Real Estate Terminology Quiz

Real Estate Terminology Quiz.

Real Estate has a language of its own. You can take the test as many times as you like until you get them all right. Confused? Click here for someone who can help.

Appraisal...
A statement signed by the owner of a home mentioning all the best features of a home.
A process for estimating the market value of a particular property. It can help the purchaser determine what price to offer. It can also be used by the lender for mortgage purposes.

Realtor...
A real estate representative who is a member of an organization of persons engaged in the business of buying and selling real estate.
Real property that can be bought or sold

Deed...
A document illustrating the property boundaries and measurements, specifies the location of buildings on the property and indicates any easements or encroachments.
A legal document which is signed by both the vendor and purchaser, transferring ownership. This document is registered as evidence of ownership.

Closing Date...
The final day for negotiating a price for a home.
The date on which the sale of a property becomes final and the new owner takes possession.

Term...
The length of time during which a mortgagor pays a specific interest rate on the mortgage loan.
Legal jargon designed by lawyers and bankers to confuse the ordinary individual.

Closing Costs...
Costs, in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on the closing date.
The actual cost of building a house to the "lock-up" stage where the doors and windows can be closed and locked.

Home Inspection...
A process for estimating the market value of a particular property
A complete inspection of all accessible, visible physical components of a home or property, accompanied by a written report.

CMA
A comparative market alalysis of a property based on similair homes or properties currently for sale and recently sold, to determine a probable price of sale.
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians.