Unit 1-5: Related professionals and organizations Flashcards
Trading in real estate
- buy or sell real estate
- offer to purchase or sell
- a listing/ad
- prop mgmt
- trader
- contract or agreement
- collect $ for rent or mgmt of RE
- furthering any of the above
Property manager
lease, negotiate, approve rent
hold money
advertise for same
Mortgage broker
secures mortgages
negotiates mortgage transactions
collects mortgage payments
buys, sells, exchanges mortgages
“Dealing in mortgages”
activities undertaken by mortgage professional
Appraisers
- develop an impartial estimate or opinion of value of real property
- signs report
- provides consulting services
a. for sale
b. employee’s property valuation
c. negotiated prices
d. financing
People exempted from trading
- people acting under a court order
- banks or financial institutions
- owning 25% of property
- leasing 25% of property
- self-managed condo mgmt company
- mineral rights (type of interest)
- lawyers
- land agents for surface rights
- on-site mgrs
- NPOs and employees for prop mgmt
- mobile homes as retail home sales
** mgr has to live at the property
On site manager definition
Maintains property, collects rent, shows property, receives applications, licensed under retail home sales, NPO for same, and furthering same
Mortgage expemptions
banks, loan corporations, agents and employees of same
employee as a principal
law society good standing
corporations re: housing for employees; AFSC
Appraisal exemptions
gov’t canada employee
internal employee appraiser
brokers who estimate
assessor per municipal assessor regulation
Property inspectors
independent and objective analysis of property’s major systems and components
typically a condition of sale
must be licensed
service alberta responsible for them; Fair Trading Act rules them
Property measurement services
RECA established residential measurement standard (RMS): transparency through consistent measurement process
Property measures
building & site measurements
2/3D floor plans
m^2 calcs and conversions
photos and video tours
Commercial: professional cert req’d, land surveyor’s etc, based on BOMA
Land surveyor
oilfields, land use dev., lakes, waterways, airspace
boundaries based on analysis of survey’s, data, geodetic evidence (measure of earth)
Prepare RPR clearly illustrate property boundaries & improvements
determine rights or interests in land (easements, encroachments, rights-of-way)
RPR seller’s responsibility
Condo doc reviewers
need to know which part of condos individuals own, % common property, financial health of corp, bylaws, policies, rights, obligations
often a condition of sale
Real estate lawyers
conclude trades and mortgage deals
ensure client’s rights and interests protected
- dissolve assets, divorce, taxes, relocation, documentation, purchase contract obligations and mortgage contract (if appl)
Mortgage lenders
Debt obligation secured by a mortgage
sets legally stipulated criteria to qualify for loan
banks, insur companies, trusts etc.
RE relationships in AB
Local real estate board
AB RE Association
Canadian RE Association
Local RE Boards
private, voluntary under cooperatives act or societies act
AB has 10; can refer to self as REALTOR(R)
If part of brokerage, auto member of all 3; annual membership fees
list services and property databases
networking
resources and tools
stats reports
workshops and PD
AREA
NPO, member based representing 10 regional boards in AB
strategic leadership, PD etc.
AREA member of CREA
REALTOR(R) trademarked by CREA
CREA
represent members to feds on legislation
provide tech and forms
brands and trademarks
info and analysis of economic issues
RE insurance exchange
must have prof liability ins
provided under Real estate insurance exchange (REIX)
mutually insure another through reciprocal self-insurance program
AB RE foundation
“The foundation” created 1991 under the ACT
supports real estate initiatives
funded by interest earned on money from pooled trust accounts
education, law reform, other improvements to RE industry
RE assurance fund
“The fund” aka consumer protection fund
compensates people when fraud occurs
RECA administers this
apply for compensation when: fraud, breach of trust, keeps money
CAD condo institute
operates through chapters across country
AB has two, north and south
establish and operate successful condo corps
Assoc of Condo Mgrs AB
NPO responsible for accredited condo mgr training and registration designations
CAD assoc home and prop inspectors
self-regulating prov or reg’l chapters
oversees uniform national stdrd of competency
CAD home builders assoc
new home builders
works on building codes, gov’t relations, safety, ed, tech, energy effic., networking
6 regional offices throughout AB
Building owners and mgrs
BOMA
two offices AB
owners, mgrs, developers, facilities mgrs, asset mgrs, leasing agents and brokers, investors, service prov.
Real estate institute of Canada
provide programs for RE people
2 chapters in AB
Institute of RE Mgmt
Association for RE mgrs across all property sectors; division of REIC
Society of Industrial and Office REALTORS
US, Canada, Europe
govern and represent real estate interests
SIOR west is AB, BC, MB, SK, NWT, YK
Service AB
Administers land title office and online database (SPIN 2)
investigates complaints
enforce consumer protection
registers and licenses business and charities
also consumer awareness etc.
CMHC
create innovative solutions to housing challenges
maintain healthy housing market
loan insurance, policy, programs
