General Real Estate Terms


AGENT

One who is authorized by a principal to represent him/her in business transactions with a third party, in the real estate profession it refers to a licensed brokerage.

CONDOMINIUM / STRATA

A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces (walls, floors, ceilings) serve as its boundaries.

CONDOMINIUM FEES / STRATA FEES

A common payment made by all owners, either based on square footage or unit share, which is allocated to pay expenses for managing and maintaining common property.

ETHICS

Rules of behaviour made and accepted by business to provide fair and moral practice.

EXCLUSIVE LISTING

The giving of the sole right to offer the described property for sale according to the terms of the agency agreement. An exclusive listing, by its nature, is not advertised or marketed on the Multiple Listing Service® (MLS®) of a Real Estate Board.

LISTING

An oral or written agreement between a property owner and a broker authorizing the brokerage to offer the owner's real property for sale or lease.  Within the Victoria Real Estate Board, this agreement must be in writing to be advertised on MLS® System.

MULTIPLE LISTING

An arrangement among brokerages, usually real estate board members, whereby each brokerage presents its listings to the other members, who may negotiate the transaction.  These listings will be placed on the MLS® System of the Real Estate Board and be available for viewing by the real estate community and the public.

REAL ESTATE

"Real Estate" includes real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operation of the business.

REAL ESTATE BROKER

A brokerage who represents a principal in a real estate trade. 

 

REALTOR®

A registered word which may only be used by an active member of a real estate board affiliated with the Canadian Real Estate Association.

SALESPERSON

A licensee of a brokerage authorized to trade in Real Estate (as defined within the Real Estate Services Act). May also can be referred to as a Real Estate Professional. 

 

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