BC Real Estate Trading Services Course Real Estate Law & Contracts

Question 1

Under the Real Estate Services Act (RESA) in BC, which body is responsible for regulating real estate licensees?

Accepted Answer

BCFSA

Answer

RECBC

Answer

CREA

Answer

RECA

Question 2

Under RESA, a licensee who provides trading services must hold which category of licence?

Accepted Answer

Trading services licence

Answer

Property management licence

Answer

Rental property licence

Answer

Mortgage broker licence

Question 3

Which BC statute governs the transfer of land ownership and establishes the Land Title Office system?

Accepted Answer

Land Title Act

Answer

Property Law Act

Answer

Real Estate Services Act

Answer

Torrens System Act

Question 4

In a contract of purchase and sale in BC, the 'subject removal' date refers to:

Accepted Answer

The deadline by which the buyer must satisfy or waive subject conditions

Answer

The date the seller vacates the property

Answer

The date the notary registers the title

Answer

The closing/completion date

Question 5

Under the Property Law Act BC, a covenant running with the land is said to:

Accepted Answer

Bind subsequent owners of the land

Answer

Expire after 10 years automatically

Answer

Bind only the original contracting parties

Answer

Require annual renewal with the Land Title Office

Question 6

What is the minimum age requirement to be licensed as a real estate trading services licensee in BC?

Accepted Answer

19

Answer

16

Answer

18

Answer

21