Land Title and Registration in BC Flashcards
7 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 7 Land Title and Registration in BC flashcards as text
What is the BC Property Transfer Tax (PTT) rate applied to the first $200,000 of a property's fair market value?
Answer: 1%
BC's PTT rate is 1% on the first $200,000 of fair market value, 2% on amounts from $200,001 to $2,000,000, and 3% above $2,000,000.
Under BC's First-Time Home Buyers' Program, at what fair market value threshold does a buyer qualify for a full PTT exemption?
Answer: Properties with FMV up to $835,000
The BC First-Time Home Buyers' Exemption provides a full PTT exemption for properties with a fair market value up to $835,000 (partial exemption up to $860,000).
Which document do BC real estate licensees use to disclose known material facts about a property's condition and title to potential buyers?
Answer: The Property Disclosure Statement (PDS)
The Property Disclosure Statement (PDS) is used by sellers to disclose known material facts about the property, including any known title issues, to prospective buyers.
In a BC real estate transaction, when does legal title to the property actually transfer to the buyer?
Answer: When the Form A Transfer is registered at the LTSA
Under BC's Torrens system, legal title passes to the buyer only upon registration of the Form A Transfer at the LTSA, not simply when funds change hands.
What does title insurance protect a BC property buyer or lender against?
Answer: Title defects, fraud, and certain risks that may not appear on the register at the time of purchase
Title insurance protects against financial loss from title defects, undisclosed encumbrances, fraud, or errors in the registration system that may not be revealed by a title search.
In a BC real estate transaction, what is the primary role of a notary public or real estate lawyer?
Answer: To prepare conveyancing documents, conduct the title search, and register the transfer at the LTSA
A notary or lawyer handles conveyancing in BC — preparing the transfer documents, conducting title searches, receiving funds, and registering the transfer to complete the transaction.
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?
Answer: New charges or encumbrances could be registered between an early search and the closing date, affecting title
A title search done well before completion may miss charges registered in the intervening period; a search close to completion captures the most current state of title.