BERMUDA REAL ESTATE ACTUAL FINAL EXAM QUESTIONS
AND ANSWERS FIRM A+
✔✔Material Fact - ✔✔A fact that is important to one of the parties in presenting a case
of fraud, i.e., a buyer or seller's decision-making process
✔✔Due diligence - ✔✔The attention reasonably expected from, and ordinarily exercised
by, a person who seeks to satisfy a legal requirement or to discharge an obligation.
Review info on public record- assessment data, annual taxes, lot size, square footage,
zoning type
✔✔Material defects - ✔✔Structural physical conditions, structural environmental
problems (drinking water, asbestos, lead-based paint, mold), property environmental
problems - contaminated soil, storage tanks issues
✔✔Liability - ✔✔Responsibility or accountability
✔✔Vicarious Liability - ✔✔Legal responsibility placed on one person for the acts of
another.
✔✔Joint liability - ✔✔Shared liability. In partnership law, a situation whereby partners
incur partnership obligations and debts. For example, if a third party sues a partner on a
partnership debt, the partner has the right to insist that the other partners be sued with
him or her.
✔✔Several Liability - ✔✔Liability under which joint tortfeasors may be sued separately
in a lawsuit
✔✔Express relationship - ✔✔Definite oral or written understanding
✔✔Implied Relationship - ✔✔Actions of a party that suggest there is a representation
understanding between them
✔✔Termination of Agency relationship - ✔✔When the transaction completes, expires,
by mutual agreement, breach of contract or lack of legal elements
✔✔Confidentiality - ✔✔One of the commitments that outlives the termination of an
agency relationship
✔✔Powers of the Minister - Superintendent of Real Estate - ✔✔Grants licensing
authority; make regulations; examines records, investigates, appoints an advisory board
✔✔Circumstances that give rise to Appeal to the Supreme Court - ✔✔Appeals of a
Minister's decision to refuse to license, suspend or cancel a license
, ✔✔Statute of limitations for bringing an action under Real Estate and Licensing Act
1976 of Bermuda - ✔✔2 years from the date of the offence; max penalty is $5,000
✔✔Real estate - ✔✔Property consisting of land or buildings including land covered by
water
✔✔Broker - ✔✔Real estate agency. The Agent = Licensee. The Licensee is an agent of
the broker
✔✔Exemptions to license requirement - ✔✔Liquidator, owner of property or having a
substantial interest, Lawyer
✔✔Eligibility for real estate licensure - Bermuda - ✔✔over 18 y.o., Bermudian or has
special permission, good character
✔✔Advertising rules for real estate - ✔✔Must Indicate the licensee/agent is advertising
and the name of the agent
✔✔Disclosure - ✔✔No agent shall purchase for themselves real estate listed with
themselves for sale
✔✔Handling of docs - ✔✔Deliver true copy of signed agreement to the person who
signed
✔✔Valid listing - ✔✔Criteria of this service/product include: expiration date, true copies,
compensation arrangements
✔✔Record Keeping - ✔✔An agent shall keep proper books and accounts: nature of the
trade, description of the real estate involves, true consideration, names of parties,
amount of deposits, amount of commission
✔✔Subdivision Regulations - ✔✔The control of the division of a tract of land into
individual lots by requiring development according to specific design standards and
procedures adopted by local ordinances.
✔✔Bermuda tax period - ✔✔January 1 - June 30 and July 1 - Dec 31
✔✔Domestic tenancy - ✔✔tenancy of premises let as a dwelling
✔✔Landlord - ✔✔Any person who receives rent (is not just a collector)
✔✔Tenant - ✔✔The holder of land rights; a person who holds the right to live in a
residence; an occupant
AND ANSWERS FIRM A+
✔✔Material Fact - ✔✔A fact that is important to one of the parties in presenting a case
of fraud, i.e., a buyer or seller's decision-making process
✔✔Due diligence - ✔✔The attention reasonably expected from, and ordinarily exercised
by, a person who seeks to satisfy a legal requirement or to discharge an obligation.
Review info on public record- assessment data, annual taxes, lot size, square footage,
zoning type
✔✔Material defects - ✔✔Structural physical conditions, structural environmental
problems (drinking water, asbestos, lead-based paint, mold), property environmental
problems - contaminated soil, storage tanks issues
✔✔Liability - ✔✔Responsibility or accountability
✔✔Vicarious Liability - ✔✔Legal responsibility placed on one person for the acts of
another.
✔✔Joint liability - ✔✔Shared liability. In partnership law, a situation whereby partners
incur partnership obligations and debts. For example, if a third party sues a partner on a
partnership debt, the partner has the right to insist that the other partners be sued with
him or her.
✔✔Several Liability - ✔✔Liability under which joint tortfeasors may be sued separately
in a lawsuit
✔✔Express relationship - ✔✔Definite oral or written understanding
✔✔Implied Relationship - ✔✔Actions of a party that suggest there is a representation
understanding between them
✔✔Termination of Agency relationship - ✔✔When the transaction completes, expires,
by mutual agreement, breach of contract or lack of legal elements
✔✔Confidentiality - ✔✔One of the commitments that outlives the termination of an
agency relationship
✔✔Powers of the Minister - Superintendent of Real Estate - ✔✔Grants licensing
authority; make regulations; examines records, investigates, appoints an advisory board
✔✔Circumstances that give rise to Appeal to the Supreme Court - ✔✔Appeals of a
Minister's decision to refuse to license, suspend or cancel a license
, ✔✔Statute of limitations for bringing an action under Real Estate and Licensing Act
1976 of Bermuda - ✔✔2 years from the date of the offence; max penalty is $5,000
✔✔Real estate - ✔✔Property consisting of land or buildings including land covered by
water
✔✔Broker - ✔✔Real estate agency. The Agent = Licensee. The Licensee is an agent of
the broker
✔✔Exemptions to license requirement - ✔✔Liquidator, owner of property or having a
substantial interest, Lawyer
✔✔Eligibility for real estate licensure - Bermuda - ✔✔over 18 y.o., Bermudian or has
special permission, good character
✔✔Advertising rules for real estate - ✔✔Must Indicate the licensee/agent is advertising
and the name of the agent
✔✔Disclosure - ✔✔No agent shall purchase for themselves real estate listed with
themselves for sale
✔✔Handling of docs - ✔✔Deliver true copy of signed agreement to the person who
signed
✔✔Valid listing - ✔✔Criteria of this service/product include: expiration date, true copies,
compensation arrangements
✔✔Record Keeping - ✔✔An agent shall keep proper books and accounts: nature of the
trade, description of the real estate involves, true consideration, names of parties,
amount of deposits, amount of commission
✔✔Subdivision Regulations - ✔✔The control of the division of a tract of land into
individual lots by requiring development according to specific design standards and
procedures adopted by local ordinances.
✔✔Bermuda tax period - ✔✔January 1 - June 30 and July 1 - Dec 31
✔✔Domestic tenancy - ✔✔tenancy of premises let as a dwelling
✔✔Landlord - ✔✔Any person who receives rent (is not just a collector)
✔✔Tenant - ✔✔The holder of land rights; a person who holds the right to live in a
residence; an occupant
