MB Chapter review
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44 questions
| 🇬🇧 | 🇬🇧 |
| Statute law is also known as | Legislation |
| Which Court is not an Appellate Court | Small claims court |
| What are two types of "discovery" and may occur in pre-trial process in BC? | Examination for Discovery and Discovery of Documents |
| The prescribed period of time in which a person has a right to bring an action is known as? | Limitation Period |
| Where a civil wrong is committed a person may initiate an action in BC Supreme Court by filing a? | Notice of civil claim |
| "Let the former decision stand" | Stare decisis refers to the following prior. Decisions when the facts are substantially the same. |
| The 3 potential phrases involving in settling a dispute through civil resolution tribunal are: | Negotiation, Facilitation and adjudication |
| The Civil Resolution Tribunal is tasked with resolving all _____ ____ disputes and certain _____ _____ disputes. | Strata Corporation, Small Claims |
| Performing multiple roles in the same transaction or arranging a mortgage for a borrower and funding the same mortgage as a lender are examples of what when a mortgage broker? | Conflict of interest |
| Ethical Codes of Conduct have the same force of law and statutes? True or false. | False, most ethical codes of conducts are created by professional associations. Members of those associations must agree to abide by the code of conduct as a condition of membership. |
| The duty of professional courtesy and good faith is a part of the general duty of the __________ | Profession |
| What is the largest voluntary professional organization of mortgage brokers in BC? | The Mortgage Broker's Association of BC |
| The two levels of activity requiring registration under the Mortgage Brokers Act are: | Mortgage Broker and Sub Mortgage Broker |
| The Provincial agency with the authority to administer the Mortgage Broker's Act and Regulation: | Financial Institutions Commission |
| Two types of penalties that a professional organization disciplinary committee could impose on its members? | Reprimand, suspension from membership privileges, a monetary fine, paying for the costs of the disciplinary hearing, expulsion from membership, an order for complete disciplinary education. |
| The Statute that prescribes disclosure to borrowers in the form of a Disclosure Statement, Notice or Statement of Account is known as the? | Business Practices and Consumer Protection Act |
| Ethical Codes of Conduct have the same force of law as Statutes? True or false. | False, Ethical codes of conduct are voluntarily adopted by certain members of the public that have to be part of a professional association Members of the public do not have the choice of voluntarily adopting the obligations contained in the Statutes. |
| Articles of personal property (eg car stereo, a tv) as opposed to real property are known as? | Chattels |
| Fee Simple | Legal term for the maximum interest in land available to a person or the maximum of legal ownership. In many ways, ______ _____ is equivalent to absolute ownership. |
| Interests, property, estate | A Tenancy in Common is where 2 or more persons acquire ______ in a single ______ and each may sell or bequeath their interest. Additionally, in the event of death, their interest becomes part of their _______. |
| Support | The right to have one's ground supported so that it will not cave in when an adjoining property owner makes an excavation is known as? |
| The dominent tenement limited use of the servient tenement land | An Easement grants what? |
| Profit a prendre | A right to take the produce or part of the soil from the lands of another lands. |
| Building Scheme | A ___ _____ refers to a group of restrictive covenants attaching to two or more lots with in a particular development plan, and which usually aims at ensuring a certain level of uniformity is maintained within a development. |
| Encumbrance | A judgement, mortgage or lien or any other claim which is registered against the title to the land is what? |
| True. | True or False. The dominant tenant is the land to which the benefit of a right is attached. |
| Servient Tenement | The land bearing the burden of an easement or other right (ie restrictive covenant). |