Module 2 Flashcards
Differentiate between Real Estate, Real Property and Personal Property
Real Property is viewed as either real or personal (including both tangible land & improvements and intangible rights) Personal Property is moveable and can be part of the chattels, Real Estate soley refers to tangible aspects of the property and includes land & buildings
Types of Commercial Structures
Office, Retail, Mixed Use, Multi Unit, Industrial, Agrocultural
Types of detatched structures
Bungalow, 1 and 1.5 storey, Bi Level Split, 2 storey, split level.
Differentiate between residential detached and residential attached
Attached homes share 1 or more party wall reducing building cost more housing can be achieved on plots of land
Types of attached structures
Semi Detached, Townhouse(row house)
Commission Agreements
% of the sale (4% of sale price) Agreed upon amount (10,000) A combination of both
What is the Agreement of purchase and Sale
A Document also referred to as Agreement for the conveyance of interest in Real Estate.
Negotiations of terms of sale between buyer and seller
Must be in writing, sign by both parties,
REBBA requires a copy
Customer Service Agreement
Brokerage provides services to a customer( verbal or written)
Have it signed on behalf of brokerage and submit to seller or boyer
REBBA requires a copy
Representation Agreement
Broker represents a seller/buyer as a client
Presented at the earliest time
REBBA requires a copy IMMEDIATELY after signing
Define ‘Trade’
Disposing or acquiring of any interest in real estate (leasing, selling exchanging or seeking to
Define ‘Seller’
Also referred to as ‘vendor’, Party who is offering the property for sale
Outline the structure organized real estate in ontario. The conditions for using the terms REALTOR & Municipal Listing Service
RECO’s organizational structure is composed of:
•Board of Directors
•CEO
•Registrar
The province is divided into regions with each region having several local real estate boards
Who is the broker of record
- Holds a pivotal role
- Given overriding responsibilities for the brokerage operations to comply with REBBA,
Supervision of registrants and non registrants, sales and administrative staff)
overseeing the delegated responsibilities, review of trade related documents
Identify the role of the branch manager and the requirements under REBBA
A branch manager must supervise all registrants and employees of the branch, deal with any failure to comply with the Act or regulations by anyone at the branch and manage all branch records.
Identify the role of the broker or salesperson employed by a brokerage
- Determine the needs and wants of the buyer (for instance, a three-bedroom home with two-car parking neartransit, as opposed to a one-bedroom condominium with no parking and a locker)
- Ensure the buyer has received financial approval to buy a property and has determined their budget
- Select suitable properties that meet the buyer’s criteria and arrange showings with the buyer
- Once a property of interest has been identified, prepare a comparative market analysis to determine an estimate of value
- Identify all material facts associated with the property and disclose to the buyer
- Prepare an agreement of purchase and sale with any necessary conditions
- Present the agreement of purchase and sale and negotiate the agreement with the seller or the seller’s representative
- If the offer is accepted, assist the buyer in satisfying any conditions such as home inspection
- Recommend third-party professionals where appropriate, such as home inspectors and mortgage brokers
- When any conditions are satisfied, prepare and execute the appropriate notices
- Assist the buyer’s lawyer as necessary
- Provide after-sale follow-up
