Question 1

Residential Property

Accepted Answer

Real estate designated for personal living purposes.

Question 2

Commercial Property

Accepted Answer

Real estate used for business or income-generating activities.

Question 3

Zoning Regulations

Accepted Answer

Rules that dictate how land can be used and developed.

Question 4

Multiple Listing Service (MLS)

Accepted Answer

A database that allows real estate agents to share property listings.

Question 5

Condominium

Accepted Answer

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

Question 6

Title Search

Accepted Answer

An examination of public records to confirm a property's ownership and any encumbrances.

Question 7

Easement

Accepted Answer

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

Question 8

Appraisal

Accepted Answer

An assessment of a property's value by a licensed professional.

Question 9

Capitalization Rate

Accepted Answer

A formula used to estimate the value of income-producing properties.

Question 10

Mortgage

Accepted Answer

A loan secured by a property that enables buyers to finance their purchase.

Question 11

Down Payment

Accepted Answer

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

Question 12

Land Survey

Accepted Answer

A detailed measurement and mapping of a property's boundaries and features.

Question 13

Closing Costs

Accepted Answer

Expenses incurred during the transfer of property ownership, such as legal fees and taxes.

Question 14

Offer to Purchase

Accepted Answer

A formal document outlining the buyer's proposed terms and conditions for buying a property.

Question 15

Counteroffer

Accepted Answer

A response from the seller that proposes different terms than those in the initial offer.

Question 16

Listing Agreement

Accepted Answer

A contract between a property owner and a real estate agent, authorizing the agent to sell the property.

Question 17

Market Value

Accepted Answer

The estimated price that a property would likely sell for on the open market.

Question 18

Dual Agency

Accepted Answer

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

Question 19

Landlord-Tenant Act

Accepted Answer

Legislation that outlines the rights and responsibilities of landlords and tenants.

Question 20

Deed

Accepted Answer

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

Question 21

Escrow

Accepted Answer

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

Question 22

Homeowners Association (HOA)

Accepted Answer

An organization that governs and manages a community or condominium complex.

Question 23

Mortgage Broker

Accepted Answer

A professional who helps buyers find suitable mortgage options from various lenders.

Question 24

Real Estate Board

Accepted Answer

A local association of real estate agents that sets ethical standards and provides professional support.

Question 25

Comparative Market Analysis (CMA)

Accepted Answer

A report that analyzes recent sales of similar properties to determine a property's value.

Question 26

Title Insurance

Accepted Answer

Insurance that protects the property owner against any defects in the title.

Question 27

Open House

Accepted Answer

A scheduled event where prospective buyers can tour a property without an appointment.

Question 28

Exclusive Listing

Accepted Answer

A listing agreement that gives one real estate agent the exclusive right to sell a property.

Question 29

Lease Agreement

Accepted Answer

A contract between a landlord and tenant outlining the terms of a rental property.

Question 30

Gross Rent Multiplier (GRM)

Accepted Answer

A ratio used to estimate the value of a rental property based on its rental income.

Question 31

Pre-approval

Accepted Answer

A lender's confirmation of a borrower's ability to obtain a mortgage, based on a preliminary review of their financials.

Question 32

Conveyancing

Accepted Answer

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

Question 33

Fair Housing Act

Accepted Answer

Legislation that prohibits discrimination in housing based on factors such as race, religion, or disability.

Question 34

Real Estate Investment Trust (REIT)

Accepted Answer

A company that owns and operates income-generating real estate properties.

Question 35

Encumbrance

Accepted Answer

Any claim, lien, or restriction that affects the ownership or use of a property.

Question 36

Real Property Report

Accepted Answer

A document prepared by a land surveyor that illustrates a property's boundaries and improvements.

Question 37

Leasehold

Accepted Answer

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

Question 38

Mortgage Insurance

Accepted Answer

Insurance that protects the lender in case the borrower defaults on the mortgage.

Question 39

Rental Market Vacancy Rate

Accepted Answer

The percentage of available rental units that are vacant in a particular market.

Question 40

Conveyance Tax

Accepted Answer

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

Question 41

Real Estate Brokerage

Accepted Answer

A company or agency that employs real estate agents and facilitates property transactions.

Question 42

Land Use Planning

Accepted Answer

The process of determining how land should be utilized and developed in a specific area.

Question 43

Eminent Domain

Accepted Answer

The government's power to acquire private property for public use, with fair compensation to the owner.

Question 44

Certificate of Location

Accepted Answer

A document prepared by a land surveyor that provides detailed information about a property's boundaries and structures.

Question 45

Real Estate Syndication

Accepted Answer

An investment structure where multiple investors pool their resources to purchase and manage a property.

Question 46

Disclosure Statement

Accepted Answer

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

Question 47

Capital Gains Tax

Accepted Answer

A tax imposed on the profit earned from the sale of an investment property or real estate.

Question 48

Buyer's Agent

Accepted Answer

A real estate agent who represents the buyer's interests during the property purchase process.

Question 49

Seller's Market

Accepted Answer

A market condition where there are more buyers than available properties, giving sellers an advantage.

Question 50

Property Management

Accepted Answer

The operation, maintenance, and oversight of real estate properties on behalf of the owner.

Question 51

Real Estate Investment Analysis

Accepted Answer

The process of evaluating the financial viability and potential returns of an investment property.

Question 52

Assignment

Accepted Answer

The transfer of rights and obligations from one party to another, often seen in contract assignments or pre-construction sales.

Question 53

Encroachment

Accepted Answer

When a property owner's structure or improvement extends onto another property without permission.

Question 54

Commission

Accepted Answer

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

Question 55

Land Transfer Tax

Accepted Answer

A tax imposed on the transfer of property ownership, typically calculated based on the property's value.

Question 56

Real Estate Regulatory Agency

Accepted Answer

The governing body responsible for regulating and licensing real estate professionals and enforcing industry standards.

Comprehensive Flashcards for Newfoundland and Labrador Real Estate Agents