The condominium has specific provisions regarding the sales of proposed and/or new condominium units. The owner/developer, referred to as the declarant must fulfill various disclosure requirements as set out in the act, most notably, the delivery of a disclosure statement. An agreement of purchase and sale is not binding on the buyer until he/she has received a copy of that disclosure statement. The buyer may rescind the agreement with written notice, within how many days of delivery of the disclosure statement?
a. 15 days
b. 1 month
c. 10 days
d. 60 days.
Which of the following statements is correct about organized real estate?
a. OREA is responsible for licensing of real estate salespersons in the province of Ontario.
b. All registrants must abide by the CREA Code of Ethics.
c. REBBA 2002 does not require any registrant to become a member of organized real estate.
d. It is mandatory for every reigtrant to become a member of organized real estate.
Q. Mr. Andrew refers Mrs. Martin to us as a salesperson you sold Mrs. Martin's property and You paid $300 for a referring. Explain this is legal to do or not?
A salesperson cannot give cash to any one as per REBBA. The Brokerage of the salesperson will pay to the referred salesperson’s Brokerage.
Q. Mr. Allen brings a inspector to his home. On inspection, the inspector advises him that there is moisture on the wall and he can take 3 preventive measures. What are they?
The Moisture is due to water leakage, to prevent the leakage:
- Damp proofing the exterior of the basement wall.
- External basement wall insulation.
- Making the slop away from the basement exterior wall so that the water goes away from the wall not towards the wall.
Q. Inspector sees white marks, what are they and how to prevent?
Efflorescence a whitish mineral deposit on the interior walls is also an indication as it remains after water is evaporated. To prevent it.
- Improving the exterior grading and proper performance of eaves trough and the downspouts.
- The ground immediately adjacent to the foundation should slop away from the structure at a rate of one inches per foot, for at least the first six (6) feet.
Q. Inspector sees a box which does not have switch or knobs? What does Inspector specifying at and explain use of it?
The Electrical Distribution Panel gets the power in the house. If it is tube and knobs the insurance would be more because of no safety melting problem may be there. Suggest the Buyer/Seller to replace it with the new Circuit Brakers.