Question 1

Nunavut Land Claims Agreement

Accepted Answer

The comprehensive land claims agreement that established Nunavut as a territory in Canada.

Question 2

Inuit Owned Land

Accepted Answer

Land in Nunavut that is owned by Inuit individuals or organizations.

Question 3

Leasehold Property

Accepted Answer

A type of property ownership where the land is leased rather than owned.

Question 4

Traditional Inuit Housing

Accepted Answer

Dwellings built and used by Inuit people, often made of materials like ice, snow, or sod.

Question 5

Nunavut Housing Corporation

Accepted Answer

A government agency responsible for housing programs and services in Nunavut.

Question 6

Arctic Climate

Accepted Answer

The extreme climate conditions found in Nunavut, characterized by long, cold winters and short, cool summers.

Question 7

Permafrost

Accepted Answer

A layer of permanently frozen ground that affects construction and infrastructure in Nunavut.

Question 8

Remote Communities

Accepted Answer

Small, isolated communities in Nunavut with limited access to services and amenities.

Question 9

Municipal Land

Accepted Answer

Land owned and managed by the municipal government in Nunavut.

Question 10

Land Use Planning

Accepted Answer

The process of determining how land in Nunavut should be used and developed.

Question 11

Zoning Regulations

Accepted Answer

Rules and regulations that dictate how land can be used in specific areas of Nunavut.

Question 12

Land Surveying

Accepted Answer

The measurement and mapping of land boundaries and features in Nunavut.

Question 13

Arctic Wildlife

Accepted Answer

The diverse range of animal species found in Nunavut, including polar bears, caribou, and seals.

Question 14

Nunavut Planning Commission

Accepted Answer

The organization responsible for land use planning and development in Nunavut.

Question 15

Land Titles

Accepted Answer

Legal documents that establish ownership and rights to land in Nunavut.

Question 16

Land Registry System

Accepted Answer

A database that records and maintains information about land ownership in Nunavut.

Question 17

Real Estate Appraisal

Accepted Answer

The process of determining the value of a property in Nunavut.

Question 18

Market Analysis

Accepted Answer

An assessment of real estate market conditions and trends in Nunavut.

Question 19

Land Transfer Tax

Accepted Answer

A tax levied on the transfer of land ownership in Nunavut.

Question 20

Residential Tenancies

Accepted Answer

The rights and responsibilities of landlords and tenants in Nunavut.

Question 21

Home Inspection

Accepted Answer

A thorough examination of a property's condition and structure in Nunavut.

Question 22

Financing Options

Accepted Answer

Different methods of obtaining financial assistance for purchasing property in Nunavut.

Question 23

Property Management

Accepted Answer

The management and maintenance of rental properties in Nunavut.

Question 24

Condominiums

Accepted Answer

A type of property ownership where individuals own a unit within a larger building or complex in Nunavut.

Question 25

Landlord-Tenant Act

Accepted Answer

Legislation that governs the rights and obligations of landlords and tenants in Nunavut.

Question 26

Multiple Listing Service (MLS)

Accepted Answer

An online database used by real estate agents to list and market properties in Nunavut.

Question 27

Property Disclosure Statement

Accepted Answer

A document that provides information about the condition of a property in Nunavut.

Question 28

Title Insurance

Accepted Answer

Insurance that protects against loss or damage due to defects in the title of a property in Nunavut.

Question 29

Exclusive Listing Agreement

Accepted Answer

A contract between a seller and a real estate agent granting exclusive rights to sell a property in Nunavut.

Question 30

Comparative Market Analysis

Accepted Answer

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

Question 31

Mortgage Pre-approval

Accepted Answer

The process of obtaining a lender's conditional commitment for a mortgage loan in Nunavut.

Question 32

Closing Costs

Accepted Answer

The additional expenses incurred when finalizing a real estate transaction in Nunavut.

Question 33

Offer to Purchase

Accepted Answer

A legal document that outlines the terms and conditions of a buyer's offer for a property in Nunavut.

Question 34

Earnest Money Deposit

Accepted Answer

A sum of money provided by the buyer as a show of good faith when making an offer on a property in Nunavut.

Question 35

Conditional Offer

Accepted Answer

An offer to purchase a property in Nunavut that is contingent upon certain conditions being met.

Question 36

Appurtenances

Accepted Answer

Rights or privileges that are attached to a property in Nunavut, such as easements or water rights.

Question 37

Land Transfer Process

Accepted Answer

The legal and administrative steps involved in transferring ownership of land in Nunavut.

Question 38

Escrow Account

Accepted Answer

A designated account where funds are held during the real estate transaction process in Nunavut.

Question 39

Easement

Accepted Answer

A legal right that allows someone to use or access another person's land in Nunavut for a specific purpose.

Question 40

Land Use Restrictions

Accepted Answer

Limitations or regulations on how land can be used or developed in Nunavut.

Question 41

Land Value Assessment

Accepted Answer

The process of determining the assessed value of land for taxation purposes in Nunavut.

Question 42

Landlord Insurance

Accepted Answer

Insurance coverage for property owners in Nunavut that protects against property damage and liability.

Question 43

Multiple Offers

Accepted Answer

When there are competing offers from different buyers for a property in Nunavut.

Question 44

Real Estate Commission

Accepted Answer

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

Question 45

Exclusive Buyer Representation

Accepted Answer

An agreement where a real estate agent exclusively represents the buyer's interests in Nunavut.

Question 46

Open House

Accepted Answer

A scheduled event where a property is made available for potential buyers to view in Nunavut.

Question 47

Property Tax Assessment

Accepted Answer

The process of determining the value of a property for tax purposes in Nunavut.

Question 48

Real Estate Board

Accepted Answer

An organization that regulates and provides resources for real estate agents in Nunavut.

Question 49

Seller's Disclosure Statement

Accepted Answer

A document where the seller discloses known defects or issues with a property in Nunavut.

Question 50

Title Search

Accepted Answer

An investigation of public records to confirm ownership and any liens or encumbrances on a property in Nunavut.

Question 51

Buyer's Market

Accepted Answer

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

Question 52

Seller's Market

Accepted Answer

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

Question 53

Capitalization Rate

Accepted Answer

A measure used to estimate the potential return on investment for an income-producing property in Nunavut.

Question 54

Real Estate Investment Trust (REIT)

Accepted Answer

A company that owns and manages income-generating real estate properties in Nunavut.

Question 55

Real Property Report

Accepted Answer

A survey document that illustrates the boundaries and improvements on a property in Nunavut.

Question 56

Rent Control

Accepted Answer

Government regulations that limit the amount landlords can increase rent for tenants in Nunavut.

Question 57

Resale Value

Accepted Answer

The estimated value of a property in Nunavut if it were to be sold in the future.

Question 58

Tax Deductions

Accepted Answer

Allowable expenses that can be subtracted from taxable income related to real estate in Nunavut.

Question 59

Landlord's Rights

Accepted Answer

Legal rights and powers granted to landlords in Nunavut, including the right to collect rent and evict tenants.

Question 60

Land Use Permits

Accepted Answer

Authorization granted by the government to use land in a specific manner or for a particular purpose in Nunavut.

Question 61

Land Development Process

Accepted Answer

The stages involved in transforming raw land into developed properties in Nunavut.

Question 62

Real Estate Negotiation

Accepted Answer

The process of reaching mutually agreeable terms between buyers and sellers in a property transaction in Nunavut.

Question 63

Property Management Agreement

Accepted Answer

A contract between a property owner and a property management company outlining the responsibilities and terms of managing the property in Nunavut.

Comprehensive Flashcard Set for Nunavut Real Estate Agents