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Housing Types|MLS Abbreviations|Mortgage & Financial|Real Estate |Agency
Housing Types
Bungalow
Bungalows are detached, single-family dwellings with 1 level above ground. It is on its own lot and completely separated from any adjacent housing.
Duplex (Up and Down)
A duplex is a building which consists of two dwelling units--one above the other--under the ownership of a single person. If the property is attached to another dwelling it should be noted in the listing "Remarks."
Garden Home
A type of row unit with a front and back door, but no garage.
One-and-a-half-storey Home
see Semi-Bungalow.
Row Unit
This is a style of housing in which three or more dwelling units of similar design and size are attached. Each is on its own lot with separate ownership.
Semi-bungalow
Semi-bungalows are detached, single-family dwellings with one-and-a-half levels above ground, They are sometimes called one-and-a-half storey homes. They have their own lot.
Semi-detached
This type of housing consists of two separate but attached dwelling units. Each has its own lot.
Semi-detached Bungalow
A bungalow attached to another dwelling, each being situated on its own lot.
Split-Level Home
A detached, single-family dwelling with multiple levels above ground separated by small flights of stairs, on its own lot, and separated from any adjacent housing.
Three-storey Home
A three-storey home is a detached, single-family dwelling with 3 levels above ground, It is on its own lot and completely separated from any adjacent housing.
Triplex
A triplex is a building consisting of three units, all owned by the same person.
Two-storey Home
A two-storey home is a detached, single-family dwelling with 2 levels above ground, It is on its own lot and completely separated from any adjacent housing.
Housing Types|MLS Abbreviations|Mortgage & Financial|Real Estate |Agency
MLS Abbreviations
#
number
&
and
+
plus
1st
first
approx
approximately
avail.
available
bdrm
bedroom
beaut.
beautifully
bldg
building
blk
block
blt
built
bnglw
bungalow
bsmt
basement
bth or bathrm
bathroom
c/a or cent/air
central air
c/v or cent/vac
central vac
cc
clothes closet
ceil
ceiling
comm. to s.o.
commission to selling office
cond.
condition
const.
construction
cpbds
cupboards
dbl
double
dcc
double clothes closet
dinrm
dining room
drs
doors
dshwr
dishwasher
elec
electric
equip
equipment
excel
excellent
famrm
family room
ffp
fireplace
fridge
refrigerator
furn
furnace
gov't
government
hrdwd
hardwood
hrdwd flrs
hardwood floors
hwt
hot water tank
incl
included
info
information
invest
investment
l.o.
listing office
l.r.
listing representative
l.s.
listing salesperson
lge
large
lnscp
landscaped
loc
located
lvgrm or livrm
living room
maint
maintenance
mbed
master bedroom
meas
measurement
mi
miles
mtge
mortgage
pc
piece
PIT
Principal, Interest and Taxes
poss
possession
priv
private
prop
property
qual.
quality
recrm
recreation room
rm
room
RMOC / rmoc
Regional Municipality of Ottawa-Carleton
s.c.
selling commission
sq ft
square feet
thruout
throughout
twp
township
w/
with
w/w
wall to wall
woodwk
woodwork
yd
yard
Housing Types|MLS Abbreviations|Mortgage & Financial|Real Estate |Agency
Mortgage & Financial Terms
Appraisal
An estimate of a property's value.
Closing Day
The day the legal title to a property changes hands .
CMHC
Canada Mortgage and Housing Corporation. A Crown corporation providing information services and mortgage loan insurance.
Debt-Service Ratio (DSR)
The measurement of debt payments to gross household income which may include the main wage earner's salary, salaries of other wage earners, commissions, bonuses, overtime, etc.
DSR
see Debt-Service Ratio.
Financial Institutions
Banks, credit unions, insurance or trust companies.
GDS
see Gross Debt Service.
GDSR
see Gross Debt Service Ratio.
GE Capital Mortgage Insurance Company
GE Capital Mortgage Insurance Company is the only private sector source of mortgage insurance for lenders in Canada.
Gross Debt Service (GDS)
The amount of money needed to pay principal, interest, taxes and sometimes, energy costs. If the dwelling unit is a condominium, all or a portion of condominium fees are included, depending on what expenses are covered.
Gross Debt Service Ratio (GDSR)
Gross debt service divided by household income. A rule of thumb is that GDS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing PITE, which moves the rule of thumb GDS to 32%.
