Real Estate Law & Contracts Flashcards
6 cards from real BC Real Estate Trading Services Course practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Real Estate Law & Contracts flashcards as text
Under the Real Estate Services Act (RESA) in BC, which body is responsible for regulating real estate licensees?
Answer: BCFSA
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.
Under RESA, a licensee who provides trading services must hold which category of licence?
Answer: Trading services licence
RESA establishes specific licence categories. To provide trading services (buying/selling real estate), a person must hold a trading services licence.
Which BC statute governs the transfer of land ownership and establishes the Land Title Office system?
Answer: Land Title Act
The Land Title Act (BC) establishes the land title registration system and governs how ownership of land is transferred and recorded in BC.
In a contract of purchase and sale in BC, the 'subject removal' date refers to:
Answer: The deadline by which the buyer must satisfy or waive subject conditions
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.
Under the Property Law Act BC, a covenant running with the land is said to:
Answer: Bind subsequent owners of the land
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.
What is the minimum age requirement to be licensed as a real estate trading services licensee in BC?
Answer: 19
Under RESA, an applicant for a real estate licence in BC must be at least 19 years old, which is the age of majority in British Columbia.