Glossary of Terms Flashcards
ACRE
Acronym for Alliance for Canadian Real Estate Education.
Acre
An imperial measurement of land area equaling 43,560 square feet.
Adjustments
The apportionment or other division of costs between buyer and seller as of the closing date.
Administrative Authority
The Real Estate Council of Ontario is the administrative authority designated by the Ministry of Government Services to administer the Real Estate and Business Brokers Act, 2002 and associated Regulations.
Advertising
Any message that influences people and generally consists of words, illustrations and design elements in print, electronic or other media format.
Affordability Index
An index typically measuring the cost of home ownership in relation to required income to service mortgage payments, property taxes and utilities.
Agency
The relationship between principal and agent, wherein an agent is employed and authorized by the principal to represent the principal in business transactions with a third party.
Amortization
The gradual retirement of a debt by means of partial payments of the principal at regular intervals.
Area Measurement
The measurement of an area by its length (L) and width (W); e.g., a rectangular building 40’ (12.19 m) x 33’ (10.06 m) = 1,320 square feet (122.63 sq. metres). Area measurements can be complex given irregular sizes.
Assessed value
A current market value placed on a property as a basis for municipal taxation.
Assessment base
The total assessment of a municipality as set out in the assessment role.
Blended Payment
A mortgage payment in which the payment amount remains constant, but interest and principal components may vary.
BOMA Standard
Standards of measurement methods and calculations widely used with commercial properties in Canada. BOMA is an acronym for Building Owners and Managers Association.
Brand Loyalty
A consumer’s commitment to a specific product or service.
Broker of Record
A broker designated by a brokerage to ensure brokerage compliance with the Real Estate and Business Brokers Act, 2002 and Regulations.
Broker
An individual who has the prescribed qualifications to be registered as a broker under the Real Estate and Business Brokers Act, 2002 and Regulations.
Brokerage
An individual who has the prescribed qualifications to be registered as a broker under the Real Estate and Business Brokers Act, 2002 and Regulations.