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RealEstate Course 1 > Course 1 > Flashcards

Course 1 Flashcards

(58 cards)

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1
Q

REBBA and RECO

A
  • Real Estate and Business Brokers Act
  • Real Estate Council of Ontario
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2
Q

Seller’s Market

Number of buyers exceed available Properties

A
  • Properties sell quickly
  • Rising prices
  • Less time to view properties
  • More due dilligence from buyer’s end prior to buying
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3
Q

Buyer’s Market

More supply than demand

A
  • More listings
  • Listing period is extended
  • Prices falling
  • Longer purchase time
  • More conditions
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4
Q

Balance Market

Supply and demand are equal

A
  • Reasonable selling period
  • Prices are stabalized
  • Offers include conditions accepted by all parties
  • More relaxed atmosphere
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5
Q

Types of Real Estate

(6)

A
  • Residential resale
  • New home sales
  • Residential condominium
  • Rural, recreational and agricultural
  • Commercial
  • Leasing commercial
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6
Q

Examples of Trading

any attempt to list real estate, advertisement conduct or negotiation

A
  • Hosting an open house
  • Conducting a listing presentation to a seller
  • Providing advice about real estate
  • Showing a property
  • Negotiating a sale
  • Explaining information about a property
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7
Q

Types of Brokerages

(3)

A
  • Listing brokerage
  • Co-operating brokerage
  • Buyer’s brokerage
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8
Q

Types or Relationships

Between brokerage and buyer or seller

A
  • Representation - when the party is a client
  • Providing services - when the party is a customer
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9
Q

Types of agreements

(4)

A
  • Representation agreement
  • Customer service agreement (can be non-exclusive)
  • Agreement of purchase and sale
  • Remuneration agreements
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10
Q

Remuneration agreements

3 types

A
  • A percentage of the sale or lease amount
  • An agreed amount ($10,000)
  • Combination (2.5% of sale price and additional $5000)
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11
Q

Scope of Ownership

Real Estate

A

Refers solely to the tangible aspects of a property

Improvements also used to refer to any structure (deck, shed, fence)

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12
Q

Scope of Ownership

Real Property

A

Both tangible aspects and intangible (the rights)

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13
Q

Scope of Ownership

Personal Property

A

Movable and referred to as consumer goods (Appliances, furniture, drapes, light fixtures)

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14
Q

Scope of Ownership

Fixtures

A

Securely attached to a property and to remain upon sale. If a seller wants to retain any fixture the APS should identify them as excluded

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15
Q

Scope of Ownership

Chattels

A

Excluded from purchase of the property. Buyer may which to include certain chattels such as a fridge or stove

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16
Q

Transfer of Title Terms

Title

A

Legal ownership of land and legal rights to sell the property

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17
Q

Transfer of Title Terms

Title Search

A

Locating, organizing and condensing pertinent facts about documents and related materials registered on title

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18
Q

Transfer of Title Terms

Evidence of Ownership

A

Document used to show the transfer or owership (Deed)

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19
Q

Transfer of Title Terms

Completion Date

A

Date when transfer or owernship is completed (closing date)

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20
Q

Mortgage Terms

Mortgage

A

Claim or encumberance upon a property given by the owner of the property to the lender as security for money borrowed

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21
Q

Mortgage Terms

Lender

A

Mortgagee, ‘gives’ the financing to a borrower for purpose of purchasing real estate

Lender gives the financing

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22
Q

Mortgage Terms

Borrower

A

Mortgager, the borrower

Borrower “gives” the mortgage

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23
Q

Types of Residential Buildings

Semi-detached

A

One wall is attached to another structure, side-by-side on separately deeded lots

