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\author{o1510}
\pdfinfo{
  /Title (real-estate-part-2.pdf)
  /Creator (Cheatography)
  /Author (o1510)
  /Subject (real estate part 2 Cheat Sheet)
}

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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{real estate part 2 Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{o1510} via \textcolor{DarkBackground}{\uline{cheatography.com/32658/cs/10361/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}o1510 \\
  \uline{cheatography.com/o1510} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 3rd January, 2017.\\
   Page {\thepage} of \pageref{LastPage}.
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Sponsor}}  \\
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Council Rules}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Disclosure of Agency Representation and Relationship in Trading Services: Cannot provide services unless they disclose:} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
 & The nature of representation the licensee will provide. \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
 & are they providing re services to/behalf of any other person involved in the trade \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
 & remuneration (in trade) from other party \tn 
% Row Count 10 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & nature of relationship (in trade) with other party \tn 
% Row Count 12 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Substantive Change in Disclosure terms: agent must disclose again} \tn 
% Row Count 14 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Advertising} \tn 
% Row Count 15 (+ 1)
% Row 7
\SetRowColor{white}
 & owners must consent to ads \tn 
% Row Count 16 (+ 1)
% Row 8
\SetRowColor{LightBackground}
 & names of brokerage must be prominently displayed \tn 
% Row Count 18 (+ 2)
% Row 9
\SetRowColor{white}
 & prohibited: signage of personal office \tn 
% Row Count 20 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & prohibited: personal address/phone number to affiliate with brokerage \tn 
% Row Count 22 (+ 2)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Tort of Deceit} \tn 
% Row Count 23 (+ 1)
% Row 12
\SetRowColor{LightBackground}
 & similar to fraudulent misrepresentation, applies to law of contract \tn 
% Row Count 25 (+ 2)
% Row 13
\SetRowColor{white}
 & Pasley v. Freeman. lying about clients situation \tn 
% Row Count 27 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Code of Ethics and Standards of Business Practice} \tn 
% Row Count 28 (+ 1)
% Row 15
\SetRowColor{white}
 & MINIMUM as set out by real estate BOARDS (under BCRE Association) \tn 
% Row Count 30 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 7: strata and coop}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Unit Entitlement} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & schedule of entitlement displays each strata lot's proportionate rights and liabilities for the common property. Accessible through LTO \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
 & (unit entitlement of strata lot/total unit entitlement of all lots) x Total Contribution \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
 & Unit entitlement is also calculated through the total habitable area of strata lot \tn 
% Row Count 11 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Limited Common Property} \tn 
% Row Count 12 (+ 1)
% Row 5
\SetRowColor{white}
 & common property designated for the exclusive use of the owners of one or more strata lots. Requires 3/4 votes, must file resolution at the LTO \tn 
% Row Count 16 (+ 4)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Short Term Exclusive Use} \tn 
% Row Count 17 (+ 1)
% Row 7
\SetRowColor{white}
 & the strata may give permission to exclusively use common property that is not designated LCP \tn 
% Row Count 20 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Parking Lots/Stalls} \tn 
% Row Count 21 (+ 1)
% Row 9
\SetRowColor{white}
 & strata corp will have allocated the use of space by license of lease. Corporation will have licensed/leased space to developer, who will partially assign/sell rights to individuals \tn 
% Row Count 26 (+ 5)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Strata Corporation} \tn 
% Row Count 27 (+ 1)
% Row 11
\SetRowColor{white}
 & a legal entity created by the deposit of a strata plan in the land title office. The corporation's responsibilities are set out in the Strata Property Act and include the duty to manage, repair and maintain and insure common property and common assets \tn 
% Row Count 34 (+ 7)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
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\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 7: strata and coop (cont)}}  \tn
% Row 12
\SetRowColor{LightBackground}
 & The owners of the strata lots in the plan are members of the corporation. \tn 
% Row Count 3 (+ 3)
% Row 13
\SetRowColor{white}
 & All members are shareholders. NOT personally liable when someone obtains a judgement against corporation \tn 
% Row Count 6 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Suing a strata Corporation} \tn 
% Row Count 7 (+ 1)
% Row 15
\SetRowColor{white}
 & if the case is won each owner pays their share by unit entitlement \tn 
% Row Count 9 (+ 2)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Principal Duties of Strata} \tn 
% Row Count 10 (+ 1)
% Row 17
\SetRowColor{white}
 & manage, repair, maintain and insure common property and strata assets. \tn 
% Row Count 12 (+ 2)
% Row 18
\SetRowColor{LightBackground}
 & duty to keep records (renters 3+ years, owners, purchasers, have access) \tn 
% Row Count 14 (+ 2)
% Row 19
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{licensees should check 2 preceding years of: council minutes, annual extraordinary or special minutes, budget and financial statements, bylaws and rules} \tn 
