Which statement about representing a buyer in British Columbia is correct?
Correct Answer
C) A written buyer agreement is optional, but the s. 54 disclosure is required first
Rules s. 43 requires a written service agreement (unless waived) only for trading services to an owner offering real estate for sale, rental property management and strata management. For a buyer, a written agreement is optional, but s. 54 requires the licensee to disclose, before providing trading services, whether they will represent the buyer as a client.
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- → A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
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- → A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
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- → A buyer reviewing a status certificate asks what the condominium's reserve fund may be spent on. Under the Condominium Act, 1998, what is the permitted purpose?
- → An established Ontario condominium corporation completed its most recent reserve fund study in 2024. Under O. Reg. 48/01, when must it complete its next reserve fund study?
- → A buyer's status certificate shows that the corporation received a new reserve fund study two months ago, and the board has not yet sent owners anything about it. What does the Condominium Act, 1998 require of the board?
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Previous Question
A BC licensee realizes that acting for both a buyer client and a seller client in the same trade would be dual agency. With both clients' written agreement in the approved form, the licensee continues for the seller only. The licensee earlier learned that the buyer has a past bankruptcy. What must the licensee do?
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In British Columbia, what is the highest marginal rate of general Property Transfer Tax on a residential purchase, and is there a maximum amount?