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Mortgage Brokerage in British Columbia Course

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Mortgage Brokerage in British Columbia

Manual: UBC Real Estate Division. 2016. Mortgage Brokerage in British Columbia - Course Manual. Vancouver, BC: UBC Real Estate Division.

  • Preface: Introduction to Real Estate and Mortgage Brokerage
    Land Ownership
    Land Value
    Real Property Law
    Key Participants in the Mortgage Brokerage Market
    Characteristics of Real Property
    Organization of the Real Estate and Mortgage Brokerage Industry in British Columbia

  • 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 Mortgage Brokers Act and Professional Ethics
    The Registration Body – The Registrar of Mortgage Brokers for the Province of British Columbia
    Registration System
    The Registrar's Powers of Investigation
    Powers of Disciplinary Action
    Mortgage Broker Market Conduct
    What are Professional Ethics?
    Why Study Professional Ethics?
    Duty to Uphold the Law
    Duty to Client in Providing Mortgage Services
    Enforcement of Professional Ethics
    Appendix 2.1: Sample Disciplinary Decision of the Registrar of Mortgage Brokers
    Appendix 2.2: Form 9 – Lender Disclosure Statement
    Appendix 2.3: Form 10 – Borrower Conflict of Interest Disclosure Statement
    Appendix 2.4: Form 11 – Lender Conflict of Interest Disclosure Statement
    Appendix 2.5: Code of Ethics and Standards of Professional Conduct – Mortgage Brokers Association of British Columbia (MBABC)

  • Chapter 3: 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
    The Extent of "Ownership" in Land
    Interests in Land Less Than Estates
    Co-Ownership of Land

  • Chapter 4: Title Registration and Strata Properties in British Columbia
    Who Owns the Land?
    Title Registration in British Columbia
    The Torrens System of Land Registration
    Land Title Offices, Searching Title, and the Registration Process
    Title Insurance
    Contaminated Sites Registry
    First Nations Land Registration
    Strata Properties (Condominiums) and Cooperatives in British Columbia
    Appendix 4.1: Sample Certificate of Title
    Appendix 4.2: Sample Excerpts from Strata Plans

  • Chapter 5: The Professional Liability of Mortgage Brokers
    Misrepresentations and Deceit
    Errors in Drafting Agreements
    Breach of Fiduciary Duty
    Statutory and Industry Liability
    What is the Bottom Line?
    Introduction to Tort Law
    Private Nuisance
    Liability of an Occupier
    Mortgage Fraud
    The Competition Act
    Law of Agency
    Agenta€?s Appointment and Authority
    The Common Law Duties of the Agent to the Principal
    The Duties of the Principal to the Agent
    Relationship Between the Agent and the Third Party
    Appendix 5.1: Borrower Conflict of Interest Disclosure Statement Form 10 a€“ Section 17.3


  • Chapter 6: The Law of Contract
    Void, Illegal, Voidable, and Unenforceable Contracts
    Legal Intention
    Legal Object
    Genuine Consent
    Termination of a Contract

  • Chapter 7: Introduction to Mortgage Law
    Introduction to Mortgage Law
    Legal and Equitable Mortgages
    Implied Terms of a Mortgage
    Express Terms of a Mortgage
    Special Types of Mortgages
    Federal Legislation Over Mortgages
    Provincial Legislation Over Mortgages
    Assignment of the Mortgage
    Assumption of the Mortgage
    Novation and Impairment of the Security
    Future Advances
    Lenders' Remedies
    Judicial Sale
    Action on the Personal Covenant
    Quitclaim Deed
    Possession and Sale
    Agreements for Sale
    Appendix 7.1: Land Title Act Form B
    Appendix 7.2: Wrap-Around Mortgages

  • Chapter 8: Financial Statements
    Forms of Organization
    Generally Accepted Accounting Principles (GAAP)
    Financial Statements
    The Balance Sheet (or Statement of Financial Position)
    Income Statement (Revenue and Expense or Operating or Profit and Loss Statement)
    Taxable Income
    Relationship Between the Income Statement and the Balance Sheet
    Closing Balance Sheet – Proprietorship
    Closing Balance Sheet – Partnership
    Corporate Financial Statements
    Explanatory Notes and Comments
    Ratio Analysis: Calculation and Explanation of Significant Ratios
    Limitations of Statement Analysis
    Statement of Changes in Financial Position: Cash Basis
    Accounting Software
    Appendix 8.1: Balance Sheet
    Appendix 8.2: Income Statement

  • Chapter 9: Introduction to Mortgage Finance
    Role of Financing in Real Estate Transactions
    The Capital Market
    The Characteristics of Mortgage Loans as Investments
    Development of Contemporary Mortgage Lending
    Classification of Mortgage Loans
    Mortgage Repayment Plans
    Mortgage Interest Rates and the Federal Interest Act
    Using the HP 10BII+ Calculator in this Course
    The Basis of Interest Calculations
    Future Value and Present Value of Lump Sums
    Annuities: Payments
    Calculating Interest Only Payments

  • Chapter 10: Interest Rates and Mortgages
    Equivalent Interest Rates
    Application of Equivalent Rates to Periodic Payments
    Analysis of Constant Payment Mortgages

