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 among owners which is allocated to pay expenses.
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.
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.
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.
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 as defined in the Real Estate and Business Brokers Act of Ontario.
REAL ESTATE BROKER
A brokerage who represents a principal in a real estate trade. (See more formal definition in the Real Estate and Business Brokers Act.)
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). Also can be referred to as a Sales Representative or Realtor.
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