- Disposing of or seeking to acquiring and interest in RE - Advertising RE (listing, showing) - Negotiating RE - Purchase of a business

Module 2 Flashcards by Hana Suth

Trade in RE

Disposing of or seeking to acquiring and interest in RE
Advertising RE (listing, showing)
Negotiating RE
Purchase of a business

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Co-operating brokerage

Seller has listed their property for sale w/ a brokerage

Co-operating in the sale of the property w/ the listing brokerage

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Buyer’s brokerage

property is being privately sold

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REBBA’s term for selling

Divestiture

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REBBA term for buying a property

Acquisition

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Legal term for landlord

lessor

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Legal term for tenant

Lessee

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Fiduciary Obligation

Representation requires brokerage to be loyal, promote & protect S/B best interests

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Providing services

Brokerage provides services but does not owe them fiduciary obligations

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Client

Represented by brokerage, owed loyalty …

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Costumer

Receiving services

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Rep agreement w/ a seller

Listing agreement

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Comission agreement types

% of sale/lease
agreed upon amount
combo of both

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Tangible aspects of a property (house, deck, shed, fence)

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Real property

Tangible aspects and intangible (the rights)

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Personal property

Movable, consumer goods (Appliances, light fixtures, drapes)

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Fixtures

Securely/permanently attached to a property, remains after purchase (light fixtures, mirrors)

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Chattels

Personal property that is mobile (stove, fridge)

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Title

Legal ownership of the land

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Chain of title

Transfers of titles and other documents that link current ownership back to an historical point

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Marketable title

Transfer of title can occur without anything effecting the buyer (existing mortgage on the house)

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Evidence of ownership

Transfer of title/interest in real property

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Transfer

When a title is registered until the Land Titles Act

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Land registry office document for transfer of title

Transfer/deed of land

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Mortgage is registered on title in

the applicable land registry office

Term mortgage is used under

registry act

term used when title is registered under the land titles act

charge

Document used to remove encumbrance

Discharge of Charge

Mortgagee

lender when title is registered under the registry act

chargee

lender when title is registered until land titles act

Mortgagor

borrower under registry act

chargor

borrower under land titles act

Bugalow

Primary living area contained to one floor

Ranch style Bugalow

more living space w/ attached garage

Bi-level/split entrance bungalow

Basement raised above level

Side-split

layout left to right

back-split

front to rear

Party wall

Point at which townhouses are connected

Linked dwelling

two or more single family homes that are attached, but the attachment point is not evident

Duplex dwelling

divided horizontally or vertically into 2 attached dwelling units on a single lot

Mixed-use development

Contains 3 or more significant revenue-producing uses (retail, office, residential)

Provinical gov role in RE

Responsible for REBBA

Minstry responsible for REBBA

Ministry of Gov and Consumer services

Act RECO is under

sAFETY AND cOSUMER sTATUES aDMIN act

of members on RECO's board of directors

12, nine elected members registered under REBBA, 3 non-registrant members

RECO's board of directors appt by?

Minster of Gov and Consumer services

CEO of RECO

Responsible for day 2 day management of RECO in accordance w the policies and budgets established by the board of directors

Mangement team

support delivery of programs and services for consumers and registrants

3 associations that regulate real estate

CREA, provincial government, RE boards

Handles issues relating to ethics

OREA

reic

re institue of canada, provides advanced education and professional development within canada

Difference bw REALTOR code of ethics and REBBAs

REALTOR only applies to members of organized RE, local, CREA, OREA, REBBA applies to all registrants

Three-way relationship

CREA, local RE board, provinical assc

Fees are paid to

RECO and the local board

Maintains strong lobbying voice for REALTORS

OREA

Establishes minimum educational standards

RECO

of members on the board of directors appt by the Minster of consumer services

CCIM institute

Further education focused on commercial properties, cash flow analysis and related topics

FRI

Offered through the RE institute

RECO is appointed by

the government as an administrative authority

Single purpose building is most commonly assc w

an industrial property

Experience needed for a salesperson to manage a branch office

2 years

REALTOR.ca

Managed by CREA for consumers

Listing agreement

Seller representation agreement

operates the MLS

Local RE boards

Registration/renewal fees paid and insurance premiums paid to

RECO and local real e board