Rental Property Management Licensing Course Manual

Table of Contents

UBC Real Estate Division. 2021. Rental Property Management Licensing Course Manual. Vancouver, BC: UBC Real Estate Division.

Preface: Introduction to Real Estate
Land Ownership
Land Value
Elements of the Real Estate Market
Characteristics of Real Property
Historic Origins of Property Management
Development of Property Management as a Profession
The Complexity of Property Management
The Objectives of Property Management
Key Relationships in Property Management
Types of Residential Property
The Demand for Residential Rental Property
Why Do People Rent Accommodation?
Factors to Consider in the Tenancy Agreement
Responsibilities of the Property Manager

Chapter 1: Fundamentals of Law
The Sources of Our Laws
Categories Within Our Legal System
Real Property Law
The Judicial System in Practice: The British Columbia Court System

Chapter 2: The Real Estate Services Act
Requirements for Licensing
Importance of Agency Law in Providing Real Estate Services
The Licensing Body – The Real Estate Council
The Office of the Superintendent of Real Estate
Real Estate Foundation, Errors and Omissions Insurance Corporation, and Compensation Fund Corporation
Other Real Estate Related Organizations
Licensing System
Property Management Procedures Under the Real Estate Services Act
A Closer Look at the Rules
Discipline and Enforcement
The Real Estate Development Marketing Act

Chapter 4: Professional Ethics
Professions, Professionals, and Professionalism
Ethics
The Regulation of a Profession
Regulating in the Public Interest
Trust
How Honesty and Integrity Relates to Trust
Duties to Clients
Duties to Third Parties
Disclosure
The Duty to Report Misconduct
Handling Reports of Misconduct as a Managing Broker
Ethical Codes Outside of RESA and the Rules
Ethical and Professional Responsibilities and Money Laundering

Chapter 4: What the Purchaser Buys: Estates and Interests in Land
The Evolution of Real Property Law and the Doctrine of Estates
Fee Simple Estate
Life Estate and Estate Pur Autre Vie
Leasehold Estates
Interests in Land Less Than Estates
The Extent of “Ownership” in Land
Co-Ownership of Land

Chapter 5: The Subdivision of Land and Title Registration in British Columbia
Who Owns the Land?
How is Land Divided?
How a Strata Development is Created
Types of Strata Property
Title Registration in British Columbia
The Torrens System of Land Registration
Land Title Offices, Searching Title, and the Registration Process
First Nations Land Registration
Contaminated Sites
Manufactured Homes
Appendix 5.1: Sample Excerpts From Strata Plans: Sample Strata Plan
Appendix 5.2: Sample Land Title Search

Chapter 6: Strata Properties (Condominiums) and Cooperative in British Columbia
The Strata Corporation
How a Strata Corporation is Governed
Finances
Bylaws and Rules
Legal Proceedings
Strata Titles Compared with Cooperative Corporations
Appendix 6.1: Strata Property Act Form B – Information Certificate
Appendix 6.2: Strata Property Act Form F – Certificate of Payment
Appendix 6.3: Strata Property Act Form J – Rental Disclosure Statement
Appendix 6.4: Strata Property Act Form K – Notice of Tenant's Responsibilities

Chapter 7: The Professional Liability of Real Estate Licensees
Common Grounds of Liability Against Licensees
Negligence
Misrepresentations and Deceit
Errors in Drafting Agreements
Breach of Fiduciary Duty
Statutory and Industry Liability
What is the Bottom Line?
Introduction to Tort Law
Trespass
Private Nuisance
The Role of the Competition Act
Canada’s Anti-Spam Legislation

Chapter 8: The Law of Contract
Void, Illegal, Voidable and Unenforceable Contracts
Offer
Acceptance
Consideration
Legal Intention
Capacity
Legal Object
Genuine Consent
Termination of a Contract
Remedies
The Requirement of Writing

Chapter 9: Law of Agency
The Agency Relationship
Capacity to Act as an Agent
Agent’s Appointment and Authority
Termination of Authority
The Duties of the Agent to the Principal
The Duties of the Principal to the Agent
Relationship Between the Agent and the Third Party
Agency Disclosure when Providing Trading Services as a Rental Property Manager
The Management Agreement
Appendix 9.1: Disclosure for Residential Tenancies Form
Appendix 9.2: Sample Management Agreement

Chapter 10: Residential Tenancies
The Residential Tenancy Branch (“RTB”)
Residential Tenancy Law
Appendix 10.1: Sample Residential Tenancy Agreement
Appendix 10.2: Stages of Tenancy

Chapter 11: Effective Negotiations, Alternative Dispute Resolution, and Resolving Residential Tenancy Disputes
The Nature of Effective Negotiations
Negotiation Approaches
When Negotiations Fail
Resolving Residential Tenancy Disputes

Chapter 12: Commercial Tenancies: Introduction
Introduction to Commercial Tenancies
Other Important Legal Concepts
Types of Commercial Property
Special Use Properties and Leases
Commercial Tenant Selection
Tenant’s Criteria

Chapter 13: Commercial Tenancies: The Commercial Lease
Negotiation of Lease Terms
Overview of the Life of a Lease
Essential Terms of a Lease
Other Important Lease Terms
Miscellaneous/General Lease Provisions
Proper Execution of a Lease
Special Topics
Appendix 13.1: Sample Office Lease
Appendix 13.2: Sample Estoppel Certificate

