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Real Estate > Course 1, Module 2, Lesson 1 > Flashcards

Course 1, Module 2, Lesson 1 Flashcards

1
Q

What are the SIX things that are considered “Trading” according to REBBA

A
  1. Selling, leasing or exchanging real estate
  2. Listing propert
  3. Showing property
  4. Advertising property
  5. Negotiating (ie assisting on agreement)
  6. Creating a weekly blog on market trends
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2
Q

What does a brokerage do?

A

A brokerage trades in real estate on behalf of others

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3
Q

What is the difference between a co-operating brokerage and buyer’s brokerage?

A

Both represent the buyer but the term co-operating brokerage is used if the seller is using a brokerage. (ie the seller’s brokerage seems to be the focus)

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4
Q

What is another name for a seller?

A

A vendor

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5
Q

What are TWO other terms for selling?

A
  1. Disposing

2. Divestiture

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6
Q

What is another term for a Landlord?

A

A lessor

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7
Q

What does leasing/renting mean?

A

It means to possession of property rather than ownership

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8
Q

What is another name for a tenant?

A

A lessee

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9
Q

What does it mean to represent a client?

A

A regulatory and fiduciary (trust) responsibility is placed on the brokerage. This includes loyalty, confidentiality and promotion of the best interest of the buyer/seller

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10
Q

What does it mean to provide services to a customer

A

In this case, there is no agency relationship established. have to treat them with fairness, honesty, and integrity BUT don’t owe them loyalty or looking out for best interest. (Ie you are the selling salesperson and folks come in looking to buy without agent - have to treat them well but not above and beyond)

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11
Q

Can a customer have offers drafted for them?

A

Yes, but they are not advised by the brokerage, have to do their own due diligence (unlike clients)

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12
Q

What is the difference between a Representation Agreement and a Listing Agreement?

A

The former relates to buyers and the later to sellers

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13
Q

What are TWO other names for an Offer

A
  1. An agreement fr the conveyance of an interest in real estate
  2. An agreement of purchase and sale
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14
Q

What does an offer aid the buyer and seller in doing?

A

In negotiating the terms of sale

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15
Q

What are FOUR basic requirements of an Offer?

A
  1. Must be in writing
  2. Must be signed by both parties (to be enforceable)
  3. Must be legible
  4. A copy should be sent to both buyer and seller ASAP
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16
Q

Where are remuneration rates set out?

A

Typically in the representation agreement

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17
Q

How is remuneration calculated?

A

As a percentage of the sale price, a fixed fee or both

18
Q

What does the term “Real Estate” refer to?

A

Tangible aspects such as land, structure

19
Q

What does the term “improvements” refer to?

A

Any structure or permanent addition made (ie: fence, deck, shed, etc)

20
Q

What does the term “real property” refer to?

A

this refers to all tangible aspect as well intangible rights such as to possess, use, and enjoy

21
Q

What is also referred to as the “bundle of rights”

A

The rights to possess, use and enjoy (as is afforded by real property

22
Q

What is meant by “personal Property”?

A

Anything in a house that is movable and thus not considered real estate (ie: appliances, furniture, etc). as well as some items which usually are not moved (light fixtures, shutters etc).

23
Q

Define “fixtures”

A

Fixtures are a type of personal property that are securely attached (shutters, light fixtures, etc) and so are usually included in a sale.

24
Q

Define “chattels”

A

A Chattel is personal property that can be moved and so is usually excluded from the sale (ie: fridge, stove)

25
Q

What is a “Title”?

A

Legal ownership of land and with it, legal rights

26
Q

What is meant by “Title Searching”

A

This means to gather facts and documents related to the title to make sure it is “good and marketable” (ie: no encumbrances like a mortgage)

27
Q

Are the terms “transfer” and “deed” interchangeable?

A

Yes. Deed is used in the Registry Act while transfer is used in the Land Titles Act. The Land Registry Office uses a hybrid term “Transfer/Deed of Land”

28
Q

What is another name for “Completion Date”?

A

the Closing Date

29
Q

What happens on the Completion/Closing Date?

A

Transfer of ownership is completed (this date is specified in the agreement of purchase and sale and likely is contingent on terms being met)

30
Q

How is a “Mortgage” defined?

A

A claim or encumbrance on property given from owner to lender as security on money borrowed

31
Q

What are three ways in which a Title and a mortgage are related?

A
  1. A mortgage is registered on Title at the Land Registry Office
  2. The mortgage must be repaid when the property is sold
  3. Once the mortgage is repaid a document is put on title discharging said mortgage
32
Q

Who is also known as a “Mortgagee”?

A

The lender.

This term is used when title is registered under the Registry Act.

33
Q

Who is also known as the “Chargee”?

A

The Lender.

This term is used when title is registered under the Land Title Act.

34
Q

What are two other terms for the borrower in a mortgage transaction?

A

the “Mortgager” (under the Registry Act)

the “Chargor” (under the Land Titles Act)

35
Q

Who gives a mortgage in exchange for financing?

A

The borrower (home owner)

36
Q

What is the difference between a regular bungalow and a ranch-style?

A

In a ranch style, the garage is attached

37
Q

What is a bi-level or split entrance bungalow

A

technically 1 storey where the basement is raised slightly (letting light in) and the entry way is in-between the two levels (ie stepping into stairs going both ways).

38
Q

What is a one and a half storey home?

A

A home with a high pitched roof (and often dormers too) which add living space

39
Q

Where is the sleeping area typically in a two-storey home?

A

On the second floor

40
Q

What is considered a “Townhouse/Rowhouse”?

A

A home which is part of three or more units joined by “party walls”

41
Q

What is a linked dwelling?

A

An attached home where the attachment is not apparent (ie share a basement wall but not uppers).

42
Q

Name THREE common commercial structures

A
  1. Office
  2. Retail
  3. Mixed-use (defined as 3 or more revenue-producing uses in this case)

Real Estate (12 decks)

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