Phase 1: Real Estate as a Professional Career Course Manual

Table of Contents

UBC Real Estate Division. 2019. Phase 1: Real Estate as a Professional Career Course Manual. Vancouver, BC: UBC Real Estate Division.

Chapter 1: Introduction to Real Estate

Land Ownership
Land Value
Elements of the Real Estate Market
Characteristics of Real Property
Organization of the Real Estate Brokerage Industry

Chapter 2: Fundamentals of Law

The Sources of Our Laws
Categories Within Our Legal System
Real Property Law
The Judicial System in Practice: The Saskatchewan Court System

Chapter 3: The Real Estate Act and The Saskatchewan Real Estate Commission Bylaws

History of The Real Estate Act
Commission Mandate
Commission Structure
Structure of Legislation
The Real Estate Act
Importance of Agency Law in Providing Real Estate Services
Registration
Brokerage Registration
Broker, Associate Broker, and Salesperson Registration
Regulation of Trading Practices
Disclosure of Interest in Trade
Commission Bylaws
Trust Accounts and The Real Estate Assurance Fund
Discipline and Enforcement
Time-Share Plans
Errors and Omissions Liability Insurance
What to do When There is a Claim
FAQs
Appendix 3.1: New Application or Re-Instatement Form and Instructions

Chapter 4: Professional Liability

Personal Information Protection and Electronic Documents Act (PIPEDA)
Liability for Negligence
Negligence
Misrepresentations and Deceit
Errors in Drafting Agreements
Statutory and Industry Liability
What is the Bottom Line?

Chapter 5: Professional Ethics

Why Study Professional Ethics?
Professionalism
What are Professional Ethics?
Ethics and the Law
The REALTOR® Code of the Canadian Real Estate Association
Duty to Uphold the Law
Duty to Client in Real Estate Transactions
Avoidance of Conflicting Interests: Impartiality
Pecuniary Relations with Clients
Responsibility to Other Parties
Duty to the Profession
Disciplinary Hearings Before a Real Estate Board
Closing Thoughts
Appendix 5.1: CREA Standards of Business Practice and Interpretations

Chapter 6: Fundamentals of Agency Law

The Agency Relationship
Real Estate Agency in Saskatchewan
Dual Agency (With Limitations)/Limited Dual Agency
Limited Dual Agency Acknowledgement Form
Capacity to Act as an Agent
Agent’s Appointment and Authority
Termination of Authority
Relationship Between the Agent and the Third Party
The Duties of the Agent to the Principal
The Duties of the Principal to the Agent

Chapter 7: Fundamentals of Contract Law

Offer
Acceptance
Consideration
Legal Intention
Void, Voidable, and Unenforceable Contracts
Capacity
Legal Object
Circumstances Rendering a Contract Void or Voidable
Mistake
Termination of a Contract
Privity
Remedies

Chapter 8: Land Ownership: 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
The Homesteads Act, 1989
Liability Arising From Estates and Other Interests in Land: Infringements and Responsibilities
Trespass
Private Nuisance
Liability of an Occupier

Chapter 9: The Subdivision of Land in Saskatchewan


Who Owns the Land?
How is Land Divided?

Chapter 10: Title Registration in Saskatchewan

The Torrens System of Land Registration
Land Titles Registry, Searching Title and the Registration Process
Title Creation
Title
Interests
First Nations Land Registration

Chapter 11: Condominium Law

Who Buys Condominiums?
Categories of Condominiums
The Creation of a Condominium
Creation pf a Condominium Corporation
The Operation of a Condominium Corporation
Dispute Resolution
Termination of a Condominium
Buying and Selling Condominium Units
Searching for Necessary Information
Appendix 11.1: Bare Land Condo Plan
Appendix 11.2: Condo Plan (Regina)
Appendix 11.3: Form FF: Reserve Fund Study Report
Appendix 11.4: Schedule “C”: Specified Terms and Conditions for Contract of Purchase and Sale of a Resale
Condominium Unit
Appendix 11.5: Form GG: Estoppel Certificate
Appendix 11.6: Sample Condominium Title

Chapter 12: Tenancy Law

Legislation Governing Tenancies in Saskatchewan
Types of Tenancies
Fundamental Concepts Respecting Tenancies
Terminating Tenancies
Resolving Tenancy Disputes

Chapter 13: Introduction to Mortgage Law

Overview of Mortgages
Registration of Mortgages
Implied and Express Terms of a Mortgage
Special Types of Mortgages
Alternative Financing Arrangements
Federal Legislation Over Mortgages
Provincial Legislation Over Mortgages
Assignment of the Mortgage
Assumption of the Mortgage
Mortgage Priorities
Lender Remedies

Chapter 14: Introduction to Mortgage Finance

Characteristics of Mortgage Loans as Investments
Classification of Mortgage Loans
Mortgage Repayment Plans
Mortgage Interest Rates and the Federal Interest Act
Basis of Interest
Impact of Financing on Real Estate Transactions
Prepayment Penalties

Chapter 15: Mortgage Underwriting and Borrower Qualification

Residential (Owner-Occupied) Mortgage Underwriting
Financial Covenants of the Borrower
Advancing the Loan and Collection of Payments
Commercial Mortgage Loan Underwriting

Chapter 16: Taxes on Real Property

Goods and Services Tax (“GST”)
Registration Costs in Saskatchewan
Taxes on Capital Gains Upon Sale of Real Property
Property Tax
Appendix 16.1: Sample Property Tax Summary

Chapter 17: Introduction to Property Valuation


Valuation Process
Legal Considerations for Valuation
Looking Ahead – Innovations in Property Valuation

Chapter 18: Methods of Property Valuation

Direct Comparison Approach
Case Study 18.1
Cost Approach of Valuation
Income Approach of Valuation
Case Study 18.2
Case Study 18.3
Appendix 18.1: Sample Comparative Market Analysis (CMA)

Chapter 19: Municipal Law

Historical Background to Land Use Controls
The Three Levels of Government
The Rationale for the Regulatory System
The Land Use Planning Process
The Planning and Development Act, 2007 and Planning Districts
Subdivision

Chapter 20: From Contract to Completion: Conveyancing


An Introduction to the Conveyancing Process in Saskatchewan
Appendix 20.1: Sample of Brokerage Letter of Instruction
Appendix 20.2: Sample Real Property Report
Appendix 20.3: Transfer Authorization (One Individual Signing)
Appendix 20.4: Titles Affidavit of Value

Chapter 21: Marketing and Technology

Marketing Concept
Marketing Theory
Integrated Marketing
Communication Process
Advertising
Other Types of Marketing
Listing Presentation
Developing a Listing Marketing Program
Technology and the Registrant
Software, Apps, and Technological Devices
Websites
Email Marketing
Online Protocol
Security, Computer, and Consumer Protection

Glossary

Index