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Ques1. What does CMHC stand for in the Canadian real estate market?
Canadian Mortgage and Housing Corporation
Canadian Municipal Housing Corporation
Central Mortgage and Housing Corporation
Corporate Mortgage and Housing Corporation
Ques2. Which type of property tax is based on the assessed value of a property?
Ad valorem tax
Excise tax
Sales tax
Income tax
Ques3. In which Canadian province or territory is the Real Estate Council of British Columbia responsible for regulating real estate professionals?
Ontario
Alberta
British Columbia
Quebec
Ques4. What is the minimum number of directors required for a Canadian corporation?
One
Two
Three
Four
Ques5. Which type of business structure provides limited liability to its owners in Canada?
Sole proprietorship
Partnership
Corporation
Cooperative
Ques6. What is the federal agency responsible for regulating securities in Canada?
OSC - Ontario Securities Commission
AMF - Autorité des marchés financiers
CSA - Canadian Securities Administrators
SEC - Securities and Exchange Commission
Ques7. Which of the following is NOT a typical closing cost associated with a real estate transaction in Canada?
Land transfer tax
Property appraisal fee
Mortgage insurance premium
Sales tax on the purchase price
Ques8. What is the term used for a legal document that outlines the rights and responsibilities of co-owners of a property in Canada?
Deed
Title
Lease
Conveyance
Ques9. Which of the following is a type of zoning regulation in Canadian municipalities?
Environmental Impact Assessment
Bylaw
Eminent Domain
Freehold
Ques10. What is the standard commission rate for real estate agents in most Canadian provinces?
2%
3%
5%
7%