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24
Q

Types of Residential Buildings

Townhouse

Study These Flashcards
A

Three or more units joined together by party walls

On their own land or part of a condominium complex

25
# Types of Residential Buildings Linked Dwelling
Two or more single family homes that are attached, but the placement of the attachement is not always evident
26
# Types of Residential Buildings Multi-unit residential dwelling
More than one dwelling unit in a single building, divided horizontally or vertically with separate entrance or shared vestibule | (Duplex, triplex, etc)
27
Types of Commercial Buildings | (6)
* Office * Retail * Mixed-use (office, retail and residential) * Multi-unit * Industrial * Agricultural
28
Three levels of Organized Real Estate
1. CREA 2. OREA 3. Local Real Estate Boards
29
CREA
Canadian Real Estate Association Owners of REALTOR and MLS | Operates Realtor.ca
30
OREA
Ontario Real Estate Association Represents brokers and salespersons who are members of the province's boards
31
# Additional Industry Associations REIC
Real Estate Institute of Canada not for profit organization that provides advanced education and professional development
32
# Additional Industry Associations CCIM
Certified Commercial Investment Member Provides education programs and services for professionals in commercial and investment real estate
33
# Additional Industry Associations SIOR
Society of Industrial and Office Realtors
34
Roles Within a Brokerage | (4)
* Broker of Record * Branch Manager * Salespersons working with sellers * Salespersons working with buyers
35
Roles Within a Brokerage | (4)
* Broker of Record * Branch Manager * Salespersons working with sellers * Salespersons working with buyers
36
Responsibilites of a salespersons working with a seller
* Inspect property and note important aspects * Conduct comparative market analysis * Establish a listing price * Design and recommend a sales and marketing strategy * Recommendations to prepare the home for sale * Provide a list of third party experts * Coordinate showing appointments * Present all offers to the seller and negotiate a satisfactory agreement
37
Responsibilites of a salespersons working with a buyer
* Determine wants and needs * Ensure buyer has received financial approval and determined their budget * Select suitable property that meet the criteria * Arrange showings * Prepare an APS with necessary conditions * If accepted assist with satisfying any conditions and inspections
38
# Estate Types Fee Simple
The person owns the property and has all rights associated with this ownership
39
# Estate Types Leasehold
Only the right to use and occupy the property for a finite period of time
40
# Other types of property interests Air Rights
The rights to use space above the physical surface of the land. (Bridges, piers, elevated strees and some building structures)
41
# Other types of property interests Surface Rights
Any right of land that is not mining rights
42
# Other types of property interests Riparian Rights
Rights allocated to owners of waterfront property and are associated with owner's access to and use of water
43
# Other types of property interests Mineral Rights
Right to enter or use land for the purpose of removing minerals on or beneath it
44
Concurrent Ownership
When two or more persons hold ownership of a property * Joint tenancy * Tenancy in common
45
# Concurrent Ownership Joint Tenancy
Ownership of land by two or more people, upon the death of one, the surviving joint tenant aquires the deceased owner's interest.
46
What 4 Unities must be present in Joint Tenancy
* Title - each owner's interest must be the same at the same time in the same document * Time - the interests must be created at the same time for the same period * Possession - each owner must have an equal undivided ownership * Interest - each joint tenant must have an undivided share of the property at the same time
47
# Concurrent Ownership Tenancy in Common
Ownership of land by two or ore persons, no rights of survivorship and the interest of a deceased person is treated as an asset of the estate
48
Ownership Alternatives | (6)
* Condominium - standard or CE * Co-operative * Fractional Ownership * Co-ownership * Land Lease * Life Lease
49
# Ownership Alternatives Condominium
* Standard - fee simple ownership of the unit and a tenant in common onwership of the portion used jointly * Common Elements - No units, owners enjoy the common elements and jointly fund maintenance
50
# Ownership Alternatives Co-operative
A property owned by a corporation and members have an agreement to occupy a specific unit * Equity - Corporation that owns the land and buildings with members as shareholders * Non-profit - without shares and its primary purpose is to provide housing for its members (goverment housing)
51
# Ownership Alternatives Fractional Ownership
Ownership of a property is shared with other individuals as tenants in common with usage rights allocated depending on the size of fractional interest purchased | Buying a cottage with 9 friends, owning 1/10th of the cottage
52
# Ownership Alternatives Co-ownership
Any time two or more persons own a property jointly
53
# Ownership Alternatives Land Lease
A lease involving the land only, gives exclusive right to use the land for the time the lease is active
54
# Ownership Alternatives Life Lease
Person does not own a property but an interest in that property in exchange for a lump sum payment up-front
55
Additional Property Types | (3)
* Timeshare * Mobile Home Parks * Houseboats
56
Timeshare
Division of property right into fractional interests based on time * Fee ownership - right to use a specific unit for a specified time each year * Right to use interest - the right to use expires after a specified time
57
Mobile Home Parks
Land on which one or more occupied mobile homes are located and includes the rental units and the land, structures, services and facilities of which the landlord retains possession
58
Houseboats
Owners need to ensure right of dockage, access to utility hookups and access right to the marina * Residential - vessels that are perpetually harboured * Recreational - vessels that come equipped with residential furnishings and engines to propel them on water

RealEstate Course 1 (1 decks)

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