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Hearing Panel
Part of RECA’s disciplinary process and includes a 3 person panel comprised of members of Council and the industry who inquire into and consider evidence in deciding whether an industry professional’s conduct is deserving of sanction under the Real Estate Act. A Hearing Panel has the right to examine witnesses under oath and has many of the powers of the court for the trial of civil actions.

High Ratio Mortgage
A mortgage loan that exceeds 80% of the appraised property value or sale price whichever is less.

Highest and Best Use
The use of real property that will support the highest value and will produce the greatest net return over a period of time.

Historical Title Search
A review of all past property ownership and registered encumbrances relating to a specific parcel of land to determine the condition of title.

HOA (see Homeowners Association)

Home Inspection
A visual examination of readily accessible interior and exterior aspects of a property in order to provide an opinion on the property’s condition as of the date of the inspection. The purpose of a property inspection is to look for signs that there may be problems with the property and to suggest any areas that should be looked at further by an expert. Home inspections are performed by property (home) inspectors. Also see Property Inspector.

Home Inspection Business Regulation
Provincial legislation under the Fair Trading Act that sets out specific requirements for residential property inspectors and residential property inspection businesses.

Homeowners Association
An association with mandatory membership based on residence in a specific area or community.

Homeowners Association Fee
A compulsory fee paid by property owners in the specific area under a Home Ownership Agreement. Fees are either paid on an annual or monthly basis. A registered caveat on each property title requires the owner to make these payments to the Association. Also see Homeowners Association.

Under the Dominion Lands Act, refers to the permanent dwelling and all farm buildings surrounding the residence.

The act of refusing to lie, steal or deceive. It also implies trustworthiness and incorruptibility (e.g. incapable of being false or breaching a position of trust).

Refers to a person or group of persons who co-reside in, or occupy, the same dwelling.

Housing Cooperative
A non-profit, legal entity incorporated and managed by its members through an elected Board of Directors.  The cooperative owns the building and holds title to the land on which the structure is built.  Its primary purpose is to provide housing and housing-related facilities to its members.  In Alberta, there are 2 types of housing cooperatives: non-profit continuing housing cooperatives and non-profit home ownership cooperatives.  Also see Cooperative Housing, Non-Profit Continuing Housing Cooperative and Non-Profit Home Ownership Cooperative.

Housing Starts
An economic indicator that measures the number of residential buildings or units for which construction has commenced in a given period. 

An acronym for the following 3 buildings systems: heating, ventilation and air conditioning.

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