Mortgage
A contract providing security for the repayment of a loan, registered against the property with stated rights and remedies in the event of default. Lenders consider both the property (security) and the financial worth of the borrower (covenant) in deciding on a mortgage loan .
Mortgage Broker
A person or company having contacts with financial institutions or individuals wishing to invest in mortgages. The mortgagor pays the broker a fee for arranging the mortgage. Appraisal and legal services may or may not be included in the fee.
Mortgage Insurer
In Canada, high-ratio martgages (those representing more than 75% of the property value) must be insured against default by either CMHC or private insurers. The borrower must arrange and pay for the insurance, which protects the lender against default.
Mortgage Term
The length of a mortgage contract. This may extend from 6 months to 10 or more years. At the end of the mortgage term, the borrower must pay the amount owing on the mortgage or renew the mortgage with the lender.
Mortgagee
The person or financial institution lending the money, secured by a mortgage.
Mortgagor
The property owner borrowing the money, secured by a mortgage.
PIT
Principal, Interest and Taxes
PITE
Principal, Interest, Taxes and Energy. See also "Gross Debt Service Ratio."
Term
see Mortgage Term.
Variable-rate Mortgage
A mortgage in which payments are fixed, but the interest rate moves in response to trends. If interest rates go up, a larger portion of your payment goes to the interest; if interest rates go down, a larger portion of your payment goes towards the principal.
Housing Types|MLS Abbreviations|Mortgage & Financial|Real Estate |Agency
Real Estate Terms
Real Estate Board
A non-profit organization representing local real estate brokers, agent or salespeople. It provides services to its members and maintains and operates an MLS (Multiple Listing Service) system for the community.
REALTOR
A trademark identifying real estate professionals in Canada who are members of The Canadian Real Estate Association. They subscribe to a high standard of professional service and to a strict Code of Ethics.
Housing Types|MLS Abbreviations|Mortgage & Financial|Real Estate |Agency
Agency
Seller Agency
This is the most common and traditional type of agency relationship. When a person (Seller) wants to sell their house, they sign a Listing agreement with a Real Estate Company.
The Real Estate Company and their Sales Representatives are expected to work on the Seller's behalf, selling the Listed property, and disclosing to the Seller all the information they obtain that will influence the sale of the property.
Buyer Agency
A newer agency relationship and not commonly established or understood. When a Buyer wants to buy a house a Buyers agency agreement ensures that the Realtor is working for the Buyer.
If you do not have this signed agreement it is assumed that the Brokerage and Sales Representatives are representing the interests of the Seller and you will receive Customer Service. When any information is disclosed in this situation the sales representative is obligated to inform the Seller.
Dual Agency
A real estate company may be an the agent of both the vendor and the purchaser. This occurs if a realtor is working on a transaction with two parties it has an agency relationship with. This is called 'dual agency' .
Dual agency may create a conflict for the real estate company because the agent's duties of confidentiality, full disclosure, and total loyalty to one party often conflict with the same duties owed to the other party. For this reason, dual agency is permitted only when disclosed and with the knowledge and prior written consent of both parties. It must be understood that disclosed dual agency limits the ability of the real estate company and its representatives to act on behalf of either party fully and exclusively.
In a dual agency situation, a realtor owes disclosure of pertinent facts to both buyer and seller. Certain confidential information may be shared with both parties at the outset understand and agree to how the agents duties such as confidentiality and full disclosure are to be handled.
Whenever a dual agency situation arises, the realtor is obligated to represent both buyer and seller honestly. The aim of the realtor remains the same: putting together a willing seller and a willing buyer to complete a transaction.
If you have not signed any agreement of agency you would expect to receive Customer service.
Customer Service does not receive the same components as Agency but you are entitled to:
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No misrepresentation regarding the property
-
Fair and ethical treatment
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Complete and accurate information
Whether you sign an agreement or not you will be asked to sign documentation confirming that you understand whom the Realtor is working for.
When you have establish an agency relationship whether it is Seller or Buyer Agency you will expect your Real Estate Brokerage to follow the RECO Code of Ethics which describes the duties of an agency as:
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The fiduciary duty, professionally and at law, to endeavor to protect and promote the interests of the Members Client to the extent that he or she may ethically or legally do so.
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A relationship of trust means that the Member never puts the Member’s interests above those of the Client.
Provide services, which ensures competence, diligence, full disclosure, obedience, loyalty, confidentiality and complete accounting are included in this duty.
Working With a Realtor
The above information is believed to be correct, but is not warranted.
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