The Real Estate Council of Alberta (RECA) has prepared this glossary to help Alberta consumers navigate real estate and mortgage transactions. RECA is source of neutral and credible information for consumers about real estate and mortgage transactions in Alberta. Show Complete PDF of Glossary Disclaimer: These terms and definitions are provided for educational purposes only. Although they are believed to be accurate, the Real Estate Council of Alberta (RECA) is not responsible for any deficiencies, defects, errors, omissions, completeness, suitability, accuracy, currency, or applicability of contents contained herein. Furthermore, RECA disclaims any liability for loss or damage, whether directly or indirectly, from the utilization of any time content hereinafter set out. Jump to: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z AAAA (see Alberta Assessors’ Association) AACI (see Accredited Appraiser Canadian Institute) Accelerated Payments Accessibility Accredited Appraiser Canadian Institute Accredited Mortgage Professional Accredited Municipal Assessor of Alberta Addendum Adjustable Rate Mortgage Adjustments Administrative Penalty Advisory Note Affidavit Affordability Agency Agency Law Agent AGM (see Annual General Meeting) Agreement for Sale Agri-Business Agricultural Building AIC (see Appraisal Institute of Canada) Alberta Assessors’ Association Alberta Building Code Alberta Land Surveyor Alberta Land Surveyors’ Association Alberta Mortgage Brokers Association Alberta New Home Warranty Program (also New Home Buyer Protection Act)
Alberta Real Estate Association Alberta Real Estate Foundation Alberta Registry Agents Alberta Securities Commission ALSA (see Alberta Land Surveyors’ Association) AMAA (see Accredited Municipal Assessor of Alberta) AMBA (see Alberta Mortgage Brokers Association) Amendment Amortization Amortization Period Amortization Schedule AMP (see Accredited Mortgage Professional) Annual General Meeting Annual Percentage Rate Apartment Condominium Appeal Appeal Panel Applicant (Licensing) Applicant (Mortgage) Appraisal Appraisal Assignment Appraisal Institute of Canada Appraisal Process Appraisal Report Appraisal Review Appraiser APR (see Annual Percentage Rate) AREA (see Alberta Real Estate Association) Area Measurement AREF (see Alberta Real Estate Foundation) ARM (see Adjustable Rate Mortgage) Arrears Asbestos ASC (see Alberta Securities Commission) Asking Price Assessed Value Assessment Assigned Parking Stall Assigned Storage Area Assignee Assignment Assignment of Mortgage Assignor Associate Associate Broker Assumable Mortgage Assumption Attached Goods Attorney Attributed Knowledge Auctioneer Authorization Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z BBackup Offer Balance Balanced Market Balloon Payment Bare Land Built-Out Condominium Plan Bare Land Condominium Plan Barely Blended Condominium Plan Basement Basis Point Beacon Score Bilateral Contract Blanket Mortgage Blended Payments Board Meeting (Condominiums) Board of Directors (Condominiums) Borrower Breach Bridge Loan Broker Broker Delegate Brokerage Builders’ Lien Builders’ Lien Act Building Codes Building Infrastructure Building Permit Building Structure Building System Bundle of Rights Business Assessment Buyer Buyers’ Market Bylaws Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z CCanada Mortgage and Housing Corporation Canadian National Association of Real Estate Appraisers Canadian Residential Appraiser Canadian Uniform Standards of Professional Appraisal Practice Candidate Capacity Case Law Cash Back Caveat Caveat Emptor Certificate of Compliance Certificate of Title Certified Appraisal Reviewer Certified Mortgage Appraisal Reviewer Charge Charging Clause Chattel Mortgage Chattels Claimant Client Closed Mortgage Closing Closing Costs Closing Date CMA (see Comparative Market Analysis) CMAR (see Certified Mortgage Appraisal Reviewer) CMHC (see Canada Mortgage and Housing Corporation) CNAREA (see Canadian National Association of Real Estate Appraisers) Collateral Commercial Building Commercial Condominium Commercial Lease Commercial Property Commission Common Area(see Common Property) Common Area Maintenance Expenses Common Law Common Property Common Property Expenses Common Property Unit Comparable Property Comparative Market Analysis Compensation Competence Competent Service (see Competence) Competing Interests Complainant Complaint Compliance Stamp Compound Interest Condition Conditional Offer Conditional Sale Condo(see Condominium) Condo Fees Condominium Condominium Additional Plan Sheet Condominium Administrator Condominium Bylaws Condominium Corporation Condominium Document Condition Condominium Document Reviewer Condominium Documents Condominium Fees Condominium Insurance Condominium Manager Condominium Management Services
