General Real Estate Definitions for the First Time Buyer of a Home with a Suite

When you begin thinking about becoming involved in any Real Estate transaction for the first time there will be some terms that may be confusing – especially if you are looking for a home with a suite.  Here are some of the more generally used terms and their definitions that may be of assistance:

 

The Brokerage is the real estate company under which the individual REALTOR® is licensed such as Keller Williams Realty.Keller Williams Realty

 

The Licensee is the managing broker, associate broker and/or representative of a real estate company brokerage.

 

REALTOR® is often used interchangeably with licensee, real estate agent or representative and, in BC, is licensed under the Real Estate Services Act. A licensee can use the term REALTOR® if he/she belongs to a local real estate board or association that enforces a strict Code of Ethics.

 

The Boards are the real estate boards and associations in whose jurisdiction the property is located and/or of which the brokerage or REALTOR® is a member. These boards and associations assist REALTORS® to market, sell or lease real estate. The boards also provide ongoing training for their members, enforce ethical standards and help resolve disputes between members and the public.

 

The Multiple Listing Service® (MLS®) is a computerized cooperative selling system of a real estate board for real estate listings and sales. MLS® System is operated by the boards in conjunction with other real estate boards and The Canadian Real Estate Association.

 

Personal information means any personal information about you, including your name, address, phone number, financial information and may include information about your property (such as listing and selling price, lease rate, listing term, etc.).

 

The Buyer/Tenant is often referred to as the Purchaser.

 

The Seller/Landlord is often referred to as the Vendor.

 

The Principal is someone who has engaged a Brokerage to act for and on his or her behalf either to buy, sell or lease real estate.

 

The Landlord is often referred to as the Lessor.

 

The Tenant is often referred to as the Lessee.

 

Mere Posting is a listing where the Brokerage has chosen or agreed not to provide services to the Seller/Landlord other than submitting the listing for posting on a Multiple Listing Service®.

 

A Suite usually refers to a separate section of a home or a separate building in addition to the main home with a kitchen, bathroom, living room, and bedroom/s.  A suite may have its own laundry and entrance or it may have a shared laundry and/or an shared entrance.  A home with a suite with a separate entrance and laundry will tend to rent easier and for a higher rent.  There are a number of different types of suites including: secondary suites, basement suite, garden suite, coach house, in-law suite.  Suites can also be defined as legal suites, licensed suites, or unauthorized or illegal suites.

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