Dictionary of Real Estate Terms

The definitions below are illustrative only and are intended simply to assist the reader's understanding of the Code of Ethics and Standards of Business Practice. Throughout this document, words that are defined have been capitalized.


Advertising

Means any marketing activity to promote the brokerage, the REALTOR® or a transaction, and includes any verbal, written or graphic representation in any form, including electronic media.

Appraisal

Means an opinion of the value of specified interests in, or aspects of, identified real estate based on an analysis of relevant data and performed by persons who have the required training in the preparation of appraisals.

Board

Means a member local real estate Board/Association or provincial/territorial association and includes, where appropriate, a compliance body.

Buyer

Means a Person acquiring or attempting to acquire an interest in real estate through a Purchase.

Client

Means, as defined under REBBA (Real Estate Brokers Business Act) 2002, someone who is represented under a representation agreement with a brokerage.

Compensation

Means the payment to a REALTOR® for services related to a Purchase or Sale and includes commissions, fees and any other form of remuneration or reward for services rendered by a REALTOR®.

Confidential Information

Means any personal or business information relating to the individual that ought to be considered confidential by its nature.

Customer

Means a Buyer or Seller who is not a Client.

CREA's Trademarks

Include, but are not limited to, the words REALTOR® and REALTOR Link®, the REALTOR® and REALTOR Link® logos, REALTOR®.ca, Multiple Listing Service®, MLS® and the related MLS® logos.

IDX

(Internet Data Exchange) refers to a reciprocal system whereby consenting brokerages agree to advertise on their Internet websites, each other's active listings, either from the MLS® database of the Association or from mls.ca, subject to the rules of the applicable real estate Association.

IMMEDIATE FAMILY

Means a spouse, son, daughter, parent, brother or sister and includes persons who are in such categories because of marriage, common-law relationships or adoption.

Listing

Means an agreement between a brokerage and a Client granting the brokerage the authority to offer for sale the Client's real property with defined terms and conditions. A listing on MLS® must involve an agency and an offer of compensation to the selling office, as well as all members having the right to show and sell the property.

Multiple Representation

Means a relationship in which a brokerage or a REALTOR® represents, as agent, more than one party in the same Transaction.

Opinion of Value

Means an estimate of the value of specified interests in, or aspects of, identified real estate which may be based wholly or partly on comparative market analyses. An Opinion of Value may contain more or less analysis of relevant data than an appraisal and may be performed by a REALTOR®.

Person

Includes, where applicable, an individual, a partnership, a corporation and any other entity legally capable of buying and selling real estate.

Purchase

Includes an actual or proposed exchange, option, lease or other acquisition of an interest in real estate.

Realtor®

Is a registered trademark of REALTOR® Canada Inc., a company owned equally by the Canadian Real Estate Association and the National Association of REALTORS® and refers to licensed real estate practitioners who are members of The Canadian Real Estate Association.

Registrant

Means a person licensed by a jurisdiction to trade in real estate.

Sale

Includes an actual or proposed exchange, option, lease or other disposition of an interest in real estate.

Seller

Means a Person disposing of or attempting to dispose of an interest in real estate by Sale.

Service Agreement

Means an agreement that establishes a relationship between a brokerage and a Person which identifies the responsibilities of each party and includes the services to be performed by the brokerage and any compensation payable.

If you have any questions then please contact Nicole McKenzie (519) 661-0380 or through her contact form.
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