See also the Board of Directors. Condominium Plan Condominium Property Act Condominium Property Regulation Condominium Unit Conduct Deserving of Sanction Confidential Information Conflict of Interest Consent Agreement Conservation Easement Consumer Protection Act Contingent Fee Contract Conventional Condominium Plan Conventional Mortgage Conversion Condominium Conveyance Conveyancing Cooperative Housing Cost Approach Cost of Credit Council Court of Appeal of Alberta Court of Queen’s Bench Court Order Covenant CPU (see Common Property Unit) CRA (see Canadian Residential Appraiser) Crawl Space Credit Agreement Credit Bureau Credit Report Credit Score Current Real Property Report CUSPAP (see Canadian Uniform Standards of Professional Appraisal Practice) Customer Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z DDAC (see Designated Appraiser Commercial) Damages DAR (see Designated Appraiser Residential) Deal (see Dealing) Dealing Debt Debt Ratio Debt Service Coverage Ratio Debtor Default Default Charge Defendant Delineated Parking Stall Delineated Storage Area Demand Clause Demand Letter Deposit (Condominium) Designated Agency Designated Agent Designated Appraiser Designated Appraiser Commercial Designated Appraiser Residential Detached Condominium Developer (Condominium) Development Permit Direct Market Comparison Discharge Discharge of Mortgage Discipline Disclosure Disclosure and Particulars Statement
Disposable Income Disposition Dissolution Doctrine of Caveat Emptor Dower Act Dower Rights Down Payment Drug Laboratory DSCR (see Debt Service Coverage Ratio) Due-on-Sale Clause Duty of Care Dwelling Unit Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z EE&O Insurance (see Errors and Omissions Insurance) Easement Effective Age Effective Date Effective Interest Rate Electronic Records (eRecords) Electronic Transactions Act (Alberta) Eligibility Empirica Score Encroachment Encroachment Agreement Encumbrance Environmental Hazard Environmental Risk Environmental Site Assessment Environmental Site Assessment Repository Equitable Mortgage Equity (Financial) Equity (Mortgage Financing) Equity Mortgage Errors and Omissions Insurance Estoppel Estoppel Certificate Exclusive Representation Relationship Exclusive Use Area Exclusive Use Lease Agreement Exclusive Use Parking Stall Exclusive Use Storage Area Executed Contract Executive Director Exemption Regulations Existing Real Property Report Express Agreement Express Authority Express Consent Express Contract Extraordinary Meeting Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z FFacilitation Services Factory-Built Construction Fair Trading Act Fee for Service Fee Schedule Fee Simple Fiduciary Fiduciary Duty Fiduciary Relationship Financing Activities First Mortgage Fixed Rate Mortgage Fixtures Floating Rate For Sale by Owner Foreclosure Foundation Fractional Ownership Fraudulent Misrepresentation FRM (see Fixed Rate Mortgage) Frustration FSBO (see For Sale by Owner) FTA (see Fair Trading Act) Functional Utility Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z GGDS Ratio (see Gross Debt Service Ratio) General Meeting General Obligations Gift Letter Goods and Services Tax Governing Policies Grace Period Gross Debt Service Ratio Gross Income Grow Operation GST (see Goods and Services Tax) Guarantee Guaranteed Sale Agreement Guarantor Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z HHearing Panel High Ratio Mortgage Highest and Best Use Historical Title Search HOA (see Homeowners Association) Home Inspection Home Inspection Business Regulation Homeowners Association Homeowners Association Fee Homestead Honesty Household Housing Cooperative Housing Starts HVAC Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z IIllegal Use Implied Agreement Implied Authority Implied Contract Improvement Incentive Income Approach Indefeasibility Indemnification Indemnify Indemnity Index Rate Inducement Industrial Building Industrial Condominium Industry Member Industry Professional Information Barriers Informed Consent Innocent Misrepresentation Installment Loan Institutional Building Instrument Insurable Value Insurance Insurance Against Perils Insured Insurer Integrity Intentional Misrepresentation Interest Interest-Only Mortgage Interest Rate Interest Rate Differential Interim Financing Intermediary International Valuation Standards Intestate Investigation (also known as Professional