Question 1

MLS (Multiple Listing Service)

Accepted Answer

A database used by real estate agents to list and search for properties available for sale or rent.

Question 2

Property Disclosure Statement

Accepted Answer

A document that provides important information about a property's condition and history to potential buyers.

Question 3

Strata Corporation

Accepted Answer

An organization that manages and maintains common property in a strata development, such as a condominium.

Question 4

Easement

Accepted Answer

A legal right that allows someone to use another person's property for a specific purpose, such as accessing a public road.

Question 5

Certificate of Title

Accepted Answer

A document that confirms ownership of a property and provides details about any registered encumbrances or liens.

Question 6

Zoning

Accepted Answer

Regulations that control land use and development, specifying what types of activities or buildings are allowed in specific areas.

Question 7

Buyer's Agent

Accepted Answer

A real estate agent who represents the interests of the buyer in a real estate transaction.

Question 8

Seller's Agent

Accepted Answer

A real estate agent who represents the interests of the seller in a real estate transaction.

Question 9

Counteroffer

Accepted Answer

A response to an offer made during negotiations, proposing different terms or conditions for a real estate transaction.

Question 10

Caveat Emptor

Accepted Answer

Latin term meaning "buyer beware," emphasizing the buyer's responsibility to thoroughly inspect and assess a property before purchasing.

Question 11

Land Transfer Tax

Accepted Answer

A tax paid by the buyer when transferring the ownership of a property from one party to another.

Question 12

Appraisal

Accepted Answer

An evaluation of a property's value conducted by a qualified appraiser.

Question 13

Conveyance

Accepted Answer

The legal process of transferring ownership of a property from one party to another.

Question 14

Title Insurance

Accepted Answer

Insurance that protects the homeowner against any losses arising from disputes or defects in the property's title.

Question 15

Capitalization Rate

Accepted Answer

A measure used in real estate investment to determine the potential return on investment based on the property's income.

Question 16

Dual Agency

Accepted Answer

A situation where a real estate agent represents both the buyer and the seller in a transaction, which may present conflicts of interest.

Question 17

Freehold

Accepted Answer

Ownership of land and buildings without any time restrictions.

Question 18

Strata Fee

Accepted Answer

A regular payment made by strata property owners to cover the cost of maintaining common areas and amenities.

Question 19

Chattels

Accepted Answer

Moveable items or personal property that are not permanently attached to the land or property.

Question 20

Leasehold

Accepted Answer

A type of property ownership where the buyer has the right to use and occupy the property for a specified period, typically subject to rent payments.

Question 21

Encumbrance

Accepted Answer

A claim, lien, or restriction on a property that may affect the property's value or transferability.

Question 22

Open House

Accepted Answer

A scheduled event where a property is available for potential buyers to view without an appointment.

Question 23

Strata Plan

Accepted Answer

A detailed plan that outlines the boundaries of a strata development, including the individual strata units and common property.

Question 24

Commission

Accepted Answer

The fee paid to a real estate agent for their services in facilitating a real estate transaction.

Question 25

Amortization

Accepted Answer

The process of gradually paying off a loan, such as a mortgage, through regular payments over a specified period.

Question 26

Counterbid

Accepted Answer

A higher offer made by a buyer in response to a competing offer on a property.

Question 27

Equity

Accepted Answer

The difference between the market value of a property and the amount owed on any outstanding loans or mortgages.

Question 28

Depreciation

Accepted Answer

A decrease in the value of a property over time due to factors such as wear and tear or market conditions.

Question 29

Strata Bylaws

Accepted Answer

Rules and regulations that govern the operation and management of a strata development.

Question 30

Exclusive Listing

Accepted Answer

A listing agreement where only one real estate agent has the right to sell a property for a specified period.

Question 31

Assessed Value

Accepted Answer

The value of a property as determined by a government assessment agency for taxation purposes.

Question 32

Escrow

Accepted Answer

A financial arrangement where a neutral third party holds funds or documents until specific conditions are met in a real estate transaction.

Question 33

Principal

Accepted Answer

The original amount borrowed in a loan, excluding interest and other fees.

Question 34

Landlord

Accepted Answer

The owner of a property who rents or leases it to a tenant.

Question 35

Tenant

Accepted Answer

A person who rents or leases a property from a landlord.

Question 36

Condominium

Accepted Answer

A type of housing where individuals own their individual units and share ownership of common areas and facilities.

Question 37

Exclusive Buyer Representation Agreement

Accepted Answer

A contract between a buyer and a real estate agent, giving the agent exclusive rights to represent the buyer in property purchases.

Question 38

Non-Resident Speculation Tax (NRST)

Accepted Answer

A tax imposed on foreign individuals or corporations buying residential properties in certain areas to curb speculation and increase housing affordability.

Question 39

Rental Pool

Accepted Answer

A management arrangement where owners of multiple rental properties pool their rental income together and share profits and expenses.

Question 40

Material Latent Defect

Accepted Answer

A hidden defect in a property that poses a significant risk to safety or the value of the property and may not be easily discovered during a routine inspection.

Question 41

Rental Agreement

Accepted Answer

A legally binding contract between a landlord and tenant that outlines the terms and conditions of renting a property.

Question 42

Assignment

Accepted Answer

The transfer of rights and obligations of a real estate contract from one party to another before the completion of the transaction.

Question 43

Market Value

Accepted Answer

The estimated price that a property would sell for in the current market conditions.

Question 44

Land Title and Survey Authority (LTSA)

Accepted Answer

A government agency responsible for maintaining the land title registry and survey records.

Question 45

Dual Licensee

Accepted Answer

A real estate professional who is licensed both as a real estate agent and a mortgage broker, offering comprehensive services to clients.

Question 46

Multiple Offers

Accepted Answer

A situation where multiple buyers submit competing offers on a property, often resulting in a bidding war.

Question 47

Real Estate Council of British Columbia (RECBC)

Accepted Answer

The regulatory body responsible for licensing and overseeing real estate professionals in British Columbia.

Question 48

Rent Control

Accepted Answer

Government regulations that limit the amount landlords can increase rent on residential properties and protect tenants from excessive rent hikes.

Question 49

Strata Manager

Accepted Answer

A professional hired by a strata corporation to handle administrative and management duties for a strata development.

Question 50

Title Search

Accepted Answer

An investigation of public records to verify the legal ownership of a property and identify any existing encumbrances or liens.

Question 51

Pre-Approval

Accepted Answer

The process of obtaining a lender's commitment to provide a loan to a potential buyer, based on an initial assessment of their creditworthiness and financial situation.

Question 52

Strata Insurance

Accepted Answer

Insurance coverage obtained by a strata corporation to protect the common property and assets, as well as liability coverage for the strata development.

Question 53

Rent-to-Own

Accepted Answer

An agreement where a tenant has the option to purchase the rented property within a specified period, with a portion of the rent applied toward the purchase price.

Question 54

Lease Agreement

Accepted Answer

A legally binding contract between a landlord and tenant that outlines the terms and conditions of leasing a property for a specified period.

Question 55

Real Estate Services Act (RESA)

Accepted Answer

The legislation in British Columbia that governs the real estate industry, outlining licensing requirements, professional standards, and consumer protection measures.

British Columbia Real Estate Agent Flashcards