Module 2 Flashcards
Trade in RE
- Disposing of or seeking to acquiring and interest in RE
- Advertising RE (listing, showing)
- Negotiating RE
- Purchase of a business
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
Buyer’s brokerage
property is being privately sold
REBBA’s term for selling
Divestiture
REBBA term for buying a property
Acquisition
Legal term for landlord
lessor
Legal term for tenant
Lessee
Fiduciary Obligation
Representation requires brokerage to be loyal, promote & protect S/B best interests
Providing services
Brokerage provides services but does not owe them fiduciary obligations
Client
Represented by brokerage, owed loyalty …
Costumer
Receiving services
Rep agreement w/ a seller
Listing agreement
Comission agreement types
% of sale/lease
agreed upon amount
combo of both
RE
Tangible aspects of a property (house, deck, shed, fence)
Real property
Tangible aspects and intangible (the rights)
Personal property
Movable, consumer goods (Appliances, light fixtures, drapes)
Fixtures
Securely/permanently attached to a property, remains after purchase (light fixtures, mirrors)
Chattels
Personal property that is mobile (stove, fridge)
Title
Legal ownership of the land
Chain of title
Transfers of titles and other documents that link current ownership back to an historical point
Marketable title
Transfer of title can occur without anything effecting the buyer (existing mortgage on the house)
Evidence of ownership
Transfer of title/interest in real property
Transfer
When a title is registered until the Land Titles Act
Land registry office document for transfer of title
Transfer/deed of land
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
3
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