Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RealEstate Course 1 > Course 1 > Flashcards

Course 1 Flashcards

1
Q

REBBA and RECO

A
  • Real Estate and Business Brokers Act
  • Real Estate Council of Ontario
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Seller’s Market

Number of buyers exceed available Properties

A
  • Properties sell quickly
  • Rising prices
  • Less time to view properties
  • More due dilligence from buyer’s end prior to buying
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Buyer’s Market

More supply than demand

A
  • More listings
  • Listing period is extended
  • Prices falling
  • Longer purchase time
  • More conditions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Balance Market

Supply and demand are equal

A
  • Reasonable selling period
  • Prices are stabalized
  • Offers include conditions accepted by all parties
  • More relaxed atmosphere
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Types of Real Estate

(6)

A
  • Residential resale
  • New home sales
  • Residential condominium
  • Rural, recreational and agricultural
  • Commercial
  • Leasing commercial
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Examples of Trading

any attempt to list real estate, advertisement conduct or negotiation

A
  • Hosting an open house
  • Conducting a listing presentation to a seller
  • Providing advice about real estate
  • Showing a property
  • Negotiating a sale
  • Explaining information about a property
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Types of Brokerages

(3)

A
  • Listing brokerage
  • Co-operating brokerage
  • Buyer’s brokerage
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Types or Relationships

Between brokerage and buyer or seller

A
  • Representation - when the party is a client
  • Providing services - when the party is a customer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Types of agreements

(4)

A
  • Representation agreement
  • Customer service agreement (can be non-exclusive)
  • Agreement of purchase and sale
  • Remuneration agreements
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Remuneration agreements

3 types

A
  • A percentage of the sale or lease amount
  • An agreed amount ($10,000)
  • Combination (2.5% of sale price and additional $5000)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Scope of Ownership

Real Estate

A

Refers solely to the tangible aspects of a property

Improvements also used to refer to any structure (deck, shed, fence)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Scope of Ownership

Real Property

A

Both tangible aspects and intangible (the rights)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Scope of Ownership

Personal Property

A

Movable and referred to as consumer goods (Appliances, furniture, drapes, light fixtures)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Scope of Ownership

Fixtures

A

Securely attached to a property and to remain upon sale. If a seller wants to retain any fixture the APS should identify them as excluded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Scope of Ownership

Chattels

A

Excluded from purchase of the property. Buyer may which to include certain chattels such as a fridge or stove

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Transfer of Title Terms

Title

A

Legal ownership of land and legal rights to sell the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Transfer of Title Terms

Title Search

A

Locating, organizing and condensing pertinent facts about documents and related materials registered on title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Transfer of Title Terms

Evidence of Ownership

A

Document used to show the transfer or owership (Deed)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Transfer of Title Terms

Completion Date

A

Date when transfer or owernship is completed (closing date)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Mortgage Terms

Mortgage

A

Claim or encumberance upon a property given by the owner of the property to the lender as security for money borrowed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Mortgage Terms

Lender

A

Mortgagee, ‘gives’ the financing to a borrower for purpose of purchasing real estate

Lender gives the financing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Mortgage Terms

Borrower

A

Mortgager, the borrower

Borrower “gives” the mortgage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Types of Residential Buildings

Semi-detached

A

One wall is attached to another structure, side-by-side on separately deeded lots

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Types of Residential Buildings

Townhouse

A

Three or more units joined together by party walls

On their own land or part of a condominium complex

25
Q

Types of Residential Buildings

Linked Dwelling

A

Two or more single family homes that are attached, but the placement of the attachement is not always evident

26
Q

Types of Residential Buildings

Multi-unit residential dwelling

A

More than one dwelling unit in a single building, divided horizontally or vertically with separate entrance or shared vestibule

(Duplex, triplex, etc)

27
Q

Types of Commercial Buildings

(6)

A
  • Office
  • Retail
  • Mixed-use (office, retail and residential)
  • Multi-unit
  • Industrial
  • Agricultural
28
Q

Three levels of Organized Real Estate

A
  1. CREA
  2. OREA
  3. Local Real Estate Boards
29
Q

CREA

A

Canadian Real Estate Association
Owners of REALTOR and MLS

Operates Realtor.ca

30
Q

OREA

A

Ontario Real Estate Association
Represents brokers and salespersons who are members of the province’s boards

31
Q

Additional Industry Associations

REIC

A

Real Estate Institute of Canada
not for profit organization that provides advanced education and professional development

32
Q

Additional Industry Associations

CCIM

A

Certified Commercial Investment Member
Provides education programs and services for professionals in commercial and investment real estate

