Brokerage interests - Answers Interest of brokerage at odds with brokerage client
Fiduciary duties - Answers -Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests - Answers Interest of brokerage clients compete in a transaction or potential
transaction
Opposing interests - Answers Interest of brokerage clients oppose in the same transaction or potential
transaction
Standard of care - Answers -Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
-Enhances professionalism
,-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
PIPEDA - Answers Federal - privacy act
PIPA - Answers Provincial - Privacy act
CASL - Answers Canada's anti spam legislation - federal
Privacy principles - Answers -Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
Seller's confidential info - Answers -Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
Buyer's confidential info - Answers -Reason for purchase of property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
Trustee - Answers Legally appointed person to hold assets for benefits of one or more persons. Trust
agreements set out terms of trustee's powers and duties.
, Executors - Answers Person who receives title of property when owner of the property is deceased.
Development permits - Answers -Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits - Answers -Used for new residential buildings.
-Valid for one year in which building must proceed.
-ABC establishes technical specifications for new buildings.
Occupancy permits - Answers -Used for new residential buildings. Builder must secure permit before
residence is approved for occupation by purchaser.
Subsequent building permits - Answers -Used to change existing buildings.
-Required for new additions, demo or relocation, Major alterations or renovation, supplemental
structure.
Concepts of residential construction - Answers -Technology
-Sustainability
-Accessibility
-Adaptability
Technology - Answers -the process of implementing single application to operate multiple functions of a
property
Sustainability - Answers -Use and recycling of materials used in construction
Accessibility - Answers -Individuals ability to access a building, move within and independence without
barriers. IE Ramps, lifts elevators.
Adaptability - Answers -How easy it is to change a home to meet a client's need, ie a home to grow old
in.
Developer warranty programs - Answers -1 year warranty on materials/workmanship used to construct
residence, begins when buyer takes possession.
Extended warranty programs - Answers -In conjunction with builder's warranty, provides 10-year
protection against structural defects.
Manufactured construction - Answers -3 sections almost complete (up to 95%)
-Minimal time required to join and complete sections.
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