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DAC (see Designated Appraiser Commercial)

DAR (see Designated Appraiser Residential)

Damages
Monetary compensation that is awarded by a court in a civil action to an individual who has been injured through the wrongful conduct of another party.

DAR (see Designated Appraiser Residential)

Deal (see Dealing)

Dealing
Describes the activities relating to the provision of services for soliciting, negotiating and collecting funds related to mortgage transactions. In order to deal in mortgages, individuals require an authorization from the Real Estate Council of Alberta, unless they are exempt pursuant to the Real Estate Act or the Real Estate Act Exemption Regulation. 

Debt
The financial amount that is owed as a result of borrowing funds.

Debt Ratio
A comparison of the total monthly payments of a borrower’s debt to his or her income. It is used to determine whether the borrower can afford the debt obligation.

Debt Service Coverage Ratio
A calculation used by lenders when underwriting a commercial mortgage application.  It measures the amount of cash available to meet the debt obligation of the mortgage payments.

Debtor
A person who has the obligation of owing money to another party.

Default
The failure to fulfill contractual obligations such as the failure to make mortgage payments.

Default Charge
A charge imposed on a borrower who fails to make a payment as it comes due under a credit agreement or who fails to comply with any other obligation under a credit agreement, but does not include interest on an overdue payment.

Defendant
A person or organization against whom legal action is brought against in a court of law.

Delineated Parking Stall
A type of leased parking stall that has been illustrated on a Condominium Plan, typically using dashed lines. Delineated parking stalls can transfer with the sale of the associated unit without first obtaining approval from the Board of Directors.

Delineated Storage Area
A type of leased storage area that has been illustrated on a Condominium Plan, typically using dashed lines. Delineated storage areas can transfer with the sale of the associated unit without first obtaining approval from the Board of Directors.

Demand Clause
An option protecting and benefitting the lender that provides for the lender to demand immediate repayment of a loan in full.

Demand Letter
A formal letter usually drafted by the lender’s lawyer, under a mortgage foreclosure, stating a legal claim and demanding immediate payment of the debt.  The letter also outlines the specific terms and time period to perform the obligation without being taken to court. Also see Foreclosure.

Deposit (Condominium)
A sum of money given by an owner to the condominium corporation to maintain, repair or replace common property that may be damaged, destroyed, lost or removed by a tenant of the owner.

Designated Agency
A concept where, through a written service agreement, the brokerage, the real estate professional and the client amend the agency responsibilities owed to the client as prescribed by the common law.  In essence, the agency responsibilities are transferred from the brokerage to the individual real estate professionals registered with the brokerage which results in the rebuttal of the common law presumption of attributed knowledge.  Also see Attributed Knowledge.

Designated Agent
Refers to the individual real estate professional who carries out the designated agency responsibilities which have been transferred from the brokerage and which are owed to a client of the brokerage.

Designated Appraiser
Individuals who have completed the education requirements and possess the knowledge, training and experience needed to obtain a professional certification to perform real estate appraisal services.

Designated Appraiser Commercial 
A designation granted by the Canadian National Association of Real Estate Appraisers. This designation also provides for a specialty in agriculture.

Designated Appraiser Residential 
A designation granted by the Canadian National Association of Real Estate Appraisers.

Detached Condominium
A style of residential condominium that has stand-alone, separate units.

Developer (Condominium)
A person who, alone or in conjunction with other persons, sells or offers for sale to the public units or proposed units in a condominium that have not previously been sold to the public by means of an arm’s length transaction.

Development Permit
A permit, issued in advance by the municipality, indicating approval for the overall use and planned construction for a particular parcel of land.

Direct Market Comparison
A frequently used appraisal method for residential properties that compares and analyzes the sale of similar properties with the subject property.  The sale price of the comparable properties is adjusted to account for the similarities and differences in the characteristics of the subject property.

Discharge
To release a person from an obligation.

Discharge of Mortgage
The repayment of a mortgage and the legal document which confirms that the borrower is under no further liability to the lender in respect of the loan. In order to be effective, the discharge of the mortgage needs to be registered with the Land Titles Office.

Discipline
A form of action imposed by RECA on an industry professional arising from a Professional Conduct Review and may include the issuance of an Advisory Note, Letter of Reprimand, Administrative Penalty, Hearing, Consent Agreement, suspension or cancellation of an authorization or withdrawal from the profession.

Disclosure
The act of revealing knowledge and making information known. An industry professional is responsible to disclose openly and honestly all matters which are relevant or could result in a conflict of interest.

Disclosure and Particulars Statement
A letter that acts as a catchall for information the Condominium Property Act stipulates must be provided by a condominium corporation upon receiving a written request. In general, the Disclosure and Particulars Statement may include the following information:

  • A statement setting out the amount of the monthly contributions for the unit of interest
  • The particulars of any legal action commenced or served against the condominium corporation
  • The particulars of any unsatisfied court judgement or order for which the condominium corporation is liable
  • The particulars of any written demand in access of $5,000 made on the condominium corporation that, if not met, may result in legal action against the condominium corporation
  • The particulars of any post-tensioned cables located in or on the property of the condominium
  • A statement setting out any structural deficiencies known to the condominium corporation for any buildings located on the property of the condominium

Disposable Income 
The amount of after-tax income households have available for spending and saving.  It is one of the economic indicators used to gauge the overall state of a nation’s economy.

Disposition
The act of distributing or transferring property or any right, interest or estate in land to another party.

Dissolution
The termination of a contract or other legal relationship such as a business or marriage.

Doctrine of Caveat Emptor
A doctrine of the common law that translates into ‘let the buyer beware’.

Dower Act
Alberta statute that protects the surviving spouse’s interest in the homestead upon the death of the other spouse. The Dower Act grants certain property rights to the untitled spouse (spouse who is not on title) regarding this land/property. Also see Dower Rights.

Dower Rights
The property rights granted by the Dower Act to an untitled spouse (the spouse not on title) regarding the homestead. This applies when one spouse is the sole registered owner (one spouse on title). Dower rights include the right of a spouse to inherit a life interest (life estate) in the homestead. They also give the untitled spouse the ability to prevent the disposal of the property by the titled spouse, including the sale, lease or mortgaging of the property. Also see Dower Act.

Down Payment
The part of the purchase price of real property the buyer pays in cash and does not finance with a mortgage.

Drug Laboratory
Any property that has been leased or bought by persons in order to use it to manufacture, process, cook, dispose of, or store illegal drugs.

DSCR (see Debt Service Coverage Ratio)

Due-on-Sale Clause
A provision in a mortgage contract that requires the mortgage be repaid in full to the lender upon a sale or conveyance of interest in the property that secures the mortgage.

Duty of Care 
The duties owed to one party by another which include, honesty, reasonable care and skill and performance of the agreed upon functions.

Dwelling Unit
A unit in a residential condominium.


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