Key terms for Exam 1

Arrangement under which RECO operates, clarifying its duties and those of the provincial government.

2Module 2 · Lesson 2

Any public-facing notice made for a brokerage or agent to promote their business, including websites and social media.

5Module 5 · Lesson 3

Outcome where complainant and registrant agree a plan to fix the issue, common after miscommunication.

2Module 2 · Lesson 2

Ability of signature software to confirm that a signature really comes from the person it claims to.

6Module 6 · Lesson 4

Conditions where listings and buyers are evenly matched, prices steady and the pace relaxed.

1Module 1 · Lesson 4

Direct or indirect control of a quarter or more of a corporation, requiring those individuals to be verified.

6Module 6 · Lesson 11

Approval needed before erecting or tearing down a structure; skipping it risks fines up to $100,000.

7Module 7 · Lesson 7

Owner's entitlements to possess, use, enjoy and sell a parcel.

2Module 2 · Lesson 1

Earnings from an activity pursued for profit, such as consulting or rent, excluding employer salary.

7Module 7 · Lesson 2

Body offering education for people working in commercial and investment property and related fields.

2Module 2 · Lesson 3

Regulator created under the 2015 management statute that licenses managers and management provider businesses.

6Module 6 · Lesson 12

Technical name for the full mapping and recording of the boundaries of land parcels.

4Module 4 · Lesson 1

Net rise in value of an asset between purchase, or a 1971 valuation date, and sale.

7Module 7 · Lesson 2

Legal document issued after completed wiring passes review, useful for insurance and resale.

7Module 7 · Lesson 8

Document from the Minister of National Revenue showing a non-resident seller has arranged the tax, protecting the buyer.

7Module 7 · Lesson 2

Series of transfers and other documents linking current ownership back to an early starting point.

2Module 2 · Lesson 1

Payment a brokerage receives for services in a trade, usually a percentage of the selling price.

1Module 1 · Lesson 5

Body appointed by a lower-tier council that grants minor variances and consents to sever land.

6Module 6 · Lesson 8

Shared parts of a standard condominium, such as hallways, elevators and the lobby, held jointly by the owners.

3Module 3 · Lesson 1

Written bid received by the seller's brokerage alongside others; spoken or unsubmitted bids do not qualify.

5Module 5 · Lesson 3

Day on which ownership passes from seller to buyer, set out in the agreement of purchase and sale.

2Module 2 · Lesson 1

Person a brokerage must appoint, often the managing broker, to oversee its anti-money-laundering program.

6Module 6 · Lesson 11

Body offering director training, a public registry of corporations and an online dispute tribunal.

6Module 6 · Lesson 12

Something of value that each party gives or receives in exchange under a binding promise.

6Module 6 · Lesson 2