Real Estate Twists
In this rare and tricky situation, an agent represents two clients competing for the same castle, but they can't play favorites.
What is an example of dual agency in action?
Like a magic trick with a contract, this is when you pass the rights, interests, and benefits of a property deal to someone else before the final curtain falls.
What is an assignment?
This term refers to the buyer's market condition where supply exceeds demand, allowing buyers to have more choices and bargaining power.
What is a Buyer's Market?
Found on the airwaves and the small screen, these ads might feature catchy jingles or dramatic voiceovers about dream homes.
What are television and radio ads?
Imagine a property's sneaky secret that's not visible to the naked eye, like a hidden trapdoor in a mystery novel.
What is a material latent defect?
In the event of a potential conflict, this duty demands full transparency, like shining a light into the darker corners of a deal.
What is the duty to disclose any conflict of interest to the client?
This term might sound like a thriller movie plot, but it's actually about making a profit by passing a contract from shadow to shadow, now a no-go in BC.
What is 'shadow flipping'?
It's a quirky term for a small, cozy space in a home, often used for marketing purposes to make a tiny area sound more charming.
What is a Nook?
This type of ad might pop up while you're liking cat videos or updating your status, showcasing the latest listings.
What are social media and website ads?
This is like a property's personal diary entry that the seller writes to confess its hidden flaws, but in a more official format.
What is a property disclosure statement?
This act allows landlords to include terms in the lease that restrict both the smoking and growing of cannabis in rental properties.
What is the Residential Tenancy Act?
If a buyer in BC wants to be a contract Houdini and has the ability to assign, they need to use this form to give the seller a heads-up.
What is the Notice to Seller Regarding Assignment Terms form?
This phrase is used when implying that what you see is what you get, and the seller won’t make repairs.
What is "Sold As Is"?
In ads, this indicates a band of real estate agents have joined forces under one banner, like a League of Property Avengers.
What is a team or group at a brokerage?
It's like a ghost story that might affect a property's appeal, not due to its structure, but because of eerie tales whispered around the neighborhood.
What is a stigma ?
Think of this as a 'property purchase undo button,' giving buyers a brief window to change their minds, but it's not a freebie.
What is the Home Buyer Rescission Period?
If you're wondering whether you can pass the baton in this property race, you'll need to check this document like a rulebook.
What is the original contract of purchase and sale?
This 2-piece found at KFC, can also be found in many homes?
What is a Powder Room?
This must-have in an ad reveals the real estate superhero team (or agency) behind the agent saving the day in your home quest.
What is the requirement to include the brokerage name in ads?
This kind of stigma involves an event that took place within the property's walls and might give some buyers the shivers.
What is a death on the property?
If you hit the 'undo' button during HBRP, this small percentage of the home's price is your ticket out of the deal.
What is 0.25% of the purchase price?
In the assignment game, these are like the developer's house rules, including what you can and can't do in advertising your move.
What are the restrictions involved with assignments when selling?
This type of property is often found in holiday destinations; it’s like a temporary escape pod from the hustle and bustle of city life.
What is a Vacation Home?
This rule ensures the story told about your for-sale castle is as true as the bricks and mortar it's built with.
What are the guidelines for advertising property listings?
This term refers to a property's perceived negative aspects, such as living near a known criminal, which might affect a buyer's or tenant's decision based on personal safety concerns or neighborhood reputation.
What is a stigma?