Think you’re a real estate expert? Familiarity with the ins and outs of homebuying and home selling can give you an edge in the housing market and save you money. So let’s put your knowledge to the test!

How large must your down payment be to avoid needing mortgage default insurance?

Correct! Wrong!

What is the minimum down payment for a home purchase in Canada?

Correct! Wrong!

Which of the following is normally covered by condo fees?

Correct! Wrong!

It is conventional wisdom that housing costs (principal, interest, taxes, utilities, etc.) should not exceed what percentage of your monthly gross income?

Correct! Wrong!

Which of the following is a common condition of sale?

Correct! Wrong!

Which of the following is not an advantage of variable rate mortgages?

Correct! Wrong!

Financial certainty and stability are advantages of a fixed rate mortgage, not a variable rate mortgage.

What is an open mortgage?

Correct! Wrong!

Because open mortgages provide homeowners with the flexibility to pay off the balance of the mortgage at any time without penalty, they tend to have higher interest rates than closed mortgages.

What is amortization?

Correct! Wrong!

What is benchmark price?

Correct! Wrong!

Which City of Calgary land use district does not include secondary suites as a permitted use?

Correct! Wrong!

R-MH is a residential designation for mobile home parks, and therefore does not include secondary suites as a permitted use.

What is a special assessment?

Correct! Wrong!

What is a Real Property Report?

Correct! Wrong!

A Real Property Report keeps property owners informed of the locations of improvements within the property boundaries, any encroachments from adjacent properties, and property compliance with municipal requirements, according to the Alberta Land Surveyors’ Association.

The federal government’s Home Buyers’ Plan allows individual Canadians to withdraw how much money from registered retirement savings plans (RRSPs) to buy or build a home?

Correct! Wrong!

True or false: you will have to pay GST if you purchase a new-build home.

Correct! Wrong!

Which of the following is not a factor that influences interest rates?

Correct! Wrong!

How many cannabis plants can Canadians currently grow at a time on their property?

Correct! Wrong!

Which of the following is not an expense that you might expect to incur as part of a real estate transaction in Calgary?

Correct! Wrong!

Alberta does not have a land transfer tax.

True or false: patent defects of a property must be disclosed to buyers.

Correct! Wrong!

Patent defects are defects of a property that are discoverable by inspection and ordinary vigilance on the part of a buyer, without disrupting the property. A professional home inspection should indicate any patent defects that do exist.

Which of the following is an example of a material latent defect of a property, which must be disclosed to buyers?

Correct! Wrong!

Material latent defects are physical defects that are not visible and make a property dangerous, unfit to live in or unfit for a buyer’s purpose. These defects are not usually revealed by a professional home inspection. Sellers must disclose any material latent defects they know about to buyers.

Which of the following statements about fixtures and chattels is true?

Correct! Wrong!

Chattels are moveable possessions that can be removed without damaging a property. They are normally excluded from the purchase price. Fixtures are possessions within, or features of, a property that are not moveable without causing damage. They are usually included in the purchase price.

POP QUIZ: Put your real estate knowledge to the test!
Real Estate Rookie
You should probably read CREB®Now more often…
Learning the Ropes
You know a bit about real estate, but still have a lot to learn.
Solid Knowledge
You’ve bought and sold a couple homes, and that experience shows.
Real Estate Expert
Are you sure you’re not a REALTOR®?

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