Phase 1 - Chapter 1
the ownership of a single parcel of real estate may be divided both ____ and ____
physically and legally
What is the legal term for the maximum interest or legal ownership a person may have in land?
Fee Simple
A(n)_____ is an order made by the Lieutenant Governor acting on the advise of the provincial Cabinet?
Order in Council
A(n) _____ is someone who is authroized by a principal to represent him or her in business transactions with antoher party
Agent
The force that shapes the real estate market is the ______ by households, businesses, governments, and institutions for space and shelter for their activieis
demand
______ is the dollar amount invested today that is justified by the anticipated benefits, given risk and current investment conditions
Capitalized Value
What are the two main markets that registrants tend to specialize in?
The residential market and the Industrial, Commercial, and Investment market (IC&I).
A(n) ______ determines the market value of property based on its condition and the selling price of comparable properties that recently sold in the area.
Real Estate Appraiser
Which piece of legislation embodies the bulk of provincial government regulation of the operation of the Saskatchewan real estate brokerage industry?
The Real Estate Act
In Canada, land ownership is vested in the ______, while private individuals only have certain rights granted at its discretion.
Crown
Name the 4 Characteristics of Real Property
1. Immobility
2. Durability of improved land
3. Individsibility of services
4. Divisiblity of ownership
Fee simple owners are subject to:
- Crowns right of expropriation and tax sale
- the crowns land use and building regualtions
- other indivdiusls common law rights
True / False - the minister of justice appoints the superintendent of real estate - who supervises the admin of the act and workes with the SREC
TRUE
Statutory organization of Real Estate in SK
Ministry of Justice --> Superintedned of Real Estate --> SREC --> Indivdiaul registrants