An odourless, tasteless and colourless gas. It is a by-product of the decay of uranium, a radioactive element that exists naturally in soil and rock formations.
A lender rate sheet shows the rates and fees for its product line. The rates are generally based on term, amortization, prepayment features, loan size, quickness of advance and other relevant details related to the lender’s mortgage products. The rate sheet is provided by lenders to mortgage brokerage industry members for their information. If a rate sheet is used for a specific mortgage deal, it should be retained by the industry member as part of the transaction record. Also see Lender Product Sheet.
The principal subsequently agrees to be bound by the actions of his or her agent, who has acted without authority or in excess of granted authority.
Ratio of Owners-to-Renters Statement
A document that indicates the number of units occupied by owners compared to the number of units occupied by renters.
Refers to the unimproved or raw land plus any improvements that are permanent or fixed to the land.
Real Estate Act
Alberta legislation regulating the real estate, mortgage brokerage and real estate appraisal industries, including its professionals and industry practices.
Real Estate Act, Bylaws
The guidelines adopted by the Council for its governance and administrative functions.
Real Estate Act, Regulations
The amendments or interpretations to sections of the Real Estate Act which are made by the Minister responsible for the Act or the Lieutenant Governor in Council.
Real Estate Act, Rules
The standards of practice for industry professionals in real estate, mortgage brokerage and real estate appraisal as established and amended by the Council. The Rules relate to the legislative requirements and industry practices that affect industry professionals when carrying out their business activities on a daily basis.
Real Estate Appraisal
A formal, impartial estimate or opinion of value, usually written, of a specific and adequately described property, as of a specific date and supported by the presentation and analysis of relevant data pertinent to a property.
Real Estate Appraiser
An individual authorized by RECA to perform real estate appraisal services for a fee. A real estate appraiser is an accredited professional whose main service typically involves estimating the value of real property at a specified date in a manner that is independent, impartial and objective.
Real Estate Associates Program
Refers to the pre-licensing education requirement for real estate associates in Alberta.
Real Estate Assurance Fund
Helps to protect consumers when working with industry professionals in real estate and mortgage brokerage. The purpose of the Fund is to pay, in whole or in part, judgments obtained or claims made against real estate or mortgage brokerage professionals who have committed fraud or breach of trust or failed to account for or disburse monies held in trust. The Fund is supported through fees paid by real estate and mortgage brokerage professionals. Also sometimes referred to as the Consumer Protection Fund.
Real Estate Brokers Program
Refers to the pre-licensing education requirement for real estate brokers in Alberta.
Real Estate Council of Alberta
The governing body for the real estate, mortgage brokerage and real estate appraisal professions as authorized under the Real Estate Act of Alberta. The purposes of the Council include: to set and enforce standards of conduct for the industry and business of industry professionals; investigate, detect and suppress mortgage fraud; provide services that enhance and improve the industry and business of industry professionals; and to administer the Real EstateAct. Also see Real Estate Act.
Real Estate Insurance Exchange
A reciprocal insurance provider delivering financial protection to real estate brokerages and real estate professionals by administering a mandatory program of errors and omissions insurance. Also see Errors and Omissions Insurance.
Real Estate Purchase Contract
A Real Estate Purchase Contract (also known as an Offer to Purchase) is the contract a property buyer will write for submission to a property seller. It contains the date of the offer, the description of the property being offered on, the amount of the deposit, the purchase price being offered, down payment and financing details, as well as the buyer's name and address, and the name and address of the seller, subject-to clauses, conditions, closing dates, and any special requirements you want to impose on sellers (for example, you want the kitchen appliances). See also Conditional Offer.
Real Estate Practice Advisor
A member of the Office of the Executive Director of RECA who provides information and guidance to real estate brokers and broker delegates on a variety of issues. Discussions between the Practice Advisor and brokers or broker delegates are confidential and are on a without prejudice basis.
Real Estate Professional
The term used by RECA that refers to an individual who is authorized by RECA to trade in real estate and/or manage properties. These individual must be engaged by or associated with a real estate brokerage. Also see Brokerage.
Refers to the land any permanent improvements to the land and the property rights that go with the ownership of the land.
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.
