Question 1

Exclusive Listing Agreement

Accepted Answer

A contract between a seller and a real estate agent, granting the agent exclusive rights to market and sell the property.

Question 2

Multiple Listing Service (MLS)

Accepted Answer

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

Question 3

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of a property's value based on recent sales of similar properties in the area.

Question 4

Property Disclosure Statement

Accepted Answer

A document that provides information about the condition and history of a property.

Question 5

Title Search

Accepted Answer

The process of examining public records to verify the legal ownership of a property.

Question 6

Buyer's Agent

Accepted Answer

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

Question 7

Seller's Agent

Accepted Answer

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

Question 8

Offer to Purchase

Accepted Answer

A written proposal by a buyer to purchase a property at a specific price and under certain conditions.

Question 9

Counteroffer

Accepted Answer

A response by the seller to the buyer's offer, proposing changes to the terms and conditions.

Question 10

Appraisal

Accepted Answer

An assessment of a property's value by a qualified appraiser.

Question 11

Condominium

Accepted Answer

A type of housing where individuals own their units but share common areas and facilities with other unit owners.

Question 12

Freehold

Accepted Answer

A type of property ownership where the buyer owns both the land and the building.

Question 13

Easement

Accepted Answer

A legal right to use someone else's land for a specific purpose, such as access to a public road.

Question 14

Mortgage Pre-Approval

Accepted Answer

A lender's commitment to provide a mortgage loan to a buyer, based on their financial information.

Question 15

Deposit

Accepted Answer

A sum of money paid by the buyer to the seller as a show of good faith and commitment to the purchase.

Question 16

Closing Costs

Accepted Answer

The expenses incurred by the buyer and seller during the transfer of property ownership.

Question 17

Land Transfer Tax

Accepted Answer

A tax paid by the buyer upon the transfer of property ownership.

Question 18

Conveyancing

Accepted Answer

The legal process of transferring property ownership from the seller to the buyer.

Question 19

Zoning

Accepted Answer

Regulations that govern the use and development of land within a specific area.

Question 20

Title Insurance

Accepted Answer

Insurance that protects the buyer against financial loss due to defects in the property title.

Question 21

Earnest Money

Accepted Answer

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

Question 22

Dual Agency

Accepted Answer

A situation where a real estate agent represents both the buyer and the seller in a transaction.

Question 23

Assessed Value

Accepted Answer

The value assigned to a property by a government authority for the purpose of calculating property taxes.

Question 24

Leasehold

Accepted Answer

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

Question 25

Down Payment

Accepted Answer

The initial payment made by the buyer towards the purchase price of the property.

Question 26

Escrow

Accepted Answer

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

Question 27

Amortization

Accepted Answer

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

Question 28

Homeowners Association (HOA)

Accepted Answer

An organization that manages and enforces rules for properties within a specific community or building.

Question 29

Encroachment

Accepted Answer

The unauthorized intrusion of a property owner's structure or improvement onto a neighboring property.

Question 30

Curb Appeal

Accepted Answer

The attractiveness of a property when viewed from the street.

Question 31

Pre-listing Inspection

Accepted Answer

An inspection conducted by the seller before listing the property for sale to identify any potential issues.

Question 32

Dual-Tracking

Accepted Answer

The practice of a lender simultaneously pursuing foreclosure proceedings while considering a borrower's request for loan modification.

Question 33

Chattel

Accepted Answer

Moveable personal property that is not affixed to the land or the building.

Question 34

Assumption of Mortgage

Accepted Answer

The transfer of an existing mortgage from the seller to the buyer, where the buyer assumes responsibility for the mortgage payments.

Question 35

Real Property Report (RPR)

Accepted Answer

A document that illustrates the boundaries of a property, its structures, and any encroachments.

Question 36

Capitalization Rate

Accepted Answer

The rate of return expected from an investment property, calculated by dividing the net operating income by the property's value.

Question 37

Joint Tenancy

Accepted Answer

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

Question 38

Absorption Rate

Accepted Answer

The rate at which available properties are sold or leased within a specific real estate market over a given time period.

Question 39

Lease Agreement

Accepted Answer

A legally binding contract between a landlord and a tenant, outlining the terms and conditions of the lease.

Question 40

Rescission

Accepted Answer

The cancellation of a contract, returning both parties to their original positions before the contract was formed.

Question 41

Capital Gains

Accepted Answer

The profit realized from the sale of an investment property or asset, subject to taxation.

Question 42

Staging

Accepted Answer

The process of preparing a property for sale by enhancing its appearance to appeal to potential buyers.

Question 43

Assignment

Accepted Answer

The transfer of a buyer's rights and obligations under a purchase contract to another party.

Question 44

Real Estate Commission

Accepted Answer

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

Question 45

Gross Rent Multiplier (GRM)

Accepted Answer

A ratio used to estimate the value of an income-producing property by dividing the property's sale price by its gross rental income.

Question 46

Offer Presentation

Accepted Answer

The act of presenting a buyer's offer to the seller, usually done by the buyer's agent, in a formal and professional manner.

Comprehensive Flashcards for Manitoba Real Estate Agents