Course 1: Real Estate Essentials
Key terms for Exam 1
191 terms from Course 1, Real Estate Essentials. Each entry gives you a short description, the module and lesson it belongs to, and a quick quiz to check that you can pick the term from its description.
Notification of Work
Free accountFiling made with the safety regulator within 48 hours of starting most wiring jobs.
Module 7 · Lesson 8
ONHWPA
Free accountStatute guaranteeing buyers of new houses and condo units builder-backed protection, including deposits and delayed closings.
Module 7 · Lesson 6
OREA
Free accountProvincial body that provides downloadable standard forms and clauses and lobbies government for its members.
Module 2 · Lesson 3
Offeree
Free accountPerson to whom a proposal is made, free to accept or reject it.
Module 6 · Lesson 2
Official Plan
Free accountMunicipal document setting out where housing, industry and services will go and in what order a community grows.
Module 6 · Lesson 7
OnLand
Free accountWeb portal built with ServiceOntario offering statutory land-ownership services to professionals and the public.
Module 4 · Lesson 2
Ontario Builder Directory
Free accountSearchable public resource showing a home constructor's licensing status, track record and any charges or convictions.
Module 7 · Lesson 6
Ontario Building Code
Free accountRegulation setting minimum design, safety and structural standards for erecting and altering structures, largely following the national model.
Module 7 · Lesson 7
Ontario Electrical Safety Code
Free accountMainly technical document prescribing how power equipment must be installed and maintained; revised as technology and practices change.
Module 7 · Lesson 8
Ontario Fire Code
Free accountMaintenance-oriented regulation covering hazard control and life safety systems in existing structures.
Module 7 · Lesson 7
Ontario Land Tribunal
Free accountIndependent body formed in 2021 that hears appeals of land use planning decisions.
Module 6 · Lesson 9
Operation of law
Free accountWay an agreement ends automatically, for example through a party's death or bankruptcy.
Module 6 · Lesson 3
PIPEDA
Free accountCanadian law covering private-sector organizations that collect, use or disclose personal details during commercial activity.
Module 6 · Lesson 5
POLARIS
Free accountProvincial automated registration system running on title index and property mapping databases.
Module 4 · Lesson 2
Party wall
Free accountEasement type arising from an agreement between owners of attached, separately titled homes about their shared dividing structure.
Module 3 · Lesson 2
Personal real estate corporation
Free accountEntity through which a registrant may receive pay from the employing brokerage, as a regulatory exception.
Module 5 · Lesson 3
Personal trade
Free accountSalesperson's own purchase or sale of an interest in real estate, needing written notice acknowledged by all parties.
Module 5 · Lesson 2
Phase 3 assessment
Free accountStage that carries out remediation work and reports whether the site now meets the required guidelines.
Module 7 · Lesson 3
Plan of Subdivision
Free accountDetailed survey of lots, blocks and roads for future neighbourhoods; registering it creates a new numbered identity.
Module 4 · Lesson 1
Politically exposed person
Free accountIndividual vulnerable to corruption who triggers extra obligations, along with family members and close associates.
Module 6 · Lesson 11
Pre-Registration Learning Path
Free accountFirst phase of RECO's education programs, finished before an application can be submitted.
Module 1 · Lesson 2
Principal residence
Free accountHome where a person usually lives, such as a condo, cottage or co-op share; generally tax-exempt on sale.
Module 7 · Lesson 2
Principal use
Free accountMain activity carried out on a property, the starting point for deciding which tenancy statute applies.
Module 6 · Lesson 13
Privacy officer
Free accountIndividual a brokerage must name to formulate and implement its personal-information compliance policies.
Module 6 · Lesson 5
Showing 121–144 of 191 terms
Start studying for Exam 1
Study notes, practice questions and the practice exam are free to start. A free account also opens every key term on this page.