Question 1

Yellowknife

Accepted Answer

The capital city of Northwest Territories, Canada.

Question 2

Condominium

Accepted Answer

A type of housing where individuals own their units but share common areas with other residents.

Question 3

Land title

Accepted Answer

A legal document that proves ownership of a property.

Question 4

Mortgage

Accepted Answer

A loan taken to purchase a property, with the property itself serving as collateral.

Question 5

Multiple Listing Service (MLS)

Accepted Answer

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

Question 6

Appraisal

Accepted Answer

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

Question 7

Down payment

Accepted Answer

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

Question 8

Home inspection

Accepted Answer

A thorough examination of a property's condition, typically conducted by a professional inspector.

Question 9

Offer to purchase

Accepted Answer

A formal document outlining the buyer's intent to purchase a property and the proposed terms.

Question 10

Real Estate Board

Accepted Answer

An organization that governs and regulates real estate professionals in a specific area.

Question 11

Closing costs

Accepted Answer

The fees and expenses associated with the finalizing of a real estate transaction.

Question 12

Title search

Accepted Answer

An investigation of public records to determine the history of ownership and any potential issues with a property's title.

Question 13

Zoning

Accepted Answer

Regulations that dictate how land can be used and developed within a specific area.

Question 14

Commission

Accepted Answer

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

Question 15

Easement

Accepted Answer

The right of someone to use a portion of another person's property for a specific purpose.

Question 16

Disclosure

Accepted Answer

The act of providing relevant information about a property to potential buyers.

Question 17

Rent-to-own

Accepted Answer

A contractual agreement where a portion of the rent payments goes towards purchasing the property at a later date.

Question 18

Comparative Market Analysis (CMA)

Accepted Answer

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

Question 19

Counteroffer

Accepted Answer

A response to an initial offer, proposing different terms or conditions.

Question 20

Landlord

Accepted Answer

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

Question 21

Dual agency

Accepted Answer

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

Question 22

Eminent domain

Accepted Answer

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

Question 23

Exclusive listing

Accepted Answer

An agreement where only one real estate agent has the right to sell a property within a specified period.

Question 24

Deed

Accepted Answer

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

Question 25

Lease agreement

Accepted Answer

A contract outlining the terms and conditions of a rental property.

Question 26

Buyer's market

Accepted Answer

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

Question 27

Seller's market

Accepted Answer

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

Question 28

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction until all conditions are met.

Question 29

Encumbrance

Accepted Answer

A claim or liability that affects the ownership or use of a property.

Question 30

Resale value

Accepted Answer

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

Question 31

Conveyance

Accepted Answer

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

Question 32

Building code

Accepted Answer

Regulations that specify the standards and requirements for construction and renovation of buildings.

Question 33

Pre-approval

Accepted Answer

The process of obtaining a lender's commitment to provide a mortgage loan up to a certain amount.

Question 34

Land survey

Accepted Answer

The measurement and mapping of a property's boundaries and features.

Question 35

Tenancy agreement

Accepted Answer

A contract between a landlord and a tenant that outlines the terms of the tenancy.

Question 36

Capital gains

Accepted Answer

The profit made from selling a property or investment.

Question 37

Assessed value

Accepted Answer

The value assigned to a property for tax purposes by a government assessor.

Question 38

Strata corporation

Accepted Answer

A legal entity that manages and governs a condominium or strata development.

Question 39

Contingency

Accepted Answer

A condition or requirement that must be met for a contract to be binding.

Question 40

Land use planning

Accepted Answer

The process of determining the best use and development of land within a specific area.

Question 41

Open house

Accepted Answer

A scheduled period where a property is available for potential buyers to view without appointment.

Question 42

Leasehold

Accepted Answer

A type of property ownership where a tenant has a long-term lease agreement with the landowner.

Question 43

Net operating income (NOI)

Accepted Answer

The income generated from a property after subtracting operating expenses.

Question 44

Termination clause

Accepted Answer

A provision in a contract that outlines the conditions under which the agreement can be ended.

Question 45

Real property

Accepted Answer

Land and any permanent structures or improvements attached to it.

Question 46

Land transfer tax

Accepted Answer

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

Northwest Territories Real Estate Agent Flashcards