Question 1

Title search

Accepted Answer

A thorough examination of public records to verify the legal ownership of a property.

Question 2

Mortgage

Accepted Answer

A loan used to finance the purchase of a property, where the property itself serves as collateral.

Question 3

Appraisal

Accepted Answer

A professional evaluation of a property's value conducted by a licensed appraiser.

Question 4

Conveyancing

Accepted Answer

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

Question 5

MLS (Multiple Listing Service)

Accepted Answer

A database that real estate agents use to share property listings with other agents.

Question 6

Dual agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 7

Easement

Accepted Answer

A legal right that allows someone to use a portion of another person's property for a specific purpose.

Question 8

Exclusive listing

Accepted Answer

When a property is listed with only one real estate agent or brokerage.

Question 9

Assessed value

Accepted Answer

The value assigned to a property by a municipality for the purpose of determining property taxes.

Question 10

Market value

Accepted Answer

The estimated price at which a property would sell in the current market conditions.

Question 11

Zoning

Accepted Answer

Local government regulations that dictate how a property can be used and developed.

Question 12

Buyer's market

Accepted Answer

A market condition where there are more properties for sale than there are buyers.

Question 13

Seller's market

Accepted Answer

A market condition where there are more buyers than there are properties for sale.

Question 14

Condominium

Accepted Answer

A type of property ownership where individuals own their units and share common areas.

Question 15

Co-op (cooperative)

Accepted Answer

A type of property ownership where residents own shares in a corporation that owns the building.

Question 16

Down payment

Accepted Answer

The initial payment made by a buyer toward the purchase of a property.

Question 17

Equity

Accepted Answer

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

Question 18

Mortgage pre-approval

Accepted Answer

A process in which a lender determines the maximum loan amount a buyer qualifies for.

Question 19

Listing agreement

Accepted Answer

A contract between a property owner and a real estate agent outlining the terms of the agent's representation.

Question 20

Commission

Accepted Answer

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

Question 21

Counteroffer

Accepted Answer

A response to an offer made by the other party in a real estate negotiation.

Question 22

Escrow

Accepted Answer

A neutral third-party account where funds and documents are held during a real estate transaction.

Question 23

Landlord

Accepted Answer

The owner of a rental property who leases it to a tenant.

Question 24

Tenant

Accepted Answer

A person who rents a property from a landlord.

Question 25

Conventional mortgage

Accepted Answer

A mortgage loan not insured or guaranteed by a government agency.

Question 26

Comparative market analysis

Accepted Answer

An evaluation of similar properties in the area to determine a property's market value.

Question 27

Home inspection

Accepted Answer

A professional examination of a property's condition, typically performed before purchase.

Question 28

Real estate agent

Accepted Answer

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

Question 29

Earnest money

Accepted Answer

A deposit made by a buyer to demonstrate their serious intent to purchase a property.

Question 30

Amortization

Accepted Answer

The process of gradually paying off a mortgage through regular payments over time.

Question 31

Counterparty

Accepted Answer

The other party involved in a real estate transaction, such as the buyer or seller.

Question 32

Open house

Accepted Answer

An event where a property is made available for potential buyers to view without an appointment.

Question 33

Offer to purchase

Accepted Answer

A written document that outlines the price and terms a buyer is willing to pay for a property.

Question 34

Rent-to-own

Accepted Answer

A leasing agreement that includes an option for the tenant to purchase the property at a later date.

Question 35

Title insurance

Accepted Answer

An insurance policy that protects against financial loss due to title defects or ownership disputes.

Question 36

Lease agreement

Accepted Answer

A legally binding contract that establishes the terms of a rental arrangement between a landlord and a tenant.

Question 37

Dual agency disclosure

Accepted Answer

A requirement for real estate agents to inform both the buyer and the seller if they are representing both parties.

Question 38

Encumbrance

Accepted Answer

A claim or liability on a property, such as a mortgage, easement, or lien.

Question 39

Capitalization rate

Accepted Answer

The rate of return on an investment property based on its net operating income.

Question 40

Net listing

Accepted Answer

A type of listing agreement where the seller sets a minimum desired price and the agent's commission is the amount above that price.

Question 41

Exclusive buyer representation

Accepted Answer

When a real estate agent represents only the buyer's interests in a transaction.

Question 42

Property management

Accepted Answer

The oversight and operation of a property on behalf of the owner, including finding tenants, collecting rent, and maintenance.

Question 43

Land transfer tax

Accepted Answer

A tax imposed on the transfer of property ownership from the seller to the buyer.

Question 44

Conditional offer

Accepted Answer

An offer to purchase a property that is contingent on certain conditions being met, such as obtaining financing or satisfactory inspection results.

Question 45

Deed

Accepted Answer

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

Question 46

Real Estate Council of Nova Scotia

Accepted Answer

The regulatory authority responsible for licensing and regulating real estate professionals in Nova Scotia.

Question 47

Real property

Accepted Answer

Land and anything permanently attached to it, such as buildings or structures.

Question 48

FIRPTA (Foreign Investment in Real Property Tax Act)

Accepted Answer

A federal law that imposes taxes on the sale of U.S. real estate by foreign persons.

Question 49

Leasehold

Accepted Answer

A type of property ownership where the buyer has the right to use and occupy the property for a specified period under a lease agreement.

Question 50

Rescission

Accepted Answer

The cancellation or termination of a contract, returning the parties to their pre-contract positions.

Question 51

Trust account

Accepted Answer

An account held by a real estate brokerage where client funds, such as earnest money deposits, are held in trust.

Question 52

Assignment

Accepted Answer

The transfer of rights and obligations under a contract from one party to another.

Question 53

Listing presentation

Accepted Answer

A prepared presentation by a real estate agent to impress and convince a property owner to list their property for sale.

Question 54

Absorption rate

Accepted Answer

The rate at which available properties are sold in a specific market over a given time period.

Question 55

Fixture

Accepted Answer

An item that was once personal property but has become permanently attached to a property, typically included in the sale.

Question 56

Title insurance policy

Accepted Answer

A contract that protects the buyer or lender against losses due to title defects, such as liens or encumbrances.

Question 57

Dual representation

Accepted Answer

When a real estate agent represents both the buyer and seller in the same transaction with their informed consent.

Question 58

Capital gain

Accepted Answer

The profit made from the sale of a property or investment, subject to taxation.

Question 59

Nova Scotia Association of Realtors

Accepted Answer

A professional organization representing real estate agents and promoting ethical conduct and professionalism.

Question 60

Rent control

Accepted Answer

Government regulations that limit the amount a landlord can increase rent on a residential property.

Question 61

HST (Harmonized Sales Tax)

Accepted Answer

A combined federal and provincial sales tax applicable to certain real estate transactions in Nova Scotia.

Canada Nova Scotia Real Estate Agent Flashcards