Reca - Residential Study Guide Rated A+

RPR & Municipal certificate of compliance {Ans: Proves RPR is conforming to any standards set by municipal regulation.}Wraparound mortgage {Ans: A mortgage that encompasses any existing mortgages and is subordinate to them. -Borrower receives difference between original and new mortgage. -AKA umbrella mortgage.}Assemblage {Ans: Purchase of contiguous lots by same buyer(s), with intent to create single larger site with enhanced development potential. -Involves efforts to change applicable land use bylaws if it limits or restricts property owner's intended (re)development of the land.}Certificate of title: information shown {Ans: -Land resignation district, LINC, short legal description. -Title number, owners (name & addresses), fee simple. -Instruments/other interests registered against title. -Consideration paid for property. -Municipality for property taxation/land use purposes. -Reference number, ATS reference, total number of registered instruments.}Alberta Township System Description {Ans: Meridian/Range/Township/Section/Quarter Section/Legal Subdivision ie. LSD1-17-42-1-W5 (subdivision 1, section17, township 42, range 1, west of 5th Meridian)}Flood hazard map application {Ans: -Maps areas of Alberta that are frequent with flood hazards, includes areas that are a flood hazard. -Over 70% mapped of major flood areas.}