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.

Test your knowledge of real estate terms and concepts with this informative quiz. From timeshare ownership to chain of title, this quiz covers key facts that every real estate enthusiast should know. Sharpen your understanding of property law and regulations with this engaging quiz that includes important keywords specific to the real estate industry.