Humber Real Estate BUNDLED exam 2024 with 100% correct answers

Define 'Estate' - correct answer An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? - correct answer Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? -...

Title - correct answer Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. - corre...

- Zoning - the highest and best use should conform with the zoning, unless there is a probable and imminent prospect that the zoning will change or be amended to accommodate the highest or best use estimate not currently legal - Physical possibility of the proposed use in relation to factors such...

- A vacant urban lot - An infill redevelopment opportunity - An urban lot with structure - A vacant rural lot - A rural lot with structure - correct answer What are the 5 types of properties a buyer might consider when choosing to build a new home? To provide additional housing stock by usi...

No, but there is certain information relating to the rights and obligations of the parties that must be included. - correct answer Is there a standard form used for the Agreement of Purchase and Sale? - The buyer is required to search the title at their own expense and make any objections withi...

What does REBBA stand for? - correct answer The Real Estate and Business Brokers Act Whose role is it to enforce REBBA? - correct answer RECO What is the purpose of REBBA? - correct answer To provide a framework for the responsive regulation of the real estate profession to protect consu...

What is a contract? - correct answer A legally binding agreement between two or more persons, competent at law to enter into such agreement, for consideration or value, to do or refrain from doing something lawful. True or false? An oral contract for the acquisition or disposition of any intere...

A 'Patent Defect' is observable by the untrained eye. A 'Latent Defect' is not readily observable to the untrained eye during the reasonable inspection of a property. - correct answer What is the difference between a 'Patent Defect' and a 'Latent Defect'? A material latent defect bec...

The side of the street that abuts or borders a public street or highway - except for waterfront properties which is considered the side that border the body of water. - correct answer Define 'Frontage' The distance between the front and the rear lot lines. - correct answer Define 'Lot Dept...

A self-contained housing unit with one or more habitable rooms containing at minimum a kitchen, bathroom facilities and an exit from the building. - correct answer Define a 'Dwelling Unit' - A duplex is under single ownership (under 1 title) ... the dwelling units can then be lived in or rent...

Define 'Estate' - correct answer An interest in land that contains various rights associated with ownership or tenancy. What are the 2 most common types of estates? - correct answer Fee simple & leasehold. What type of rights would be required to build a bridge, railroad or skyscraper? -...

If you are unable to address these areas satisfactorily, you may need to conduct a further review with a lawyer or other third-party experts. Note: You may be asked to provide the lawyer (or third-party experts) with a verbal or written summary of the issue to address separately with the client. ...

A condominium building can have a mixture of owners and tenants while an apartment building will have ____________________. - correct answer Only tenants What types of restrictions on leasing may exist for an owner of a condo unit who wants to lease their unit? - correct answer - Minimum rent...

The relationship between two parties in which one party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. - correct answer Under Ontario law, how is an 'agency relationship' defined? Client & Customer - correct answer While co...

1) licensee A has out-of-town relatives come to visit and he shows them several listings. He ends up helping them rent a property with an option to purchase. He should make a disclosure to (A) the listing broker (B) the listing agent (C) the seller (D) all the above and his relatives - correc...

"k" means - correct answer contract Lessee - correct answer The tenant Lessor - correct answer The landlord Reversion - correct answer The right to retake possession at a future date. A couple's one year lease expired, but they continue living on the premises. If they now pay ...

What are some sample questions to understand seller's needs and motivations? - correct answer - why do you want to sell the property? - what are you plans once you sell? - when do you hope to have the home on the market? - what is your ideal closing date? - do you have a listing price in mind...

When reviewing a credit report, landlords typically look at what 3 main elements? - correct answer - Credit score - Account history - Current status of accounts To be useful, a credit report should be current. A report from as little as ______________ does not accurately represent the ten...