% Row Count 18 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.64241 cm} x{3.33459 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Balance Sheet}}  \tn
% Row 0
\SetRowColor{LightBackground}
ASSETS + LIABILITIES & = OWNERS EQUITY \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Current Assets} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & marketable securities, accounts receivable, inventories, prepaid expenses \tn 
% Row Count 6 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Current Liabilities} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & accounts payable, property taxes payable, wages payable, income taxes payable (NA for partnerships), interest payable \tn 
% Row Count 12 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.69218 cm} x{3.28482 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 10}}  \tn
% Row 0
\SetRowColor{LightBackground}
Binding Contract & offer, acceptance, consideration, legal intention, capacity, legal object, genuine consent \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Latent Defect & concealed defect, cannot be discovered upon reasonable inspection \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Patent Defect & discoverable upon reasonable inspection \tn 
% Row Count 9 (+ 2)
% Row 3
\SetRowColor{white}
Breach of Contract & failure to perform without legal excuse any promise which forms part or all of the contract \tn 
% Row Count 13 (+ 4)
% Row 4
\SetRowColor{LightBackground}
Breach of Condition & allows the injured party to terminate the contract and/or sue for damages or specific performance \tn 
% Row Count 17 (+ 4)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Remedies} \tn 
% Row Count 18 (+ 1)
% Row 6
\SetRowColor{LightBackground}
Damages: & COMMON LAW. anyone who can prove they suffered loss as a result of breach. Damage intended to put the parties in the position they would have been if the contract had been performed. Liquidated damages are pre-agreed upon when signing the contract and is enforceable if it amounts to a reasonable estimate of foreseeable damages (otherwise other amt is set) \tn 
% Row Count 32 (+ 14)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.69218 cm} x{3.28482 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 10 (cont)}}  \tn
% Row 7
\SetRowColor{LightBackground}
Specific Performance: & EQUITABLE LAW. court will order the terms of the contract to be carried out instead of awarding damages. Granted in a contract for the sale of property where the property is unique (ie. rare) \tn 
% Row Count 8 (+ 8)
% Row 8
\SetRowColor{white}
Injunction & EQUITABLE LAW. sopts a party from doing something, or requires a party to do something (mandatory injunction) \tn 
% Row Count 13 (+ 5)
% Row 9
\SetRowColor{LightBackground}
Quantum Meruit & requests the services of another in circumstances in which it is reasonable to conclude that the services would be paid for \tn 
% Row Count 18 (+ 5)
% Row 10
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{A voidable contract is a contract which has an option to be cancelled, at which point it becomes void} \tn 
% Row Count 21 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Disclosure Statements (in development)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Document prepared by the developer of a subdiviison to ensure that investors or purchasers have adequate information upon which to base a purchasing decision.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Failure to Deliver Disclosure} \tn 
% Row Count 5 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & agreement becomes unenforceable and the purchaser does not have to complete the transaction \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Disclosures should be amended when:} \tn 
% Row Count 9 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & there is a misrepresentation \tn 
% Row Count 10 (+ 1)
% Row 5
\SetRowColor{white}
 & does not comply with REDMA regulation \tn 
% Row Count 12 (+ 2)
% Row 6
\SetRowColor{LightBackground}
 & amendment must clearly identify and correct any \seqsplit{misrepresentation/deceits} \tn 
% Row Count 15 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{NEW Disclosures should be filed when: there are MATERIAL CHANGES} \tn 
% Row Count 17 (+ 2)
% Row 8
\SetRowColor{LightBackground}
 & identity of developer, court appoints a receiver, liquidator/trustee in bankruptcy over the development property, superintendent gives notice to file new disclosure \tn 
% Row Count 22 (+ 5)
% Row 9
\SetRowColor{white}
 & purchaser receives a new disclosure, they have 7 days to rescind \tn 
% Row Count 24 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & Rescission: unmaking or undoing the contract from the beginning \tn 
% Row Count 26 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 7: Strata Council}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{made up of strata members} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{general meetings decided by majority vote unless bylaws/legislation require different voting} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
 & if two or more persons share one vote to a strata lot, only one of them may vote on a given matter, if they cant agree their vote doesn't count \tn 
% Row Count 7 (+ 4)
% Row 3
\SetRowColor{white}
 & votes which lack legal capacity to make a decision are made by someone who is acting on behalf of them (power of attorney) \tn 
% Row Count 11 (+ 4)
% Row 4
\SetRowColor{LightBackground}
 & bylaws are not enforceable if they contravene the Strata Property Act, regulations or any other code. \tn 
% Row Count 14 (+ 3)
% Row 5
\SetRowColor{white}
 & Amendments are not enforceable if they restrict a persons right to sell, lease or mortgage their lot \tn 
% Row Count 17 (+ 3)
% Row 6
\SetRowColor{LightBackground}
 & if a rule conflicts with bylaws, bylaws prevail \tn 
