Humber Real Estate

An arrangement typically involving an owner of land agreeing to build a structure of a size, quality of construction and overall appearance in accordance with requirements of a specific tenant. The owner, as landlord, then leases the completed structure to that tenant. What is a 'Design Build Arrangement'? Seller's market Note: Ease of financing at attractive rates is also an important element in the growth of design build activity. Conversely, such activity is dramatically redu...

False. There is only one form. While all agreements will be unique and have varying clauses, as a salesperson you will typically use the OREA Agreement of Purchase and Sale - Commercial (Form 500). True or false? There are different agreements for the various types of commercial properties? Subject to HST Chattels are considered as excluded unless specifically added to the Agreement of Purchase and Sale. Chattels included are ________________________________. - Heating - E...

When reviewing a credit report, landlords typically look at what 3 main elements? - 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 tenant's current credit situation. It could have changed significantly in that time. 3 months ago The credit score is a single number with a descriptor. The numbers typically range from 300 to 850. The ______...

- The effective date and expiry date of the agreement (can only be one expiry date) - The method for calculating commission or other remuneration payable to the brokerage (in the case of a seller, the amount payable) - How the commission or other remuneration will be paid - The services that the brokerage will provide under the agreement What 4 things must be specified on both representation and customer service agreements? The expiry date If the term of a representation or customer ...

Binding agreement When an offer doesn't contain any conditions, it's a _________ _________ once accepted by all parties. - Condition precedent - Condition subsequent What methods can be used to draft conditions? A true condition precedent. If a party is not permitted to waive a condition and is required to fulfill the condition, what is this called? A condition in an agreement calling for an event to happen, or an act to be performed, before the agreement becomes bindi...

- 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 as the size or shape of the lot, soil condition, water drainage, etc. - The demand for the proposed use along with its economic and financial feasibility What are 3 key factors that an appraiser ...

Humber Real Estate - Course 2, Module 19, Additional Sale-Related Documents and Other Legal Obligations

The brokerage As a salesperson, you may not be required to prepare a trade record sheet. They are typically done by who? True. Any changes must be in a new document called an amendment. Only the altered or amended term(s) are written in the new document, and it's meant to be read in conjunction with the existing agreement. True or false? When an offer has been accepted, there can be no change to the document. Irrevocable time period Just like an agreement of purchase and ...

Yes, to ensure the property is protected. Is it mandatory to be present at any third-party inspections at the home? - A buyer representation agreement or a buyer customer service agreement - The accepted agreement of purchase and sale - The FINTRAC form for identification verification and Receipt of Funds for the deposit At the time an offer is accepted, what documents must be provided to the brokerage? The conditions are historical evidence of the progress of the parties i...

Yes, to ensure the property is protected. Is it mandatory to be present at any third-party inspections at the home? - A buyer representation agreement or a buyer customer service agreement - The accepted agreement of purchase and sale - The FINTRAC form for identification verification and Receipt of Funds for the deposit At the time an offer is accepted, what documents must be provided to the brokerage? The conditions are historical evidence of the progress of the parties i...