BC Real Estate Trading Services Course Study Guide 2026

Under the Strata Property Act, the strata corporation can file a lien against the strata lot after amounts owing (fees, levies, fines) remain unpaid for more than 1 month. This lien has a special priority over many other charges.

A contract is formed when there is offer, acceptance, and communication of that acceptance to the offeror. Simply signing is not enough — the acceptance must be communicated.

Since January 2023, BC's Home Buyer Rescission Period provides buyers with 3 business days to rescind a residential purchase contract for any reason, subject to a rescission fee of 0.25% of the purchase price. This gives buyers time to arrange financing, conduct inspections, or reconsider without losing their full deposit.

Fiduciary duties include loyalty, confidentiality, disclosure, obedience to lawful instructions, accounting, and reasonable care. Guaranteeing a sale price is not a duty — it is impossible and would be a misrepresentation.

Agents must disclose known material latent defects regardless of seller instructions. Following an instruction to conceal defects would violate RESA and professional conduct rules. The agent should disclose or withdraw.

The IRD penalty compensates the lender for the interest income they will forgo if a borrower repays a fixed-rate mortgage early — it equals the difference between the original rate and today's equivalent-term rate, multiplied by the outstanding balance and remaining term.