GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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Prince Edward Island Real Estate Association (PEIRA)Company Est.1964, Prince Edward Island, Canada
  ➥  Formerly the PEI Real Estate Brokers Association.
principal, interest, taxes, and insurance (PITI)Definition (Mortgages, Taxation, Insurance, Financial-banking)
Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
principle of conformityDefinition (Real-estate)
The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
principle of progressionDefinition (Real-estate)
The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
principle of regressionDefinition (Real-estate)
The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
private equity real estate (PERE)Acronym
  ➥  Funds consisting of equity and debt investment in property.
Private Home Sales Associates (PHSA)Company, Canada
probate saleDefinition (Estate-management, Real-estate, Financial-banking, Legal-contracts)
Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
production homeDefinition (Real-estate)
Homes that are mass produced as part of housing developments.
Professional Real Estate Agent (PREA)Acronym (Designation)
programmatic environmental impact statement (PEIS)Acronym
property owners association (POA)Acronym
property reportDefinition (Real-estate, Legal-contracts)
A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
property taxDefinition (Mortgages, Real-estate, Taxation)
A levy by a city on real estate and personal property whose amount varies depending on the property's value.
Property Tax Credit (PTC)Canada
Refundable tax benefit claimed on the personal income tax return designed to provide assistance for Canadians with low to moderate incomes.
property valueDefinition (Real-estate, Financial-banking)
The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
proprietorDefinition (Real-estate, Financial-banking, Legal-contracts)
The owner of a business or property.
province of domicileDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
Prudential Real Estate Investors (PREI)Company Est.1970
  ➥  The real estate investment management business of Prudential Financial.
public record (PR)Acronym
purchase agreementDefinition (Real-estate, Financial-banking)
A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
purchase and sale agreement (P&S, PSA)Acronym (Abbreviation)
  ➥  The contract between a buyer (vendee) and a seller (vendor) of real estate in which the buyer agrees to purchase the property according to the terms, conditions, and covenants contained therein.
purchase optionDefinition (Automotive, Real-estate, Financial-banking)
An agreement where a portion of monthly rent can be credited toward the purchase of a property.
purchase priceDefinition (Real-estate)
The total selling price of the home, including the cash down payment and the principal on the loan.
Pure Industrial Real Estate Trust (PIRET)Company, Vancouver, British Columbia, Canada
qualified written request (QWR)Acronym
quality service certified (QSC)Acronym
Quebec Federation of Real Estate Boards (QFREB)Company Est.1994, Quebec, Canada
radon remediation system (RSYS)Acronym
raised ranch style (rran)Abbreviation (Abbreviation)
ranch (rnch)Abbreviation (Abbreviation)
real estate (RE)Definition (Real-estate, Financial-banking)
A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
Real Estate Action Group (REAG)Company, Vancouver, British Columbia, Canada
real estate agentDefinition (Real-estate)
A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
Real Estate and Business Brokers Act (REBBA)Acronym
real estate and facilities lifecycle management (REFLM)United States
  ➥  A US real estate term.
real estate attorneyDefinition (Mortgages, Real-estate, Taxation, Legal-contracts)
A lawyer who specializes in the transfer of land and buildings and property tax issues.
Real Estate Board of Greater Vancouver (REBGV)Company, Canada
Real Estate Board of Ottawa-Carleton (REBOC)Company, Ottawa, Ontario, Canada
  ➥  Now Ottawa Real Estate Board (OREB).
real estate brokerDefinition (Real-estate)
An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
Real Estate Council of British Columbia (RECBC)Company Est.1958, British Columbia, Canada
  ➥  A regulatory agency established by the provincial government.
Real Estate Council of Ontario (RECO)Company Est.1997, Toronto, Ontario, Canada
Real Estate Development Marketing Act (REDMA)Est. 2005, British Columbia, Canada
The Act applies to a developers who wish to market condos in BC.
Real Estate Institute of British Columbia (REIBC)Company, British Columbia, Canada
Real Estate Institute of Canada (REIC)Company Est.1955, Toronto, Ontario, Canada
Offers certification to real estate professionals in Canada.
Real Estate Insurance Alliance (REIA)Company, Canada
Real Estate Insurance Exchange (REIX)Company, Calgary, Alberta, Canada
real estate investment (REI)Definition
A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
real estate investment banking (REIB)Acronym
real estate investor (REI)Acronym
Previous Page
Newfoundland Association...Price Related...
 
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Prince Edward Island Real... — Real Estate Investor
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Real Estate MagazineSecond Home Mortgage

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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

Notable Terms

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