Conduct Review) Investigator (also known as Professional Conduct Review Officer) Investor IRD (see Interest Rate Differential) Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z JJoint Tenancy Judicial Sale Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z KBack to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z LLand Identification Number Code Land Survey Land Surveyor Land Surveyors Act Land Titles Act Land Titles Assurance Fund Land Titles Office Land Transferee Land Transferor Land Use Bylaw Land Use Districts Landlord Latent Defect Law of Property Act Lease (see Lease Agreement) Lease Agreement Leased Parking Stall Leased Storage Are Leasehold Improvements Leasehold Interest Legal Description Legal Mortgage Legal Subdivision Legal Use Lender Lender Documentation Lender Product Sheet Lender Rate Sheet Lessee Lessor Letter of Reprimand Leverage Liability Liability Insurance Licence Licence Reciprocity Licence Renewal Licensing Lien Lifetime Withdrawal from Industry LINC (see Land Identification Number Code) Listing Listing Price Loan Broker Loan File Loan to Value Local Improvement Low-Flow Fixtures LTV (see Loan to Value) Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z MManagement Agreement Market Bubble Market Disequilibrium Market Equilibrium Market Price Market Rent Market Shortage Market Surplus Market Value Mass Appraisal Material Latent Defect Material Misstatement Maturity Measurement Standard Mediation Meeting Meeting Minutes Member-at-Large Mere Posting Merger MIC (see Mortgage Investment Corporation) Mill Rate Mineral Rights Minister of Service Alberta Misrepresentation Mixed-Use Condominium Mobile Home Mobile Home Site Mobile Home Sites Tenancies Act Modular Construction Monthly Contribution Monthly Rental Factor Mortgage Mortgage Assumption Mortgage-Backed Securities Mortgage Default Mortgage Fraud Mortgage Fraud for Housing Mortgage Fraud for Profit Mortgage Fraud Red Flags Mortgage Insurance Mortgage Insurer Mortgage Investment Corporation Mortgage Origination Mortgage Plus Improvements Mortgage Pre-Approval Mortgage Pre-Qualification Mortgage Professionals Canada Mortgage Refinance Mortgage Renewal Mortgage Statement Mortgage Switch Mortgage Term Mortgage Transferee Mortgage Transferor Mortgaged Premises Mortgagee Mortgagee in Possession Mortgagor Mould Multiple Listing Service Multiple Offers Municipal Address Municipal Compliance Stamp Municipal Development Plan Municipal Government Act Municipal Land Use Bylaws Mutual Agreement myRECA Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z NNegligent Misrepresentation Negotiation Net Income Net Operating Income New Condominium New Home Buyer Protection Act (also Alberta New Home Warranty Program)
NOA (see Notice of Assessment) NOI (see Net Operating Income) Nominal Interest Rate Non-Conforming Use Non-Delineated Parking Stall Non-Delineated Storage Area Non-Disclosure Non-Exclusive Representation Relationship Non-Profit Continuing Housing Cooperative Non-Profit Home Ownership Cooperative Non-Representation Relationship Notice of Assessment Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z OOccupancy Rate Offer to Purchase Officer of the Condominium Corporation Off-Site Condominium Manager On-Site Condominium Manager Open Mortgage Operating Fund Opposing Interests Order Order of Possession Ordinary Resolution Origination Fee Owner Occupied Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z PParty Wall Agreement Patent Defect Payout Penalty Permit Person Personal Covenant Personal Information Personal Information Protection Act Personal Information Protection and Electronic Documents Act (PIPEDA) Personal Trades in Real Estate Phased Development Phased Development Disclosure Statement
PI (see Principal and Interest) PIPA (see Personal Information Protection Act) PIPEDA (see Personal Information Protection and Electronic Documents Act) PIT (see Principal, Interest and Tax) Plaintiff Portability Postponement of Mortgage Post-Tension Cable Power of Attorney Pre-Approval Pre-Payment Penalty Pre-Qualification Primary Mortgage Market Primary Residence Prime Rate Principal (Agency) Principal (Financial) Principal (Mortgage) Principal and Interest Principal, Interest and Tax Principles of Value Priority Privacy Private Lender Private Mortgage Privity of Contract Product Sheet Production Order Professional Condominium Management Professional Conduct Review Professional Conduct Review Officer Professional Courtesy Professional Liability Insurance Property Property Assessment Property Assessor Property Defect Property Inspection Property Inspection Contract Property Inspection Report
