Question 1

ACREB

Accepted Answer

Alberta Real Estate Association Board

Question 2

ARPA

Accepted Answer

Alberta Real Property Act

Question 3

ARLTA

Accepted Answer

Alberta Residential Tenancy Act

Question 4

Area measurement

Accepted Answer

The total square footage or square meters of a property.

Question 5

Assigning

Accepted Answer

Transferring a contract or agreement to another party.

Question 6

Caveat

Accepted Answer

A notice registered on a property's title to protect the interests of a particular person or entity.

Question 7

CMA

Accepted Answer

Comparative Market Analysis

Question 8

Conveyance

Accepted Answer

The legal transfer of property ownership from one party to another.

Question 9

Dower rights

Accepted Answer

The rights of a spouse to claim a portion of a property upon the other spouse's death or divorce.

Question 10

Easement

Accepted Answer

The right to use another person's land for a specific purpose.

Question 11

Encroachment

Accepted Answer

An unauthorized intrusion onto another person's property.

Question 12

Exclusive listing

Accepted Answer

A listing agreement that grants one real estate agent the sole right to sell a property.

Question 13

Freehold

Accepted Answer

Absolute ownership of real property.

Question 14

Gross leasable area

Accepted Answer

The total floor space available for lease in a commercial building.

Question 15

Habendum clause

Accepted Answer

A section of a deed that defines the ownership interest being conveyed.

Question 16

Hypothecation

Accepted Answer

Using a property as collateral for a loan without transferring ownership.

Question 17

Leasehold

Accepted Answer

The right to use and occupy a property for a specific period under a lease agreement.

Question 18

Lis pendens

Accepted Answer

A notice filed in the public records indicating that a lawsuit is pending involving a property.

Question 19

Multiple Listing Service (MLS)

Accepted Answer

A database used by real estate agents to share property listings.

Question 20

Net operating income (NOI)

Accepted Answer

The income generated by a property after deducting operating expenses.

Question 21

Open house

Accepted Answer

A scheduled period when a property is available for potential buyers to view.

Question 22

Principal residence

Accepted Answer

The primary dwelling where a person lives most of the time.

Question 23

Quiet enjoyment

Accepted Answer

The right of a tenant to live in a rental property without interference from the landlord.

Question 24

Real estate broker

Accepted Answer

A licensed individual who represents buyers or sellers in real estate transactions.

Question 25

Restrictive covenant

Accepted Answer

A legal agreement that restricts the use or development of a property.

Question 26

Seller's market

Accepted Answer

A market condition where demand for properties exceeds the supply, giving sellers an advantage.

Question 27

Stigmatized property

Accepted Answer

A property associated with a negative event or circumstance, such as a crime or death.

Question 28

Title insurance

Accepted Answer

An insurance policy that protects against defects in a property's title.

Question 29

Undivided interest

Accepted Answer

Shared ownership of a property without specific divisions or boundaries.

Question 30

Valuation

Accepted Answer

The process of determining the worth or estimated value of a property.

Question 31

Wrap mortgage

Accepted Answer

A financing arrangement where the buyer assumes the seller's existing mortgage and provides additional financing.

Question 32

Yield

Accepted Answer

The return on investment generated by a property, usually expressed as a percentage.

Question 33

Zoning

Accepted Answer

The division of land into different areas with specific permitted uses and regulations.

Question 34

Building code

Accepted Answer

The set of regulations and standards that govern the construction and maintenance of buildings.

Question 35

Capitalization rate

Accepted Answer

The rate used to determine the value of an income-generating property based on its net operating income.

Question 36

Cash flow

Accepted Answer

The amount of money generated by a property after deducting all expenses.

Question 37

Commission

Accepted Answer

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

Question 38

Deed

Accepted Answer

A legal document that transfers ownership of real property from one party to another.

Question 39

Equity

Accepted Answer

The value of a property beyond any outstanding mortgage or debts.

Question 40

Foreclosure

Accepted Answer

The legal process by which a lender repossesses a property due to the borrower's default on mortgage payments.

Question 41

Home inspection

Accepted Answer

A thorough examination of a property's condition, typically conducted by a professional inspector before a sale.

Question 42

Joint tenancy

Accepted Answer

A form of property ownership where two or more individuals have an equal share and right of survivorship.

Question 43

Landlord

Accepted Answer

The owner or property manager who rents out a property to tenants.

Question 44

Mortgage

Accepted Answer

A loan secured by a property, with the property serving as collateral for the repayment of the loan.

Question 45

Notary public

Accepted Answer

A public officer authorized to certify documents, administer oaths, and authenticate signatures.

Question 46

Offer to purchase

Accepted Answer

A written proposal from a buyer to purchase a property, including the terms and conditions of the offer.

Question 47

Pre-approval

Accepted Answer

The process of obtaining a lender's commitment to provide a mortgage loan, based on a preliminary assessment of the borrower's creditworthiness.

Question 48

Real estate investment trust (REIT)

Accepted Answer

A company that owns, operates, or finances income-generating real estate properties, allowing investors to own shares and receive dividends.

Question 49

Servient estate

Accepted Answer

A property that is subject to an easement or right-of-way in favor of another property.

Question 50

Title search

Accepted Answer

An examination of public records to verify the ownership history and any encumbrances or liens on a property's title.

Question 51

Unilateral contract

Accepted Answer

A contract where only one party is legally bound to fulfill obligations, typically seen in option agreements.

Question 52

Voidable contract

Accepted Answer

A contract that may be legally avoided or canceled by one party due to certain circumstances or a lack of voluntary consent.

Canada Alberta Real Estate Agent Flashcards