurance

Answer

The right to sell property without a real estate agent

Question 4

What is the Property Transfer Tax (PTT) in British Columbia?

Accepted Answer

A tax paid by the buyer when a property is transferred, calculated as a percentage of the fair market value

Answer

An annual tax paid by property owners

Answer

A tax paid by the seller on capital gains

Answer

A monthly tax included in strata fees

Question 5

Under RESA, what constitutes 'real estate services' requiring a licence?

Accepted Answer

Trading, rental property management, and strata management services provided on behalf of another person

Answer

Only selling residential property

Answer

Providing advice about buying or selling property to friends and family

Answer

Only commercial property transactions over $1 million

Question 6

What is an 'easement' in BC real estate law?

Accepted Answer

A right to use another person's land for a specific purpose, such as access or utilities, which runs with the land

Answer

A type of mortgage

Answer

A temporary lease agreement

Answer

A zoning variance granted by the municipality