Unit 1-1: Overview of Real Estate Flashcards
The ACT
The Real Estate Act
Authorization
License and registration certificate issued by RECA to trade in real estate in AB
Bylaws
The Real Estate Act bylaws
Council
Those individuals that work at RECA
Industry Members
People licensed by RECA like mortgage brokers, real estate agents, appraisers
Must be licensed and registered with a brokerage
Real Estate Professionals
People licensed by RECA to classes of real estate licenses (brokers, associate brokers, associates) with required education, knowledge, and experience
Residential, commercial, rural, property management
REAP
Real Estate Associates Program
RECA
Real Estate Council of Alberta
Regulations
Regulations in the Act like exemptions and ministerial
Rules
Rules made per the Act
Real Estate
Land and fixed improvements to the land (buildings, fences, wells); must be in fixed location; aka fixtures
Chattels
Personal property or moveable property and not part of the real estate
Official real estate definition
Section 1(1)(u)
Real property;
Leasehold property; or
Repealed 2007;
A portable dwelling (not a holiday trailer or rec vehicle) used as residence and designed as such, attached to own chassis and running gear, can be towed, is on a residential site
Industry professionals
Authorized by RECA in classes of real estate licenses; has education, knowledge, and experience for their license class
7 Building Classifications: Residential
Dwellings with 1+ occupants; own, lease, rent buildings and land; urban or rural; detached house, townhouse, duplex, apartment, condo
(residential real estate)
7 Building Classifications: Recreational
Buildings and land for leisure or 2nd residence; own, lease, rent; built alongside golf courses or lakes
Residential real estate
7 Building Classifications: Commercial
Buildings for business use; lease or rent; inhabited during business hours
Office towers, corporate campuses; concentrated in specific area like a downtown
Satellite offices, employment centers
7 Building Classifications: Industrial
Buildings for processing raw materials and manufacturing goods; storage of same.
Warehouses, factories, plants
Concentrated in industrial parks
Commercial real estate
7 Building Classifications: Retail
Promote commerce for goods/services
Stores, shopping centres
Commercial real estate
7 Building Classifications: Institutional
Buildings to serve public or private clients
Schools, labs, personal care facilities, gov’t, hospitals
Occupants can be residents or employees
Commercial real estate
7 Building Classifications: Agricultural
Buildings used for production of food, goods
Farming, ranching, forestry
Barns, greenhouses, stables, cellars, coops, silos, processing facilities
Rural real estate
4 Real Estate Sectors
Residential
Commercial
Rural
Property mgmnt
Residential real estate
Per the Act, real estate used for residential purposes or intended for such, comprised of 4 or less premises (dwelling units within a residential property) 4+ = commercial license needed
Acreages, lake houses, cabins count
Sale of 1 property w/ up to 4 dwellings (more = commercial)
Single-family, duplex, triplex, fourplex, townhouse, condo, country, recreational, mobiles homes on residential zoned land
New residential sales
New homes from builders
Can represent builder in sale, or property, or home buyer
Bona-fide employees of home builder don’t need authorization
Residential resales
Sale of existing residential properties
Know new and established neighbourhoods
Condo sales
Each person holds title to a specific unit in the condo, and own interest in common property (hallway, landscaping, parking, roadways, rec facilities)
Also exist in commercial, retail, and industrial
Condo managers are not authorized right now but will be soon
Rural residential sales
Acreages, vary in size and scope; primary residence
Recreational property sales
Summer cottages, winterized residences as 2nd residences
Condos, timeshares etc.
Landuse bylaws important (wells, septic systems, wharfs, docks etc)
Mobile home sales
aka Manufactured home
Single-family dwelling that can be moved
Situated in land lease communities (mobile home parks)
Rent space to place home on; may provide water, sewer, electricity, gas, garbage, pools etc)
Commercial real estate
aka Investment, commercial, and industrial (ICI) real estate
Self explanatory
Retail real estate
Products to consumers in street front, specialty, malls, urban ctrs, strip plazas etc.
Retailers can buy own building and develop it
Know economic and demographic data, traffic flows etc.
Office real estate
Calgary has highest corporate head offices per capita in Canada; Edmonton has most prov/fed buildings
Commercial sector
Industrial Real Estate
Sale or lease of warehousing / manufacturing space
Raw or serviced land to developers
Next to highway interchanges, airports
Investment real estate
Purchase, own, manage, rent, sell property to make a profit/portfolio
Know finances, taxes etc.
Rural real estate
Sale of farms, ranches, business ops for agricultural products, crops, livestock
Sell farms or land
Property Management
Admin ops and maintenance of property
Building repairs, direct large complexes
Residential Property Management
Duplexes, fourplexes, townhouses, apartments
Senior retirement, public housing, mobiles
Cooperatives
Commercial Property Management
“Commercial” = non-residential, rental profit
Office buildings, gov’t properties, retail stores, service ops (gas station etc)
Industrial Property Management
Warehouses, manufacturing quote, industrial plants, industrial parks
