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E&O Insurance (see Errors and Omissions Insurance)  

Easement
A right acquired by one party to use the land of another. Once registered on title, an easement is a binding interest in the land that runs with the land regardless of any change in ownership.

Effective Age
Age indicated by the condition and utility of the structure. Used to describe a building whose condition suggests an age different than its chronological age.

Effective Date
The date upon which an agreement such as a contract is considered to take effect.

Effective Interest Rate
The actual interest rate on investment where a debt or loan was bought at a discount or at a premium. Also known as true cost. Also see Nominal Interest Rate.

Electronic Records
Accounts, books, returns, statements, reports, financial documents or other memoranda of financial or non-financial information that are created, recorded, transmitted or stored in digital form or in any other tangible form by electronic, magnetic or optical means or by any other means that have similar capabilities for creation, recording, transmission or storage.

Electronic Transactions Act (Alberta)
Alberta’s provincial legislation that outlines the requirements for ensuring that electronic records and transactions have the same validity and enforceability as traditional paper-based transactions.

Eligibility
The process of determining an applicant’s qualifications required for authorization by RECA as an industry professional.

Empirica Score
A number that is generated by TransUnion Credit Bureau to rank the creditworthiness of individuals.  Also see Credit Bureau.

Encroachment
A structure that is placed, erected, or built on an adjoining property. It also applies to soffits and eaves that overhang the adjoining land.

Encroachment Agreement
An agreement between the property owner and an adjacent property owner to condone a building or structure built on the adjacent property, be it private property or municipal property. The agreement sets out the terms and conditions for the intruding structure to remain and grants an easement to allow that owner to enter onto the adjoining property to maintain or repair the structure. The agreement is registered on the title of all properties it affects. Also see Encroachment and Easement.

Encumbrance
The registered interests on the title of land that affect or encumber the title.       

Environmental Hazard
A substance, object or condition with the potential to impair a property and/or the health and/or safety of its occupants.

Environmental Risk
A situation in which a property and/or its occupants are exposed to danger.

Environmental Site Assessment
A process that determines whether or not a property is contaminated and if so, to what extent and how to best remediate it.

Environmental Site Assessment Repository
An online database administered by the Government of Alberta that centralizes scientific and technical environment-related information regarding properties throughout Alberta.

Equitable Mortgage
Any mortgage subsequent to the first mortgage in priority (e.g. second mortgage, third mortgage). After the first mortgage, subsequent mortgages rely on the remaining equity in the property as security for the loan. Also see Second Mortgage.

Equity (Financial)
The money left over if an individual or organization paid all of its liabilities, collected all that was owed it and sold all its assets.

Equity (Mortgage Financing) 
The difference between the market value of the property, less the outstanding balance of the mortgage, less any other financial obligation registered against the property.

Equity Mortgage
A loan that is obtained against the equity in a property and registered as a mortgage on the title of the property.

Errors and Omissions Insurance
A form of business liability insurance intended to cover damages resulting from errors, omissions and negligence by professionals that occurred in the course of providing their business services.

Estoppel
A person (the principal) acts in such a way as to lead a third party to  believe that another party (the agent) has the authority to act on behalf of another. Note: this term should not be confused with an Estoppel Certificate.

Estoppel Certificate
A signed statement from the condominium corporation that confirms the financial information it provides regarding a unit is correct as of the date on the statement and can be relied on by a third party. Upon issuing the Estoppel Certificate, the condominium corporation is barred from changing any of the statements it has certified as correct.

Exclusive Representation Relationship
A real estate relationship between a brokerage and a client that gives the brokerage the sole right to represent the client in a trade or potential trade in real estate.

Exclusive Use Area 
Common property owned by the condominium corporation that is permanently leased to individual unit owners by the Board of Directors. When an area of the condominium has been deemed to be for the exclusive use of a unit owner, only that owner is permitted the enjoyment that area provides.

Exclusive Use Lease Agreement
A written contract between the condominium corporation and a unit owner in which the unit owner is granted sole access to a specific part of the common property.

Exclusive Use Parking Stall
A parking stall that is part of the common property and therefore owned collectively by the condominium corporation. The use of this parking stall is essentially permanently leased to an individual owner. Responsibility and care for this parking stall is often delegated to the unit owner. On Condominium Plans registered after September 1, 2000, these parking stalls are illustrated using dashed lines. On Condominium Plans registered before September 1, 2000, these parking stalls are typically not differentiated from the rest of the common property.

Exclusive Use Storage Area
A storage area that is part of the common property and therefore owned collectively by the condominium corporation. The use of this storage area is essentially permanently leased to an individual owner. Responsibility and care for this storage area is often delegated to the unit owner. On Condominium Plans registered after September 1, 2000, these storage areas are illustrated using dashed lines. On Condominium Plans registered before September 1, 2000, these storage areas are typically not differentiated from the rest of the common property.

Executed Contract
A contract where all the obligations that were required to be performed by the parties have been fulfilled.

Executive Director
A statutory position established by the Real Estate Act and the Chief Administrative Officer of the Council responsible for carrying out any powers, duties or responsibilities assigned under the Act as well as those delegated by the Council.  The Executive Director provides leadership in establishing, and implementing the mission, principles and values of RECA and provides leadership in the setting and implementing of RECAs’ annual strategic goals, objectives and priorities.

Exemption Regulations
Grant certain persons exemption from the Real Estate Act.

Existing Real Property Report
A legal document produced by a land surveyor that clearly illustrates the boundaries of a property and the location of improvements to the land relative to the boundaries. It also illustrates other issues impacting the property, such as rights-of-way, easements, encroachments, etc. In addition, it may contain a surveyor’s opinion or concerns regarding these items. A current real property report (RPR) illustrates the up to date improvements on the land and their relationship to the property boundaries whereas an existing RPR may not illustrate the current state of a property if any improvements were made to the land since the date of the RPR. 

Express Agreement
An oral or written agreement made between the parties involved.

Express Authority
The instructions which describe orally or in writing what actions may be taken by an agent on behalf of a principal.  Whenever possible, express authority should be provided in writing. Also see Agent and Principal (Agency).

Express Consent
When an organization presents an opportunity for an individual to communicate agreement to a stated purpose. Unless the individual takes action, the organization cannot assume consent has been given. Express consent may be given verbally or in writing.

Express Contract
An oral or written contract made between the parties involved.

Extraordinary Meeting
A meeting at which the Board of Directors and all members of the condominium corporation gather to address a specific issue that requires immediate attention and input from unit owners. Extraordinary meetings are held when urgent decisions need to be made.


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