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Making Living Easier

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Cell: 604-421-2220
Office: 250-594-4164
scott@harrisonhomes.ca


Serving Southwestern BC
& Vancouver Island

Real Estate Definitions Explaned

Happy family with their Sold Home
 
Thinking about becoming involved in a Real Estate transaction for the first time?  There are some terms that may be confusing.  Here are some of the more generally used terms and their definitions that may be of assistance:
  • The Brokerageis the real estate company under which the individual REALTOR® is licensed.
  • The Licenseeis the managing broker, associate broker and/or representative of a real estate company brokerage.
  • REALTOR®is often used interchangeably with licensee, real estate agent or representative and, in BC, is licensed under the Real Estate Services Act.  A licensee can use the term REALTOR® if he/she belongs to a local real estate board or association that enforces a strict Code of Ethics.
  • The Boardsare the real estate boards and associations in whose jurisdiction the property is located and/or of which the brokerage or REALTOR® is a member. These boards and associations 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 informationmeans 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 Principalis 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®.
  • Ranchers are generally thought of as homes where all living space occupies the ground floor of the property.  However some homes are still classified as Ranchers when they have basements and lofts.  And some townhomes are classified as Ranchers as well.  Refer to the menu bar at the top of each page of www.rancherhomes.ca for a complete list of all Ranchers for sale according to their specific home style.
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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.