Real Estate 101: Common Terms

When you go to list your home or look to purchase, there are a lot of terms you may encounter; some familiar, some not. Especially for first time home buyers or those dipping their toes into investment opportunities, it helps to know what all of the lingo means.

 

Here's a list of Commonly Used Real Estate Terms from the BCREA to help you on your way:

 

The brokerage is the real estate company where a REALTOR® is licensed.

 

The licensee is a managing broker, associate broker and/or representative of a brokerage.

 

REALTOR® is a real estate professional who is a member of a local real estate board, provincial association and The Canadian Real Estate Association (CREA) that enforce a strict Code of Ethics. Only these professionals can call themselves REALTORS®. In BC, REALTOR® are licensed under the Real Estate Services Act

 

The boards are the real estate boards and associations in whose jurisdiction the property is located and/or of which the brokerage or REALTOR® is a member. They are boards and associations which assist REALTORS® to market, sell or lease real estate. The boards also provide ongoing training for their members, enforce ethical standards and help resolve disputes between members and the public.

 

The Multiple Listing Service® (MLS®) is a computerized cooperative selling system of a real estate board for real estate listings and sales. MLS® System is operated by the boards in conjunction with other real estate boards and The Canadian Real Estate Association.

 

Personal information means any personal information about you, including your name, address, phone number, financial information and may include information about your property (such as listing and selling price, lease rate, listing term, etc.).

 

The buyer/tenant is often referred to as the purchaser.

 

The seller/landlord is often referred to as the vendor.

 

The principal is someone who has engaged a brokerage to act for and on his or her behalf either to buy, sell or lease real estate.

 

The landlord is often referred to as the lessor.

 

The tenant is often referred to as the lessee.

 

Mere Posting is a listing where the brokerage has chosen or agreed not to provide services to the seller/landlord other than submitting the listing for posting on a Multiple Listing Service®.

 

- See more at: http://www.bcrea.bc.ca/working-with-a-realtor-/why-use-a-realtor#sthash.iDE85hX2.dpuf

 

For a full list of glossary terms, click here.

 

If you're needing some help & guidance to help get you set on the right track, get in touch and I'd be happy to answer any questions you have!

 

Image Source: HenryLim.org

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.