BC Real Estate Trading Services Course Real Estate Law & Contracts 1

Question 1

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

Accepted Answer

BCFSA

Answer

The BC Financial Services Authority (BCFSA) took over regulation of real estate licensees in BC from the Real Estate Council of BC (RECBC) in 2021.

Question 2

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

Accepted Answer

Trading services licence

Answer

RESA establishes specific licence categories. To provide trading services (buying/selling real estate), a person must hold a trading services 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

The Land Title Act (BC) establishes the land title registration system and governs how ownership of land is transferred and recorded in BC.

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

Subject removal date is the deadline by which a buyer must confirm (satisfy or waive) all conditions (subjects) in the offer, such as financing or inspection. If not removed, the contract collapses.

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

A restrictive covenant running with the land binds not just the original parties but also subsequent owners of the burdened land, as it is registered against the title.

BC Real Estate Practice Test

BC Real Estate Practice Test

BC Real Estate Trading Services Course Real Estate Law & Contracts 1