Phase 1 - Chapter 4
Tort
A private wrong or injury, other than breach of contract, for wich the court will provide a remedy in the form of damages
Decit
a fraudulent or deceptive misrepresnetation used by one person to deceive or trick another person ignorant of the true facts
The Competition Act
Illegal for idnvidual representaives or boerks of differnt real esate firms to meet to agree upon rates or spits, except where the discussions involes the commission split on a particular sale
Sect 45 prohibits
- setting common fees for specific services
- advertsing of commission rates or otherwise attempting to control advertising activity
- controly the entry of registarnts or firms into the real estate market
What is the overriding obligation contained in the Personal Information Protection and Electronic Documents Act (PIPEDA)?
That any collection, use, or disclosure of personal information must only be for purposes that a reasonable person would consider appropriate under the circumstances.
_________ is a type of fraudulent misrepresentation used by one person to trick another person ignorant of the true facts.
Deceit
A single violation of the Competition Act could result in both a(n) _____ and _____ for losses caused to injured parties.
criminal record; civil liability
What is the difference between fraudulent and negligent misrepresentation?
Fraudulent misrepresentation involves a sense of moral fraud as opposed to carelessness, and a person does not need to be an expert to be liable.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires financial service providers and those who engage in businesses, professions, or activities that are susceptible to being used for money laundering or terrorist financing to ___________________.
report suspicious transactions and attempted suspicious transactions
A registrant is required to keep a "receipt of funds" record containing the identity of the individual on receipt of what amount of funds?
A receipt should be kept for any amount of funds.
__________ is a false assertion of fact which, if accepted, leads one to an incorrect belief about a given situation.
Misrepresentaion
What are the three things that a plaintiff must prove to succeed in a claim of negligence?
1) That the defendant owed the plaintiff a duty of care;
2) that the defendant breached the standard of care owed; and
3) that the damages suffered by the plaintiff as a result of the defendant's breach were not too remote in law.
___________ is a legal principle which provides that, if, in the ordinary course of business, a person seeks information or advice from another who possesses special skills in circumstances in which a reasonable person would know that his or her special skills were being relied upon, and the person asked chooses to give the advice without clearly qualifying his or her answer so as to show that he or she does not accept responsibility if it is incorrect, then he or she accepts a legal duty to exercise such care as the circumstances require.
Negligent misrepresentation
What is the standard of care expected of a real estate registrant?
The way an ordinary and prudent practitioner of the real estate industry would conduct him or herself under similar circumstances.