Chapter 14: Human Rights Law
Purpose
Rental Property Management
Human Rights Complaints

Chapter 15: Protection of Personal Information
Processes
Mediation in the Review Process
Personal Information
Collecting Personal Information
Using Personal Information
Disclosing Personal Information
Rental Property Management
Disposing of Personal Information
Privacy Complaints
Privacy Policies and Privacy Officers

Chapter 16: Market Research and Marketing
Market Research Analysis
Marketing Concept
Marketing Concept and Consumer Needs
Developing an Integrated Marketing Program
Developing an Integrated Promotional Plan
Promotional Mix
Communication Processes
Marketing Plan

Chapter 17: Financial Statements
Forms of Organization
Importance of Financial Reporting
Generally Accepted Accounting Principles (GAAP)
Financial Statements
Income Tax Return
Analyzing Financial Statements

Chapter 18: Operational Budgets, Capital Budgets, and Accounting
Purposes of Budgeting
Operating Budget
Capital Budget
The Monthly Operating Statement
Appendix 18.1: Tenant Roll Form
Appendix 18.2: Tenant Arrears Report Form
Appendix 18.3: Example of Tenant Ledger

Chapter 19: Local Government Law
The Three Levels of Government
The Rationale for the Regulatory System
The Planning Process
Official Community Plans
Rural Land Use Bylaws
Zoning
Land Use Contracts
Non-Conforming Use
Board of Variance
Permits
Subdivision
Building Bylaws and Inspection
Licensing Bylaws
Appendix 19.1: Sample Zoning Bylaw Extract (District of West Vancouver)

Chapter 20: Taxes on Real Property
Taxes Paid While Holding Real Property
Appendix 20.1: Assessment Notice
Appendix 20.2: Property Tax Notice

Chapter 21: Introduction to Real Estate Appraisal
The Appraisal Process
Step 1: Defining the Appraisal Problem
Step 2: Scope of Work Determination
Step 3: Data Collection
Step 4: Data Analysis
Step 5: Selection of the Appropriate Appraisal Approach
Step 6: Reconciliation of Value Indications and Final Opinion of Value
Step 7: Communicate Findings
Legal Considerations for Appraisal
Looking Ahead – Innovations in Property Valuation

Chapter 22: Building Design and Construction
Multi-Family Building Design
Multi-Family Building Substructures
Multi-Family Building Superstructures
Building Systems
Interior and Exterior Finishes
Site and Unit Layout: Functional Considerations
Inspecting Multi-Family Properties
Green Housing: Energy Efficiency and Sustainable Real Estate

Chapter 23: Controls, Maintenance, and Energy Conservation
Accounting – Income and Expenses
Leasing
Maintenance and Repairs
Janitorial Services
Security
Assessment and Taxation
Tenant Relations
Administration
Taking Over a Property
Building Maintenance and Repairs
Preventive Maintenance
Corrective Maintenance
Routine Maintenance
Deferred Maintenance
Managing Operating Expenses
Development of an Operations Manual
Fire Prevention Systems and Equipment
Energy Conservation
Building Audit
Planning Energy Conservation
Appendix 23.1: Lease Summary Form
Appendix 23.2: Sample Offer to Lease
Appendix 23.3: Leasing Progress Report
Appendix 23.4: Landlord-Tenant Work Schedule
Appendix 23.5: Sample Daily Maintenance Log Form
Appendix 23.6: Sample Mechanical Preventive aintenance Control Sheet
Appendix 23.7: Sample Daily Maintenance Log

Chapter 24: Security, Safety, Environmental Protection, and Hazardous Materials
Developing a Security and Safety Program
Planning
Fire Prevention
Disaster Precautions
Building Security
Security Personnel
Security Legislation
Liaison with Public Safety Officials
Environmental Law and Real Estate
Liability
Federal and Provincial Statutes Relating to the Environment
Environmental Audit Analysis
Workplace Hazardous Materials and Products
BC Regulations
Appendix 24.1: Bomb Threat Checklist
Appendix 24.2: Earthquake Preparedness – Before, During, and After
Appendix 24.3: Sample Questions for a Pre-Bid Questionnaire
Appendix 24.4: Topics to Cover in Bid Specifications

Chapter 25: Purchasing
Strategic Procurement: An Overview
Methods of Procurement
Laws of Sole Source
Laws of Competitive Bidding
Controlling Risk
Competition vs. Sole Source
Developing Purchasing Policies and Documents
Competitive Bidding and Purchasing Documents

Chapter 26: Personnel Management
Job Analysis
Personnel Selection

Chapter 27: Insurance and Risk Management
Key Insurance Terminology
Types of Insurance
Property Insurance Evaluation
Tenant’s Insurance
Insurance Policies: An Overview
Risk Management
Reporting Insurance Claims
Risk Management in Litigation
Settlement of Claims
Appendix 27.1: Warehouse Lease Extract
Appendix 27.2: Third Party Personal Injury and Property Damage Report
Appendix 27.3: Insured Property Damage Report
Appendix 27.4: Final Release

Glossary

Index