GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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Newfoundland Association of the Appraisal Institute of Canada, Inc. (NAAIC)Company, Newfoundland and Labrador, Canada
  ➥  See the Appraisal Institute of Canada – Newfoundland and Labrador (AIC – NL).
non-assumption clauseDefinition (Mortgages, Real-estate, Legal-contracts)
A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
non-circumvention non-disclosure (NCND)Acronym
Contract by brokers to ensure the buyer and seller together do not by-passed the brokerage and any information disclosed during negotiations is not revealed to any unauthorized party.
non-owner occupantDefinition (Investments, Mortgages, Real-estate, Financial-banking)
A borrower who purchases a property for investment or rental purposes and will not occupy the property.
non-recurring closing costs (NRCC)Definition (Real-estate)
One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
  ➥  Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
North Bay Real Estate Board (NBREB)Company Est.1957, Ottawa, Ontario, Canada
notice of foreclosure sale (NFS)Acronym
notice to vacate (NTV)Acronym
Nova Scotia Association of REALTORS (NASR)Company Est.1958, Dartmouth, Nova Scotia, Canada
  ➥  Formerly known as Nova Scotia Real Estate Association (NSREA).
Nova Scotia Real Estate Appraisers Association (NSREAA)Company, Nova Scotia, Canada
Nova Scotia Real Estate Association (NSREA)Company, Nova Scotia, Canada
  ➥  See Nova Scotia Association of REALTORS® (NSAR).
Nova Scotia Real Estate Commission (NSREC)Company Est.1997, Nova Scotia, Canada
  ➥  Founded under the Nova Scotia Real Estate Trading Act.
Oakville, Milton and District Real Estate Board (OMDREB)Company Est.1954, Ontario, Canada
occupancy permit (OP)Acronym
oceanfront (Ocnfrnt)Abbreviation (Abbreviation)
offerDefinition (Real-estate, Legal-contracts)
To propose or give something.
Okanagan Mainline Real Estate Board (OMREB)Company, Ontario, Canada
Ontario New Home Warranties Plan (ONHWP)Ontario, Canada
Warranties for defects in construction as well as for costs of delayed closings and deposit loss in the event a builder declares bankruptcy.
  ➥  An Ontario Act.
Ontario Real Estate Association (OREA)Company Est.1922, Ontario, Canada
Assist real estate brokers and industry members through Ontario offering wide variety of publications, educational programs and special services.
  ➥  OREA provides all real estate licensing courses in Ontario.
open for inspection (OFI)Acronym
An open house, usually set a specific times each week, where potential buyers can inspect the property.
  ➥  A time set for viewing a property.
open house (OH)Definition (Real-estate)
A selling tool in which a real-estate agent advertises a property for sale and invites people to visit without making an appointment.
open listingDefinition (Real-estate)
A property that a number of brokers can market and sell for a commission.
open market value (OMV)Acronym
Price an asset should achieve when sold on an open or competitive market.
order of conditions (OCND)Acronym
original price (O/P, OP)Acronym
other real estate owned (OREO)Acronym
  ➥  See also Real Estate Owned (REO).
Ottawa Real Estate Board (OREB)Company Est.1975, Ottawa, Ontario, Canada
Ottawa Real Estate Investors Organization (OREIO)Company Est.2002, Ottawa, Ontario, Canada
  ➥  Non-profit organization supporting Canadian real estate investors in Ottawa and surrounding areas.
outbuilding(s) (OUTBULD)Acronym (Abbreviation)
  ➥  As in detached garages, sheds, barns, etc.
owner agent (OA)Acronym
owner financing (O/F, OF, OWN)Definition (Real-estate)
A transaction in which the seller lends all or part of the money to the buyer.
Owner Is a Licensed Real Estate Agent (OLREA)Acronym (Designation)
owner occupantDefinition (Investments, Mortgages, Real-estate, Financial-banking)
A borrower who resides in the property used as security for the loan.
owner phone number (OPH)Acronym
owner will finance (OWF)Acronym
owner-occupied (OO, owner/occ)Acronym & Abbreviation
Used by mortgage lenders and brokers upon negotiating terms of a mortgage loan. Owner occupied means that the borrower is also the primary resident of the property to be mortgaged.
paper road (PARD)Acronym (Abbreviation)
parcel identification number (PIN)Acronym
perc test approved (PERC)Acronym (Abbreviation)
percolation test (PT)Acronym
A test which determines how fast water passes through soil. These tests are performed prior to construction and installation of septic tank systems.
  ➥  Also known as "Perc Test".
percolation test date (PTD)Acronym
  ➥  In relation to a Soil Percolation Test.
planned area development (PAD)Acronym
A zoning process governing the development of relatively large areas to provide for various types and combinations of land uses (single- and multi-family residential, commercial, industrial, recreational areas, open spaces, buffer zones, etc.)
planned unit development (PUD)Acronym
A planned unit development (PUD) is a combination of different yet compatible land uses within a single neighborhood, development, or subdivision.
platDefinition (Real-estate)
A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of streets and easements.
possessionDefinition (Real-estate, Financial-banking)
Something that is owned.
potential gross income multiplier (PGIM)Acronym
pre-paid expensesDefinition (Mortgages, Real-estate, Taxation, Insurance, Financial-banking)
also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
pre-sold homeDefinition (Real-estate)
A house that is sold prior to construction as opposed to a house built on spec.
present market value (PMV)Acronym
price related differential (PRD)United States
  ➥  A US real estate term.
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Search the Glossary

Index of Realty Terms

Page 1: Abandonment
Architectural Fees
Page 2: Architectural Significance
Book Value
Page 3: Boot
Caravan
Page 4: Carport
Commercial Property...
Page 5: Commercial Property Manager
Covenantor
Page 6: Credit Repository
Electric or Electricity
Page 7: Elevator
Flood Plain
Page 8: Floor Plan
Inspection Report
Page 9: Inspection Required
Local Improvement Charge
Page 10: Local Taxes
New Home Warranty Program
Page 11: Newfoundland Association of...
Price Related Differential
Page 12: Prince Edward Island Real...
Real Estate Investor
Page 13: Real Estate Magazine
Second Home Mortgage
Page 14: Security
Title Defect
Page 15: Title Insurance
Yukon Real Estate...
Page 16: Zero
Zoning

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