A registered trademark of the Canadian Real Estate Association (CREA). Real estate professionals are not required to be members of their local board, however only real estate professionals who are members of their local real estate board are authorized to use the REALTOR® term.
REAP (see Real Estate Associates Program)
REBP (see Real Estate Brokers Program)
RECA (see Real Estate Council of Alberta)
The industry professional database system that RECA administers that supports its responsibilities under the Real Estate Act as it relates to issuing authorizations. Brokers, appraisers and candidates are granted access to the system to perform certain online functions related to their real estate, mortgage brokerage or real estate appraisal practice.
A false or misleading statement made by a person who while they had no intent to mislead anyone failed to take the reasonable steps to confirm the statement’s truthfulness or accuracy. A third party may rely on the misrepresentation to his or her potential or actual detriment.
The process by which a real estate appraiser evaluates, chooses and selects from among two or more alternative conclusions or indications to reach a single answer (i.e. final value estimate).
A written contract entered into by a condominium corporation to allow an owner to use recreational facilities not located on the common property or non-owners to use recreational facilities located on the common property.
A building designed for leisure or as a second residence.
A condominium that consists of units that owners and/or occupants visit from time to time as a weekend or vacation destination.
The act of performing the borrower’s obligations and consequential release of the mortgage on the property.
The act of recommending or directing a person for service, assistance, or business to another person or business.
The process by which a borrower seeks to discharge an existing mortgage in order to establish a new one. The new mortgage maybe with the same lender or a different lender. The process typically involves the borrower paying out the existing mortgage, along with any legal claims against the property and any applicable payout penalties as a result of the early discharge. Some reasons that a borrower may consider refinancing a mortgage include obtaining a better rate, benefitting from different mortgage privileges, or experiencing better service or greater convenience.
The floor space of a unit within a condominium as outlined in the Schedule of Unit Factors and Unit Areas on a Condominium Plan. In addition to the above ground space contained in the unit, the registered size may include a variety of areas, such as a basement, garage, parking stall or storage area.
An industry member who is employed by and associated with a licensed brokerage.
The restoration of a property to satisfy conditions without changing the plan, form, or style of a structure. In urban renewal, the restoration to good condition of deteriorated structures, neighborhood, and public facilities. Neighborhood rehabilitation may extend to street improvements and the provision of such amenities as parks and playgrounds.
REIX (see Real Estate Insurance Exchange)
In a barely blended condominium, a unit that includes areas for use by unit owners that is owned by the condominium corporation who is responsible for its care and maintenance.
Measures to reduce contamination to a level that does not impair or damage the environment, human health or safety or property.
A program introduced by Alberta Environment and Sustainable Resource Development to encourage the remediation of contaminated property. A remediation certificate is meant to provide assurance that appropriate measures were utilized to cleanup contamination. A remediation certificate only applies to the specific areas of contamination that was remediated, not an entire property.
The compensation (e.g. commission, gifts, other benefits) received by the brokerage for services rendered to a party (e.g. customer, client). Also see Compensation.
The financial compensation paid to a landlord for the temporary use and/or occupation of real estate by a tenant. Also see Landlord.
A written agreement between an owner (landlord) and a tenant under which the owner allows the tenant the right of exclusive use of the property for a specified time, rent and terms. Also see Landlord and Tenant.
Rented Parking Stall
A parking stall owned by a unit owner or the condominium corporation that is used on a temporary or ongoing basis (e.g. month-to-month) by another unit owner in exchange for a fee.
Rented Storage Area
A storage area owned by a unit owner or the condominium corporation that is used on a temporary or ongoing basis (e.g. month-to-month) by another unit owner in exchange for a fee.
A type of real estate relationship in which a real estate professional acts for one of the parties to a trade or potential trade in real estate on behalf of his or her brokerage. Also see Client.
A condominium in which units are offered for sale for other than the first time. The structures in which units may be contained are not typically new and the units themselves have been previously owned and occupied.
An individual or business that has previously purchased one or more units within a condominium and is now offering those units for sale.
Cash and cash equivalents used to pay for major capital repairs and replacements of the condominium corporation’s common property that do not occur on an annual basis.