  • Chapter 11: Mortgage Analysis in Real Estate Practice
    Impact of Financing on Real Estate Transactions
    Portable Mortgages
    Bonused Mortgages: Impact of Brokerage Fees

  • Chapter 12: Mortgage Underwriting and Borrower Qualification
    Residential (Owner-Occupied) Mortgage Underwriting
    Commercial Mortgage Loan Underwriting
    Appendix 12.1: Sample TransUnion Credit Report
    Appendix 12.2: Sample Equifax Credit Report

  • Chapter 13: Management of Individual Loans
    Financial Covenants of the Borrower
    Loan Administration and Management
    Arrears and Default

  • Chapter 14: Mortgage Loan Repayment and Refinancing Options
    Variable Rate Mortgages (VRMs)
    Dual Rate Variable Rate Mortgages or a€?Teaser Ratea€?
    Graduated Payment Mortgages (GPMs)
    Sinking Fund Assisted Mortgages
    Reverse Mortgages, or Reverse Annuity Mortgages (RAMs)
    Refinancing the Property
    Wrap-around Mortgages

  • Chapter 15: Building Design and Construction
    Current Building Standards
    Metric Construction Modules
    Materials Used
    Architectural Information
    Apartment Building Construction
    Considerations in Apartment Building Construction
    Defects and Maintenance in Apartment Building Construction
    Apartment Building Construction Costs
    Residential Housing Classifications
    Components of a Building
    Building Envelope Systems
    Service Systems
    Domestic Heating Systems
    Plumbing Systems
    Electrical Service
    Residential Housing Defects
    Green Construction


  • Chapter 16: Introduction to Real Estate Appraisal
    Purpose of Appraisal
    Licensing Requirements for Appraisers
    Subject of an Appraisal
    Nature of Value
    Variations in Sale Prices
    Definitions of Market Value
    Legal Considerations for Appraisers
    Overview of the Appraisal Process
    Step 1: Defining the Appraisal Problem
    Step 2: Scope of Work Determination
    Step 3: Data Collection and Analysis
    Step 4: Market Analysis
    Step 5: Selection of the Appropriate Appraisal Approach
    Step 6: Reconciliation of Value Indications and Final Opinion of Value
    Step 7: Communicate Findings

  • Chapter 17: Direct Comparison (Comparative) and Cost Approaches of Appraisal
    Purpose of the Appraisal
    Direct Comparison (Comparative) or Market Approach
    Analysis of Market Transactions
    Adjustments for Value
    Other Applications of the Comparative Approach
    Scope of the Comparative Approach
    Limitations of the Comparative Approach
    The Cost Approach
    Determining Market Value by the Cost Approach
    Illustration of the Cost Approach
    Scope of the Cost Approach
    Limitations of the Cost Approach
    Appendix 17.1: Calculations Used to Find Market Value of a Vendor Takeback
    Appendix 17.2: Construction Costs of a Single Family Residence

  • Chapter 18: The Income or Investment Approach of Appraisal
    Establishing Net Operating Income
    Required Rate of Return
    Capitalization Process
    Case Study 1
    Case Study 2


  • Chapter 19: Fundamentals of Investment Analysis
    Part I: Single Period Analysis
    Investment Objectives
    Measuring Costs and Benefits
    Basic Return and Risk Measures
    Resale Value and Residual Cash
    Summary: Single Period Analysis
    Part II: Multi-Period Analysis
    After-Tax Calculations
    Resale Value and Residual Cash
    Summary: Single-Period Analysis
    After-Tax Calculations
    Time Value of Money
    Comparison of the Present Value and Internal Rate of Return Approaches
    Appendix 19.1: Principal and Interest Calculations for Swift Apartments Complex
    Appendix 19.2: Investment Analysis Worksheet

  • Chapter 20: From Contract to Completion
    The Contract of Purchase and Sale
    Closing Procedures
    General Introduction to Statements of Adjustments
    Items on Statements
    Preparing Statements of Adjustments
    Appendix 20.1: Building Location Survey
    Appendix 20.2: Statements of Adjustments


  • Chapter 21: Business Management for the Entrepreneur
    Introduction to Business Strategy
    What is the difference between Strategy, Mission and Vision?
    The Link between Strategy and Entrepreneurship
    Writing a Business Plan
    Suggested Template Structure
    Project Management
    Personal Time Management


  • Chapter 22: Introduction to Marketing
    Marketing and Mortgage Brokerage: An Overview
    Marketing Theory
    Market Segmentation
    The Selection of Target Markets
    Buyer Behaviour Models
    Product Positioning
    Integrated Marketing
    The Promotional Mix
    The Marketing Budget
    The Communication Process
    Generational Marketing
    Other Types of Marketing
    Personal Selling
    Public Relations and Publicity
    Sales Promotion


  • Chapter 23: Effective Negotiations and Alternative Dispute Resolution
    The Nature of Effective Negotiations
    Negotiation Approaches
    When Negotiations Fail

  • Chapter 24: Technology and the Mortgage Broker
    Determining Technology Requirements
    Computer Hardware and Peripherals
    Understanding Computer Software
    Data Protection and Backup
    The Mortgage Broker's Website
    Social Media
    Online Protocol
    Security and Computer Protection

  • Glossary
  • Index