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Real Estate Humber Course 1 > Module 2 > Flashcards

Module 2 Flashcards

1
Q

Trade in RE

A
  • Disposing of or seeking to acquiring and interest in RE
  • Advertising RE (listing, showing)
  • Negotiating RE
  • Purchase of a business
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2
Q

Co-operating brokerage

A

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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3
Q

Buyer’s brokerage

A

property is being privately sold

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4
Q

REBBA’s term for selling

A

Divestiture

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5
Q

REBBA term for buying a property

A

Acquisition

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6
Q

Legal term for landlord

A

lessor

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7
Q

Legal term for tenant

A

Lessee

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8
Q

Fiduciary Obligation

A

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

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9
Q

Providing services

A

Brokerage provides services but does not owe them fiduciary obligations

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10
Q

Client

A

Represented by brokerage, owed loyalty …

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11
Q

Costumer

A

Receiving services

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12
Q

Rep agreement w/ a seller

A

Listing agreement

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13
Q

Comission agreement types

A

% of sale/lease
agreed upon amount
combo of both

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14
Q

RE

A

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

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15
Q

Real property

A

Tangible aspects and intangible (the rights)

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16
Q

Personal property

A

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

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17
Q

Fixtures

A

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

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18
Q

Chattels

A

Personal property that is mobile (stove, fridge)

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19
Q

Title

A

Legal ownership of the land

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20
Q

Chain of title

A

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

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21
Q

Marketable title

A

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

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22
Q

Evidence of ownership

A

Transfer of title/interest in real property

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23
Q

Transfer

A

When a title is registered until the Land Titles Act

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24
Q

Land registry office document for transfer of title

A

Transfer/deed of land

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25
Q

Mortgage is registered on title in

A

the applicable land registry office

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26
Q

Term mortgage is used under

A

registry act

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27
Q

term used when title is registered under the land titles act

A

charge

28
Q

Document used to remove encumbrance

A

Discharge of Charge

29
Q

Mortgagee

A

lender when title is registered under the registry act

30
Q

chargee

A

lender when title is registered until land titles act

31
Q

Mortgagor

A

borrower under registry act

32
Q

chargor

A

borrower under land titles act

33
Q

Bugalow

A

Primary living area contained to one floor

34
Q

Ranch style Bugalow

A

more living space w/ attached garage

35
Q

Bi-level/split entrance bungalow

A

Basement raised above level

36
Q

Side-split

A

layout left to right

37
Q

back-split

A

front to rear

38
Q

Party wall

A

Point at which townhouses are connected

39
Q

Linked dwelling

A

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

40
Q

Duplex dwelling

A

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

41
Q

Mixed-use development

A

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

42
Q

Provinical gov role in RE

A

Responsible for REBBA

43
Q

Minstry responsible for REBBA

A

Ministry of Gov and Consumer services

44
Q

Act RECO is under

A

sAFETY AND cOSUMER sTATUES aDMIN act

45
Q

of members on RECO’s board of directors

A

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

46
Q

RECO’s board of directors appt by?

A

Minster of Gov and Consumer services

47
Q

CEO of RECO

A

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

48
Q

Mangement team

A

support delivery of programs and services for consumers and registrants

49
Q

3 associations that regulate real estate

A

CREA, provincial government, RE boards

50
Q

Handles issues relating to ethics

A

OREA

51
Q

reic

A

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

52
Q

Difference bw REALTOR code of ethics and REBBAs

A

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

53
Q

Three-way relationship

A

CREA, local RE board, provinical assc

54
Q

Fees are paid to

A

RECO and the local board

55
Q

Maintains strong lobbying voice for REALTORS

A

OREA

56
Q

Establishes minimum educational standards

A

RECO

57
Q

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

A

3

58
Q

CCIM institute

A

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

59
Q

FRI

A

Offered through the RE institute

60
Q

RECO is appointed by

A

the government as an administrative authority

61
Q

Single purpose building is most commonly assc w

A

an industrial property

62
Q

Experience needed for a salesperson to manage a branch office

A

2 years

63
Q

REALTOR.ca

A

Managed by CREA for consumers

64
Q

Listing agreement

A

Seller representation agreement

65
Q

operates the MLS

A

Local RE boards

66
Q

Registration/renewal fees paid and insurance premiums paid to

A

RECO and local real e board

Real Estate Humber Course 1 (14 decks)

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