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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Plan Administration and Compliance | 10% | - Plan termination rules - Responsibilities of providers and subscribers - Reporting requirements |
| Topic 2: Withdrawals and Distributions | 15% | - Educational vs non-educational withdrawals - Impact on grants - Tax treatment |
| Topic 3: Government Grants and Incentives | 20% | - Provincial programs - Canada Education Savings Grant (CESG) - Canada Learning Bond (CLB) |
| Topic 4: Contribution Rules and Limits | 25% | - Annual and lifetime contribution limits - Excess contributions and penalties - Carry-forward provisions |
| Topic 5: RESP Fundamentals | 30% | - Key parties involved - Definition and purpose of RESP - Basic rules and regulations |
A salesperson is searching for properties on behalf of their retail buyer client for their designer eyewear and optical store. The buyer discusses their storage and product display needs with the salesperson. Which of the following is NOT a factor the buyer should consider regarding the product display and storage space of potential properties?
Correct Answer: C 🗳️
A seller client wants to know the actual size of their unit to avoid any discrepancies. How should the salesperson assist the client?
Correct Answer: A 🗳️
A buyer is purchasing a farm and all the animals are included in the sale price. The buyer is worried the animals could become infected with disease prior to closing, so the salesperson inserts a clause in the agreement of purchase and sale to address that issue. Which of the following should NOT be included in the clause to protect the buyer?
Correct Answer: D 🗳️
A buyer is interested in constructing a retail building and wants to use the most efficient method to save time and money. Which statement is true with regard to tilt-up wall panels and pre-cast panels?
Correct Answer: C 🗳️
An agreement of purchase and sale for an industrial building is accepted conditional on financing with the expiry date of May 14. On May 11, the bank informs the buyer the mortgage cannot be approved until May
17. The salesperson for the buyer then prepares an amendment to the agreement of purchase and sale for the extension of the condition. Which of the following is NOT correct?
Correct Answer: B 🗳️
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