% Row Count 19 (+ 2)
% Row 7
\SetRowColor{white}
 & where a building is being converted into a coop, any residential tenants who are required to move will be entitled to the protections of the residential tenancy act \tn 
% Row Count 24 (+ 5)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{finances} \tn 
% Row Count 25 (+ 1)
% Row 9
\SetRowColor{white}
 & reserve funds, budget process, special levies - refer to notes \tn 
% Row Count 27 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Chapter 7: Cooperative Properties}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{created by incorporation of a company or cooperative association} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{company or coop has fee simple estate in building and lands, owner owns share in the coop or company, and is tenant of the association or company, on a long term lease} \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Governed by the Cooperative Associations Act, possibly also a shareholders agreement} \tn 
% Row Count 8 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{To sell, the owner transfers shares and assigns the rights under his or her long term lease. Buyer may have trouble obtaining financing} \tn 
% Row Count 11 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 8: Principles}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Cost Principle} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & when a business acquires an asset, the asset's historical cost (purchase price) is what should be recorded in the books, NOT the market value/fair price \tn 
% Row Count 6 (+ 5)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Revenue Recognition Principle} \tn 
% Row Count 7 (+ 1)
% Row 3
\SetRowColor{white}
 & when it is earned, not necessarily when cash is received \tn 
% Row Count 9 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & revenue from the sale of goods is considered to be earned over the period benefited by the cost. Recorded when INCURRED, not when paid \tn 
% Row Count 13 (+ 4)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Matching Principle} \tn 
% Row Count 14 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & expenses associated with revenue should be recognized in the same period in which the revenue is recognized. \tn 
% Row Count 17 (+ 3)
% Row 7
\SetRowColor{white}
 & Other expenses should be recognized in the period which the goods/services are consumed. \tn 
% Row Count 20 (+ 3)
% Row 8
\SetRowColor{LightBackground}
 & Costs which benefit more than one period should be recognized over the period benefitted by the cost. \tn 
% Row Count 23 (+ 3)
% Row 9
\SetRowColor{white}
 & recorded when INCURRED not when paid \tn 
% Row Count 24 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Objectivity Principle} \tn 
% Row Count 25 (+ 1)
% Row 11
\SetRowColor{white}
 & accounting information should be reported on objectively determined and verifiable data \tn 
% Row Count 28 (+ 3)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Consistency Principle} \tn 
% Row Count 29 (+ 1)
% Row 13
\SetRowColor{white}
 & accounting information should be reported on objectively determined and verifiable data \tn 
% Row Count 32 (+ 3)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 8: Principles (cont)}}  \tn
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Consistency Principe} \tn 
% Row Count 1 (+ 1)
% Row 15
\SetRowColor{white}
 & once a business enterprise adopts one generally accepted accounting principle, the enterprise should follow that same principle in subsequent years. They can change principles if necessary \tn 
% Row Count 7 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Chapter 10: condition precedent}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{"subject to" clause} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Calls for the happening of some event/performance of an act - binding on both parties} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{(for example: inspection and mortgage approval before completion of contract).} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Waiver of s54 Law and Equity Act: benefits only that party: they may waive} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Waiver of s54: benefits both parties - both parties must consent to waiver.} \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Subject clause is too subjective? court will declare the contract to be regarded as offer until the clause is removed.} \tn 
% Row Count 12 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Time Clause: period in which a condition precedent must be removed, or the contract will be cancelled} \tn 
% Row Count 15 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Lesson offer, callback about lesson/response, callback accepting: Callback = request for information. Response = counter offer} \tn 
% Row Count 18 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Doctrine of Privity: only the parties to a contract have the right to be sued.} \tn 
% Row Count 20 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Doctrine of Privity Exception: right to sue runs with the land (owners)} \tn 
% Row Count 22 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 5: Nuisance, OLA}}  \tn
% Row 0
\SetRowColor{LightBackground}
private nuisance remedy: & prove damage, get injunction and replacement cost \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{defences to private nuisance:} \tn 
% Row Count 4 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & statutory authority (unavoidable), damage is trifling \tn 
% Row Count 7 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Occupiers Liability Act} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & does not extend to willing risks, lesser standard of care to trespassers \tn 
% Row Count 11 (+ 3)
% Row 5
\SetRowColor{white}
