BC Real Estate Trading Services Course Land Title and Registration in BC 3

Question 1

What is the BC Property Transfer Tax (PTT) rate applied to the first $200,000 of a property's fair market value?

Accepted Answer

1%

Answer

0.5%

Answer

2%

Answer

3%

Question 2

Under BC's First-Time Home Buyers' Program, at what fair market value threshold does a buyer qualify for a full PTT exemption?

Accepted Answer

Properties with FMV up to $835,000

Answer

Properties with FMV up to $500,000

Answer

Properties with FMV up to $750,000

Answer

Properties with FMV up to $1,000,000

Question 3

Which document do BC real estate licensees use to disclose known material facts about a property's condition and title to potential buyers?

Accepted Answer

The Property Disclosure Statement (PDS)

Answer

The MLS Data Input Form

Answer

The Seller's Statement of Adjustments

Answer

The Title Insurance Policy Schedule

Question 4

In a BC real estate transaction, when does legal title to the property actually transfer to the buyer?

Accepted Answer

When the Form A Transfer is registered at the LTSA

Answer

When the Contract of Purchase and Sale is signed by both buyer and seller

Answer

When the buyer's financing is formally approved by the lender

Answer

At midnight on the completion date as agreed in the contract

Question 5

What does title insurance protect a BC property buyer or lender against?

Accepted Answer

Title defects, fraud, and certain risks that may not appear on the register at the time of purchase

Answer

Physical damage to the property from fire, flood, or other natural events

Answer

Personal liability claims arising from accidents on the property

Answer

Loss of market value due to changes in neighbourhood conditions

Question 6

In a BC real estate transaction, what is the primary role of a notary public or real estate lawyer?

Accepted Answer

To prepare conveyancing documents, conduct the title search, and register the transfer at the LTSA

Answer

To provide an independent market value opinion on the property

Answer

To inspect the property for structural defects and code compliance

Answer

To negotiate the purchase price and terms on behalf of the buyer

Question 7

Why should a BC real estate transaction include a title search conducted close to the actual completion date, rather than relying solely on an earlier search?

Accepted Answer

New charges or encumbrances could be registered between an early search and the closing date, affecting title

Answer

LTSA regulations require a new title search within 24 hours of registration

Answer

Earlier title searches automatically expire and become void after 30 days

Answer

Lenders require confirmation that the property was built before a certain date