Real Estate Glossary R

Ratification:
A principal's approval of an act of its agent where the agent lacked authority to legally bind the principal or when the limits of authority have been exceeded.

Real Estate Act:
A legislation that regulate the real estate industries, including its professionals and industry practices and grant powers to their administrative bodies to provide services that improve the industry and the business of industry members.

Real Estate Board:
A non-profit organization representing local real estate brokers/agents, salespeople, which provides services to its members and maintains and operates a MLS® system in the community.

Realtor:
A registered trademark of the Canadian Real Estate Association (CREA) identifying real estate professionals in Canada who are members of The Canadian Real Estate Association, and as such, subscribe to a high standard of professional service and to a strict Code of Ethics.

Reconciliation:
The process by which a real estate appraiser evaluates, chooses and selects from among two or more alternative conclusions or indications to reach a single value estimate.

Referral:
The act of recommending or otherwise directing a person for service, assistance, professional expertise or business to another person or business.

Refinance:
In mortgage, the process by which a borrower seeks to discharge an existing mortgage in order to establish a new one.

REIT (The Real Estate Investment Trust):
Best described as bundles of properties in which investors acquire an ownership portion along with the right to participate proportionally in returns. They permit small investors to pool resources and participate in large scale and/or diversified projects. The majority of real estate investment trusts hold a variety of property types although some specialization does occur (e.g. nursing homes, residential apartments, hotels, etc.)

Roll-Over-Mortgage:
A mortgage loan where the interest rate is established for a specific term. At the end of this term, the mortgage is said to "roll over" and the borrower and lender may agree to extend the loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.

Learn About Neighborhood

Location is the most critical factor affecting a home's value, so when buying a house it makes sense to buy in the best neighborhood you can afford. The most desirable neighborhoods tend to hold their value over time and that will play an important role in the resale value of the property and in your family's life.
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Tips for Planning a Successful Move

There's little doubt that Canadians are on the move. Whether moving from an apartment to a house, apartment to apartment or home to home, moving is no simple matter. With careful planning, however, your transition can be facilitated in an organized and efficient manner, allowing you the peace of mind you need to settle into your home.
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Neighborhood TIPS

Location matters, so before you buy any real estate property, ensure that it's in a good location.

The best neighborhoods have well maintained homes, close proximity to a thriving economic center, nearby shopping, good schools, convenient commute options, good recreational facilities and low crime rate.

Location is the most critical factor affecting a home's value.

When buying a house it makes sense to buy in the best neighborhood you can afford.

Before buying house, find out more about the immediate homes around the property you want to buy.

Your future home is part of a larger community, so make sure you know about local problems, noise, traffic, future construction and developments in the area, zoning restrictions, rezoning, contamination, etc.

A good first step when starting your research and investigation about neighborhood is to spend some time in each area you consider (both during the week and on weekends).

Buyers with limited financial resources should look for neighborhoods that are likely to be in high demand or on a verge of popularity boom in coming years.