Common Law Distinction & Children -{}-\textgreater{} Invitee -{}-\textgreater{} Licensee -{}-\textgreater{} Trespasser \tn 
% Row Count 13 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Licensee: & no contractual relation (social guest) \tn 
% Row Count 15 (+ 2)
% Row 7
\SetRowColor{white}
Invitee: & contractual relation (contractor) \tn 
% Row Count 17 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Occupiers Liability Act:} \tn 
% Row Count 18 (+ 1)
% Row 9
\SetRowColor{white}
 & replaced the common law rules: statute defines occupier as a person who has physical possession of the premises, or has responsibility for or control over the condition of the premises \tn 
% Row Count 26 (+ 8)
% Row 10
\SetRowColor{LightBackground}
 & OLA statute: occupier owes duty of care (condition, activities, third party conduct) \tn 
% Row Count 30 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 5: Nuisance, OLA (cont)}}  \tn
% Row 11
\SetRowColor{LightBackground}
 & the difference: there may be more than one occupier \tn 
% Row Count 3 (+ 3)
% Row 12
\SetRowColor{white}
Statute law aka: & legislation \tn 
% Row Count 5 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Chapter 7: Fee Simple Strata Properties}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{created by strata plan which is filed in the LTO} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{owner owns a fee simple interest in strata lot plus share of common property as tenant in common with other owners} \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{governed by the Strata Property Act, regulations, bylaws and rules} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{To sell, owner transfers a fee simple state to buyer, who can grant a mortgage secured by the fee simple estate} \tn 
% Row Count 9 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Chapter 7: Fee Simple Strata Properties}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{created by strata plan which is filed in the LTO} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{owner owns a fee simple interest in strata lot plus share of common property as tenant in common with other owners} \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{governed by the Strata Property Act, regulations, bylaws and rules} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{To sell, owner transfers a fee simple state to buyer, who can grant a mortgage secured by the fee simple estate} \tn 
% Row Count 9 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.4931 cm} x{3.4839 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Chapter 8: Financial Statements}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Financial Statements} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & provide useful to present and potential stakeholders, in assessing the performance of those engaged to manage the assets and activities of the entity, provide information about economic resources of an enterprise \tn 
% Row Count 9 (+ 8)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Comprised of} \tn 
% Row Count 10 (+ 1)
% Row 3
\SetRowColor{white}
income statement: & revenue/expenses over period \tn 
% Row Count 12 (+ 2)
% Row 4
\SetRowColor{LightBackground}
Balance sheet: & assets/liabilities specific time \tn 
% Row Count 14 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Income Tax Return} \tn 
% Row Count 15 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Statement containing list of all fixtures, goods, chattels, rights and other assets relating with the business} \tn 
% Row Count 18 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Income Statement}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Depreciation is an expense} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & annual depreciation expense = (cost - salvage value)/ estimated life (years) \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Capital Cost Allowance:} \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
 & the amount that the income tax act permits a taxpayer to deduct from income in determining taxable income. \tn 
% Row Count 8 (+ 3)
% Row 4
\SetRowColor{LightBackground}
 & Class 1 assets include most buildings acquired in 1988 and subsequent years, the rate of CCA allowed is 4\% (at end of fiscal year) \tn 
% Row Count 12 (+ 4)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Income Tax Act prohibits the deduction of depreciation expense but allows for CCA, adjustments must be made:} \tn 
% Row Count 15 (+ 3)
% Row 6
\SetRowColor{LightBackground}
 & Net Income + Depreciation expense = subtotal - CCA = taxable income \tn 
% Row Count 17 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Retained Earnings} \tn 
% Row Count 18 (+ 1)
% Row 8
\SetRowColor{LightBackground}
 & Net Income + (-losses) - dividends \tn 
% Row Count 19 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Comparatively:} \tn 
% Row Count 20 (+ 1)
% Row 10
\SetRowColor{LightBackground}
 & assets - liabilities = owners equity \tn 
% Row Count 21 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{note: purchase of assets does not affect the amount of owners equity} \tn 
% Row Count 23 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Chapter 10}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Assignment: transfer over to another. Law and Equity Act states it must be: in Writing, Absolute amount, given to the original promisor} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Vicarious Performance: it is legal to have obligations performed by someone else. It is not an assignment, but requires the substitution of one of the original contracting parties for another. The Subcontracting party can only be sued by the person they are in a contract with.} \tn 
% Row Count 9 (+ 6)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{refer to notes for contract terminations, remedies} \tn 
% Row Count 10 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}