Question 1

Joint Tenancy

Accepted Answer

A type of co-ownership where owners have an equal share and possess the right of survivorship.

Question 2

Tenancy in Common

Accepted Answer

A form of property co-ownership where each owner holds an individual, undivided interest in the property.

Question 3

Encroachment

Accepted Answer

An illegal extension of a property onto the neighboring property.

Question 4

Easement

Accepted Answer

A right to cross or otherwise use a portion of someone else's land for a specified purpose.

Question 5

Chattels

Accepted Answer

Personal property that may be removed without damaging the property, such as appliances or furniture.

Question 6

Real Property

Accepted Answer

Land, and generally whatever is erected or growing upon or affixed to land.

Question 7

Fixture

Accepted Answer

An item of personal property that has been so affixed to land or a building that, by law, it becomes a part of the real property.

Question 8

Zoning

Accepted Answer

Government (usually municipal) laws that control the use of land within a jurisdiction.

Question 9

Land Transfer Tax

Accepted Answer

A provincial tax in Saskatchewan imposed upon property buyers based on a percentage of the purchase price.

Question 10

Amortization

Accepted Answer

The period of time over which the cost of a significant asset is written off or paid back.

Question 11

Equity

Accepted Answer

The difference between the market value of a property and the homeowner's mortgage debt.

Question 12

Mortgage

Accepted Answer

A loan in which property or real estate is used as collateral.

Question 13

Variable Rate Mortgage

Accepted Answer

A mortgage where the interest rate can change, based on a market benchmark rate or specific lender's criteria.

Question 14

Fixed Rate Mortgage

Accepted Answer

A mortgage where the interest rate remains the same for the term of the mortgage.

Question 15

Open Mortgage

Accepted Answer

A mortgage that can be paid off at any time without penalty.

Question 16

Closed Mortgage

Accepted Answer

A mortgage that cannot be paid off, refinanced or renegotiated before maturity, without penalties.

Question 17

Bridge Financing

Accepted Answer

A short-term loan that covers the period between the closing date of a new home purchase and the closing date of the sale of the current home.

Question 18

Appraisal

Accepted Answer

A professional assessment of the value of a property.

Question 19

Home Inspection

Accepted Answer

A thorough inspection by a professional that evaluates the structural and mechanical condition of a property.

Question 20

Title

Accepted Answer

The legal term for one's ownership interest in land.

Question 21

Title Insurance

Accepted Answer

Insurance that protects against loss arising from problems connected to the title to property.

Question 22

Land Survey

Accepted Answer

A detailed examination and measurement of a piece of land.

Question 23

Offer to Purchase

Accepted Answer

A written contract setting out the terms under which the buyer agrees to buy the home.

Question 24

Counteroffer

Accepted Answer

An offer made in response to another offer.

Question 25

Contingency

Accepted Answer

A condition that must be met for a real estate contract to become binding.

Question 26

Closing Costs

Accepted Answer

The fees associated with the final property sale, including but not limited to attorney fees, title service costs, and recording fees.

Question 27

Escrow

Accepted Answer

The holding of funds or documents by a neutral third party prior to closing a sale.

Question 28

Realtor Code of Ethics

Accepted Answer

Guidelines established by the Canadian Real Estate Association (CREA) to ensure high standards of professional conduct.

Question 29

Multiple Listing Service (MLS)

Accepted Answer

A service used by a group of real estate brokers to view and share listing information.

Question 30

Exclusive Listing

Accepted Answer

A written contract giving a licensed real estate agent the exclusive right to sell a property for a specified time.

Question 31

Real Estate Council of Saskatchewan (RECS)

Accepted Answer

The regulatory body responsible for licensing and regulating real estate brokers and salespeople in Saskatchewan.

Question 32

Saskatchewan Real Estate Commission (SREC)

Accepted Answer

The organization responsible for enforcing the legislation, regulations, and Bylaws that set the standards of business practice for the real estate industry in Saskatchewan.

Question 33

Buyer's Agent

Accepted Answer

An agent who represents the buyer in a real estate transaction.

Question 34

Seller's Agent

Accepted Answer

An agent who represents the seller in a real estate transaction.

Question 35

Dual Agency

Accepted Answer

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

Question 36

Listing Agreement

Accepted Answer

A contract between a homeowner and a real estate agent, authorizing the agent to represent the seller and sell the home.

Question 37

Deposit

Accepted Answer

A sum of money given in advance of a larger amount being expected in the future, often part of a purchase agreement.

Question 38

Condominium

Accepted Answer

A type of property where an individual owns a unit within a multiple-unit complex.

Question 39

Freehold

Accepted Answer

A type of ownership where the homeowner has complete control over the land and the buildings on it.

Question 40

Leasehold

Accepted Answer

A type of ownership in which a person rents land for a specific period of time. The land is owned by another party.

Question 41

Market Value

Accepted Answer

The highest price that a property would bring in an open and competitive market.

Question 42

Capital Gain

Accepted Answer

The increase in a property's value from the time it was purchased.

Question 43

Real Estate and Business Brokers Act (REBBA)

Accepted Answer

The legislation that provides specific standards of practice for real estate professionals in Saskatchewan.

Question 44

Power of Sale

Accepted Answer

The right of a mortgagee to sell the mortgaged property if the mortgagor fails to meet their mortgage obligations.

Question 45

Foreclosure

Accepted Answer

The legal process by which a lender takes control of a property, evicts the homeowner and sells the home when the homeowner has not been able to comply with the mortgage agreement.

Question 46

Net Listings

Accepted Answer

A type of listing where the agent's commission is the difference between the sales proceeds and an amount desired by the owner of the real estate.

Question 47

Comparative Market Analysis (CMA)

Accepted Answer

An estimate of a home's value based on the recent sales of similar real estate in the area.

Question 48

Home Equity Line of Credit (HELOC)

Accepted Answer

A type of loan where the borrower uses the equity in their home as collateral.

Question 49

Vendor Take Back Mortgage (VTB)

Accepted Answer

A type of mortgage where the seller offers to lend funds to the buyer to help facilitate the purchase of the property.

Question 50

Property Tax

Accepted Answer

A tax based on the assessed value of a property, paid by the homeowner.

Question 51

Landlord

Accepted Answer

The owner of a property who rents it to a tenant.

Question 52

Tenant

Accepted Answer

A person who pays rent for the right to live in a property owned by someone else.

Question 53

Lease

Accepted Answer

A contract between a landlord and tenant that allows the tenant to live in a property for a set period of time, provided they pay rent.

Question 54

Building Permit

Accepted Answer

A document issued by the local government agency that allows the construction or remodel of a home to proceed.

Question 55

Lien

Accepted Answer

A legal claim against a property that must be paid off when the property is sold.

Question 56

Assessed Value

Accepted Answer

The value of an asset determined by a public tax assessor for the purposes of taxation.

Question 57

Bungalow

Accepted Answer

A low, one-story house, often with a large porch or veranda.

Question 58

Duplex

Accepted Answer

A building containing two separate living units, each with its own separate entrance.

Question 59

Staging

Accepted Answer

The process of preparing a home for sale in the marketplace.

Question 60

Renovation

Accepted Answer

The process of improving a broken, damaged, or outdated structure.

Question 61

Refinancing

Accepted Answer

Replacing an existing loan with a new loan, usually with better terms or to access equity.

Question 62

Property Disclosure Statement (PDS)

Accepted Answer

A form completed by the seller providing information about the property's condition.

Question 63

Abstract of Title

Accepted Answer

A summary of the public records relating to the title to a particular piece of land.

Comprehensive Flashcards for Saskatchewan Real Estate Agents