33
Q

Additional Industry Associations

SIOR

A

Society of Industrial and Office Realtors

34
Q

Roles Within a Brokerage

(4)

A
  • Broker of Record
  • Branch Manager
  • Salespersons working with sellers
  • Salespersons working with buyers
35
Q

Roles Within a Brokerage

(4)

A
  • Broker of Record
  • Branch Manager
  • Salespersons working with sellers
  • Salespersons working with buyers
36
Q

Responsibilites of a salespersons working with a seller

A
  • Inspect property and note important aspects
  • Conduct comparative market analysis
  • Establish a listing price
  • Design and recommend a sales and marketing strategy
  • Recommendations to prepare the home for sale
  • Provide a list of third party experts
  • Coordinate showing appointments
  • Present all offers to the seller and negotiate a satisfactory agreement
37
Q

Responsibilites of a salespersons working with a buyer

A
  • Determine wants and needs
  • Ensure buyer has received financial approval and determined their budget
  • Select suitable property that meet the criteria
  • Arrange showings
  • Prepare an APS with necessary conditions
  • If accepted assist with satisfying any conditions and inspections
38
Q

Estate Types

Fee Simple

A

The person owns the property and has all rights associated with this ownership

39
Q

Estate Types

Leasehold

A

Only the right to use and occupy the property for a finite period of time

40
Q

Other types of property interests

Air Rights

A

The rights to use space above the physical surface of the land. (Bridges, piers, elevated strees and some building structures)

41
Q

Other types of property interests

Surface Rights

A

Any right of land that is not mining rights

42
Q

Other types of property interests

Riparian Rights

A

Rights allocated to owners of waterfront property and are associated with owner’s access to and use of water

43
Q

Other types of property interests

Mineral Rights

A

Right to enter or use land for the purpose of removing minerals on or beneath it

44
Q

Concurrent Ownership

A

When two or more persons hold ownership of a property
* Joint tenancy
* Tenancy in common

45
Q

Concurrent Ownership

Joint Tenancy

A

Ownership of land by two or more people, upon the death of one, the surviving joint tenant aquires the deceased owner’s interest.

46
Q

What 4 Unities must be present in Joint Tenancy

A
  • Title - each owner’s interest must be the same at the same time in the same document
  • Time - the interests must be created at the same time for the same period
  • Possession - each owner must have an equal undivided ownership
  • Interest - each joint tenant must have an undivided share of the property at the same time
47
Q

Concurrent Ownership

Tenancy in Common

A

Ownership of land by two or ore persons, no rights of survivorship and the interest of a deceased person is treated as an asset of the estate

48
Q

Ownership Alternatives

(6)

A
  • Condominium - standard or CE
  • Co-operative
  • Fractional Ownership
  • Co-ownership
  • Land Lease
  • Life Lease
49
Q

Ownership Alternatives

Condominium

A
  • Standard - fee simple ownership of the unit and a tenant in common onwership of the portion used jointly
  • Common Elements - No units, owners enjoy the common elements and jointly fund maintenance
50
Q

Ownership Alternatives

Co-operative

A

A property owned by a corporation and members have an agreement to occupy a specific unit
* Equity - Corporation that owns the land and buildings with members as shareholders
* Non-profit - without shares and its primary purpose is to provide housing for its members (goverment housing)

51
Q

Ownership Alternatives

Fractional Ownership

A

Ownership of a property is shared with other individuals as tenants in common with usage rights allocated depending on the size of fractional interest purchased

Buying a cottage with 9 friends, owning 1/10th of the cottage

52
Q

Ownership Alternatives

Co-ownership

A

Any time two or more persons own a property jointly

53
Q

Ownership Alternatives

Land Lease

A

A lease involving the land only, gives exclusive right to use the land for the time the lease is active

54
Q

Ownership Alternatives

Life Lease

A

Person does not own a property but an interest in that property in exchange for a lump sum payment up-front

55
Q

Additional Property Types

(3)

A
  • Timeshare
  • Mobile Home Parks
  • Houseboats
56
Q

Timeshare

A

Division of property right into fractional interests based on time
* Fee ownership - right to use a specific unit for a specified time each year
* Right to use interest - the right to use expires after a specified time

57
Q

Mobile Home Parks

A

Land on which one or more occupied mobile homes are located and includes the rental units and the land, structures, services and facilities of which the landlord retains possession

58
Q

Houseboats

A

Owners need to ensure right of dockage, access to utility hookups and access right to the marina
* Residential - vessels that are perpetually harboured
* Recreational - vessels that come equipped with residential furnishings and engines to propel them on water

RealEstate Course 1 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions