Contracts
A party entering into a contract cannot be mentally compromised by injury or intoxication
What is the contract element called capacity of the parties
This Change in Representative Capacity option is typically only appropriate to use when BOTH parties are knowledgeable and experienced in buying and selling homes.
What is transaction brokerage?
Number of publicly appointed members of the NSREC BOD
What is 3?
With this Mortgage Privilege, mortgagors are permitted to skip or delay a payment.
What is postponement?
Floating material found in a septic tank
What is scum?
Form used when Conditions of the Agreement have been been satisfied
What is form 408?
Define Designated Agency
What is the contractual relationship with the Brokerage, with one or more licensees are named as the designated agents.
Purpose of Competition Act with respect to real estate
What is promoting healthy competition, and forbidding false or misleading advertising?
Some lenders will require this be done before approving financing?
What is an appraisal?
A physical document used to prove and transfer ownership of a property.
What is a deed?
The time when a contract becomes legally binding between buyer and seller
When all of the conditions satisfied (with the exception of title investigation) and a form 408 completed?
Name two examples of concurrent representation
What is a licensee working with a buyer and seller on the same property, or a licensee working with two buyers wanting to offer on the same property.
NSREC's role with licensees
What is the regulation of real estate practices in Nova Scotia, ensuring compliance with provincial laws, RETA and By-Laws?
Typical closing costs for buyers
What are deed transfer tax, legal fees, title insurance, adjustments for property taxes and cost to fill the oil tank?
Real Property
Responses to an Amendment
What is acceptance, rejection, rejection with a counter amendment or no response at all
Typical details in a property listing
What are price, property description, size, location, lot size and any relevant disclosures about the property's condition or history?
Land use regulator in NS and rules established.
What are Land use by-laws and zoning regulations managed by the local municipalities which establish rules for property development, building uses and other land controls?
Difference between the perspective of a lender and a buyer with respect to a mortgage
What is investment versus loan
Leasehold estate
What is an estate that is held by someone called a tenant to use or occupy a home or commercial space from someone known as the landlord?
Describe when the terms of a BBA would be amended?
What is an extension, a geographical search change or a remuneration change?
Definition of Common Law agency
What are licensees who are in agency relationships with all clients of the Brokerage and branch offices of the Brokerage?
CASL requires senders to do three things before using commercial electronic messages
What are obtain consent from the recipient, provide identification information and provide a mechanism for a consumer to unsubscribe.
Name mortgage privileges
What are prepayment, postponement, portability and assignment?
Four main components of a septic system
What are the pipe, the tank, the septic field and the soil?