Real Estate Terminology Quiz

Real Estate Terms and Concepts: Key Facts to Know

• Timeshare ownership involves purchasing a deed interest in a property for a specific period of time each year that can be sold, gifted, or included in a will.
• The 10 Principles of Privacy include accountability, identifying purposes, consent, limiting collection, limiting use, disclosure, and retention, accuracy, safeguards, openness, individual access, and challenging compliance.
• The warranty for a new home stays with the property up to the end of the warranty period, even if it is sold.
• A chain of title is a chronological listing of all conveyances and other matters regarding title, typically referred to in relation to 40-year search requirements under registry.
• Privity of contract is the general rule that only parties to a contract can enforce it or be bound to it.
• "Buyer" is synonymous with "purchaser" in other legislation.
• The Agreement of Purchase and Sale of a mobile home must identify the manufacturer, model, serial number, and site location if inside a park.
• If a salesperson sells their own home or sells a home for a friend/family or partner/shareholder of the corporation selling, full disclosure must be made to all other parties prior to making an offer.
• The family law act defines a matrimonial home as any property in which a person has an interest and that is ordinarily occupied by the person and their spouse as their family residence.
• Only a potential contravention of the Code of Ethics is referred to the discipline committee.
• The Registry System records property interests based on geographical location/land description and uses block index and property index maps in the POLARIS system.
• A Reference Plan (R-Plan) is a survey with multiple purposes that normally describes more than one interest in land and is officially submitted to the land registry office.