BC Real Estate Trading Services Course Cheat Sheet 2026

The 30 highest-yield BC Real Estate Trading Services Course facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which of the following is a duty owed to UNREPRESENTED parties (not clients) under BCFSA rules in BC? → Duty to deal honestly and disclose material latent defects
2. In BC, 'functional obsolescence' in property valuation is best described as: → Reduced value due to outdated or inefficient design features of the building
3. Under BC's First-Time Home Buyers' Program, at what fair market value threshold does a buyer qualify for a full PTT exemption? → Properties with FMV up to $835,000
4. Which approach to value would a BC appraiser MOST likely rely upon for a unique property like a church or school? → Cost approach
5. In BC, if a property has potential gross income of $120,000, vacancy loss of $6,000, and operating expenses of $50,000, what is the Net Operating Income (NOI)? → $64,000
6. In BC, a strata corporation has a lien right against a strata lot when: → Strata fees, special levies, or fines remain unpaid for more than 1 month
7. What is the maximum amortization period for an insured mortgage in Canada? → 25 years
8. Under BC law, when a borrower defaults on a mortgage, the lender can pursue which primary remedy? → Foreclosure or judicial sale through the BC courts to recover the debt
9. Under BC law, a strata corporation must prepare and approve an annual budget that sets: → The operating expenses and strata fees to cover them, plus contributions to the CRF
10. A seller's agent who fails to present all offers to the seller is violating which duty? → Loyalty and disclosure
11. A BC residential property rents for $2,800/month. The owner wants to sell and the applicable annual GRM in the area is 18. What is the estimated value? → $604,800
12. Under the BC Strata Property Act, strata bylaws must be registered at: → The Land Title Office
13. In BC, effective gross income for a rental property is calculated as: → Potential gross income minus vacancy and credit losses
14. Under BC law, 'escheat' refers to: → Property reverting to the Crown when an owner dies without heirs or a valid will
15. A property has a Net Operating Income (NOI) of $42,000 per year. If the capitalization rate is 6%, what is the property's estimated value? → $700,000
16. In BC, a listing may be classified as an 'exclusive listing' when: → Only the listing brokerage may market and sell the property, without MLS exposure
17. In BC, if a strata lot owner wants to make an alteration to common property (e.g., install a satellite dish), they must: → Obtain written approval from the strata corporation before beginning the alteration
18. Under RESA, which of the following is considered 'trading services' requiring a licence in BC? → Soliciting prospective buyers or sellers on behalf of another person for compensation
19. Under BC's Strata Property Act, what is the maximum fine amount a strata corporation may impose per bylaw violation (under the default standard bylaw)? → $500
20. In BC, a 'conventional mortgage' is one where the loan-to-value (LTV) ratio is: → 80% or less of the property value (at least 20% down payment)
21. A BC property is listed at $670,000. A buyer offers 98% of the list price. What is the offer price? → $656,600
22. In BC, the principle of 'conformity' in real estate valuation suggests that value is maximized when: → Properties in an area are reasonably similar in use, style, and quality
23. In BC, the primary legislation governing strata corporations is: → Strata Property Act SBC 1998
24. In BC, a 'special levy' in a strata corporation is: → A one-time charge to all owners for an expense not covered by existing strata funds
25. In BC, what does an easement registered on a property's title allow the easement holder to do? → Use a defined portion of the land for a specific stated purpose
26. When must a BC licensee disclose that they have a personal interest in a property they are helping a client purchase? → Before any offer is written
27. A contract for the sale of land in BC is unenforceable unless it is: → In writing and signed by the party to be charged
28. Which of the following components is a primary vertical load-bearing element in standard wood-frame construction commonly found in British Columbia? → Stud
29. What is the maximum amortization period available for a CMHC-insured (high-ratio) residential mortgage in Canada? → 30 years
30. Which of the following is NOT a fiduciary duty owed by a BC real estate agent to their client? → Guaranteeing the sale price