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23 Cards in this Set
- Front
- Back
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Agency |
Relationship between principal and agent, where the agent is hired by the principal to represent him in any real estate transaction. |
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Agent |
Someone who is authorized by a principal to represent him in a transaction with a third party. In the case of Real Estate, the agent is the brokerage. |
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Broker |
A person who has the qualifications to be a registered broker under REBBA |
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Brokerage |
They have the responsibility to trade on behalf of other. They also hire the brokers and salespeople |
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Broker of record |
Designated by a brokerage in compliance with REBBA |
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Commission |
What is paid to the salesperson after the sale or lease of a property. Usually expressed in percentage of the sale price but could also be a specific amount depending what was agreed upon. |
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Commission Sharing |
Division of commission involving one or more brokerages/salesperson. (Between Chris and Rocco) |
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Commision Splitting |
The split of a commission between salesperson and broker/brokerage depending on the agreement. (Between Chris and Alen) |
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Condominium |
Many people hold titles to a common building and all together they are responsible for any debts of that building. |
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Corporation |
One of the three people who may act as a real estate brokerage. (others are Sole Proprietorship and Partner) |
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CREA |
Canadian Real Estate Association |
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MLS |
Multiple Listing Service |
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OREA |
Ontario Real Estate Association |
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Organized real estate |
Voluntary membership organizations consisting of local boards, provincial associations and the Canadian Real Estate association. |
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Partnership |
One of three entities that can act as a real estate brokerage during a sale. The two other are the sole proprietor and the corporation. |
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Principal (Agency) |
The person who gives the brokerage the authority to represent him or her. |
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Real Estate |
Land and any building on it. |
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REBBA |
Real Estate and Business Brokers Act: Governs Real Estate salespersons, brokers and brokerages in Ontario. |
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Real Estate board |
Non-profit corporation established for all its members to ensure an organized real estate environment. |
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Registrant |
Person registered under REBBA |
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Salesperson |
Someone meeting prescribed qualifications to be registered pursuant to REBBA and who is hired by a broker to trade in real estate. |
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Three way relationships |
The legal relationship between regional boards, provincial and Canadian real estate association. |
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Sole proprietorship |
One of three entities that can act as a real estate brokerage during a real estate transaction. The two other are the corporation and the partnership. |