Property Inspector Property Insurance Property Management
Property Manager Property Taxes Provincial Court of Purchase Contract Purchaser Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z QQualifying Quarter Section Quorum Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z RRadon Rate Sheet Ratification Ratio of Owners-to-Renters Statement Real Estate Real Estate Act Real Estate Act, Bylaws Real Estate Act, Regulations Real Estate Act, Rules Real Estate Appraisal Real Estate Appraiser Real Estate Associates Program Real Estate Assurance Fund Real Estate Brokers Program Real Estate Council of Alberta Real Estate Insurance Exchange Real Estate Purchase Contract Real Estate Practice Advisor Real Estate Professional Real Property Real Property Report REALTOR® REAP (see Real Estate Associates Program) REBP (see Real Estate Brokers Program) RECA (see Real Estate Council of Alberta) RECA Online (see myRECA Reckless Misrepresentation Reconciliation Recreational Agreement Recreational Building Recreational Condominium Redemption Referral Refinance Registered Size Registrant Rehabilitation REIX (see Real Estate Insurance Exchange) Remainder Unit Remediation Remediation Certificate Remuneration Rent Rental Agreement Rented Parking Stall Rented Storage Area Representation Relationship Resale Condominium Reseller Reserve Fund Reserve Fund Plan
Reserve Fund Report
Reserve Fund Study
Residential Building Residential Condominium Residential Property Residential Tenancies Act Residential Tenancy Agreement Resolution Restrictive Covenant Retail Building Retail Condominium Revenue Reverse Mortgage Revolving Credit Right of Redemption Right of Rescission Risk Risk Reduction Roof RPR (see Real Property Report) RTA (see Residential Tenancies Act) Rules of Court Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z SSafety and Security System Sanction (Condominium) Sanction (Professional Conduct Review) Schedule Schedule of Unit Factors and Unit Areas Scope of Work Second Home Second Mortgage Secondary Mortgage Market Secret Profit Secretary Section Securitization Security Security Agreement Self-Employed Borrower Self-Management Self-Regulation Seller Sellers’ Market Semi-Attached Condominium Service Agreement (see Written Service Agreement) Service Alberta Service Fee Showing Simple Interest Single-Family Condominium Site Site Analysis Site-Built Construction Skylight Slab-On-Grade Foundation Sole Ownership Spatial Information System Special Assessment Special Power of Attorney Special Resolution Special Tax Specific Authority Specific Performance SPIN (see Spatial Information System) Standard of Care Standards of Practice Statement of Claim Statement of Defence Statute Law Statute of Frauds Strata Strata Plan Straw Buyer Subsidy Substantial Completion Substantial Interest Suitability Suitability Review Supporting Documents Surface Rights Supporting Documents Survey Plans Surveying Syndicated Mortgage Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z TTax Credit Tax Deduction Tax Rate TDS Ratio (see Total Debt Service Ratio) Teams (Real Estate or Mortgage) Tenancy Agreement Tenant Tenants in Common Term Terms of Trust Third Party Time Share Title Title Insurance Title Number Title Search Titled Parking Stall Titled Storage Area Torrens System Total Debt Service Ratio Townhouse Condominium Trade (see Trading) Trading Transaction Brokerage Transaction Facilitator Transfer of Land Transfer of Mortgage Trust Account Trust Assurance and Practice Review Trust Assurance and Practice Review Officer Trust Fund Trustee Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z UUmbrella Mortgage Unattached Goods Unaudited Financial Statement Underground Storage Tank Underwrite Underwriter Uniform Standards of Professional Appraisal Practice Unilateral Contract Unit Unit Boundaries Unit Factor Unit Owner Unit Title USPAP (see Uniform Standards of Professional Appraisal Practice) Utility Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z VVacancy Rate Valid Valuation Value Variable Rate Mortgage Vendor Vendor Take-Back Mortgage Ventilation System Visitor Parking Stall Void Voidable Voluntary Broker Resolution Process (VBRP) VRM (see Variable Rate Mortgage) Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z WWall Will Window Witness Wraparound Mortgage Writ of Execution Written Service Agreement Back to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z XBack to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z YBack to top A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z ZZoning Back to top |