Reserve Fund Plan
A document prepared by the condominium corporation’s Board of Directors on the Reserve Fund Report that states how the Board of Directors will address the revenue and expenses required to meet the long-term capital needs of the condominium. The Reserve Fund Plan should include the following information:
- Provide for the establishment of a reserve fund, if one has not already been created
- Identify the capital expenses to be incurred by the condominium corporation
- Outline the timetable over which these expenses will be incurred
- Indicate the method of funding and the amount needed for maintaining the reserve fund
Reserve Fund Report
A statement containing the results of the Reserve Fund Study that is prepared and submitted in writing to the Board of Directors of the condominium corporation. The Reserve Fund Report must include the following information:
- The qualifications of the person who carried out the Reserve Fund Study and prepared the Reserve Fund Report
- Whether or not the person who completed the Study and prepared the Report is an employee/agent or otherwise associated with the condominium corporation or any person who performs management or maintenance services for the condominium corporation
- Identify what property may need to be repaired or replaced within the next 25 years
- Assess the present condition of the common property and estimate when it will need to be repaired or replaced
- Estimate the current cost to repair or replace components of the common property
- Assess the potential for damage to the common property and possible costs if repair or replacement is delayed
- Identify the life expectancy of a component if it is repaired or replaced
Reserve Fund Study
An analysis of the common property of a condominium corporation that includes the following:
- An inventory of all common property that may need repair or replacement within 25 years
- The present condition of the common property and an estimate of when each component may need to be repaired or replaced
- The estimated costs of repairing and replacing each component of the common property
- The life expectancy of each repaired or replaced component of the common property
- The current amount of the reserve fund and basis for its determination
- The recommended amount of money that should be added to the reserve fund, if any, in order to ensure necessary repairs and replacements occur and the basis for its determination
A building used as a dwelling by one or more occupants.
A condominium that consists of units in which owners and/or occupants live full-time.
A type of property that a municipality has designated for use as single family detached homes, townhouses, apartments, condominiums, and cooperatives that is or was used as a residence.
Residential Tenancies Act
Alberta legislation that governs the matters related to residential tenancy, including such items as the covenants and obligations of the parties, types of tenancies that are included/exempted, types of leases and prescribed periods in which to give notice. Non-compliance with the Residential Tenancies Actcan carry a fine.
Residential Tenancy Agreement
An agreement that outlines the terms and obligations between a landlord of a residential premise and a tenant and sets out any conditions that have been agreed to by the parties to the agreement. Also see Landlord and Tenant.
A decision agreed upon by the condominium corporation through the use of a vote.
A written agreement registered on title that places a restriction or limitation on the use of the land or on the architectural detail of a property.
A building used to promote commerce with consumers for goods and/or services.
A condominium that consists of units in a retail facility (e.g. mall).
Money an individual or organization receives in exchange for providing goods and/or services.
A mortgage on a principal residence taken out by the owner who must be 60 years of age or older and that allows for a portion of the property’s equity to be converted into cash. No payments are made and the payments and interest accumulate against the equity in the property. The owner must continue to reside in the property for the reverse mortgage to stay in place. Repayment of the loan is typically triggered when the property is sold, is no longer the principal residence or on the death of the owner(s). Also see Mortgage.
A type of credit that does not have a fixed number of payments, in contrast to installment credit. Examples of revolving credits used by consumers include credit cards.
Right of Redemption
The right of a borrower whose real property has been foreclosed upon to reclaim the title and possession of the property by paying off the full debt obligation.
Right of Rescission
An individual’s ability to cancel a Purchase Contract under certain terms. For new and conversion condominiums, the buyers’ right to rescind a Purchase Contract is tied to the condominium documents a developer is legally required to provide.
Exposure to circumstances or perils which may give rise to injury or loss for a person or organization.
The activities proactively undertaken by a person or organization that are intended to minimize exposure to potential injury or loss and any associated liabilities.
A building system that serves to protect a building by keeping the elements and debris out while also providing a barrier to keep heat in. It is the topmost part of a building.
RPR (see Real Property Report)
RTA (see Residential Tenancies Act)
Rules of Court
A set of procedural regulations that govern court proceedings and which are mandatory upon the parties within the court’s jurisdiction.