Glossary

Real estate technology glossary

Every entry starts with a one-sentence definition, then explains what the term means for your website and marketing.

2-5-10 warranty BC's mandatory new-home warranty: two years on labour and materials, five on the building envelope, ten on structure — and it travels with the home. Last reviewed 2026-08-14
Absorption rate The absorption rate measures how fast buyers soak up inventory — monthly sales as a share of active listings, the inverse of months of inventory. Last reviewed 2026-08-15
Admail Admail is the enduring name for Canada Post's direct-mail products — now Neighbourhood Mail and Personalized Mail — and a realtor farming staple. Last reviewed 2026-08-15
Agreement of purchase and sale The APS is the contract at the centre of every Ontario home sale — offer, acceptance, deposit, conditions and closing terms in one document. Last reviewed 2026-08-14
AMPRE AMPRE is the platform that delivers TRREB MLS data to registered vendors over the RESO Web API — the pipe behind serious Toronto listings sites. Last reviewed 2026-08-15
Assessed value vs market value Why MPAC and BC Assessment numbers rarely match what a home sells for — what assessed value is for, and what to use when pricing instead. Last reviewed 2026-08-14
Assignment sale An assignment sale transfers a preconstruction purchase contract to a new buyer before closing — consent, taxes, and how these deals actually trade. Last reviewed 2026-08-15
AVM An AVM (automated valuation model) prices homes with data instead of a visit. How the models work, where they break, and what they're good for. Last reviewed 2026-08-15
BCFSA BCFSA is the BC Financial Services Authority — the Crown regulator that licenses BC agents and brokerages and enforces conduct and advertising rules. Last reviewed 2026-08-14
Benchmark price Why the MLS HPI benchmark price, the average, and the median can tell three different stories about the same market — and which one to trust for what. Last reviewed 2026-08-14
Bridge financing Bridge financing is a short-term loan covering the gap when you close a purchase before your sale — how it works, what it costs, and its limits. Last reviewed 2026-08-15
Broker of record The broker of record is the licensee legally responsible for an Ontario brokerage — supervision, trust money, advertising, and the sign-offs boards require. Last reviewed 2026-08-15
Bully offer A bully offer lands before the seller's offer date, trying to win the home before the competition shows up. How they work and the rules around them. Last reviewed 2026-08-15
Buyer love letter A buyer love letter is a personal note to the seller alongside an offer — why it sometimes works, and the fair-housing reasons many advise against it. Last reviewed 2026-08-15
Buyer representation agreement The contract that makes a buyer a client: what a BRA commits both sides to, what to read before signing, and how the BC equivalent differs. Last reviewed 2026-08-14
Cash offer A cash offer closes without mortgage financing — what 'cash' really means, why sellers pay attention, and how financed buyers compete with one. Last reviewed 2026-08-15
CASL CASL is Canada's Anti-Spam Legislation. What consent means for a realtor's email and text follow-up, and how to stay onside while working leads. Last reviewed 2026-08-14
Chattels vs fixtures Chattels are movable and go with the seller; fixtures are attached and stay with the house. The distinction decides what a buyer actually gets. Last reviewed 2026-08-14
Closing costs Closing costs are everything a buyer pays beyond the price — land transfer tax, legal fees, title insurance, adjustments — typically a few percent extra. Last reviewed 2026-08-15
CMA A CMA (comparative market analysis) is an agent's pricing estimate built from comparable sold homes — the professional answer to what a home is worth. Last reviewed 2026-08-15
CMHC insurance Mortgage default insurance — required under 20% down — protects the lender, costs the borrower a premium, and unlocks high-ratio buying. The mechanics. Last reviewed 2026-08-15
Completion vs possession date In BC a sale closes in stages: the completion date moves title and money, the possession date hands over keys, and the adjustment date splits the bills. Last reviewed 2026-08-14
Conditional vs firm offer A conditional offer has escape hatches — financing, inspection, sale of home. A firm offer has none. What each means for risk, price, and strategy. Last reviewed 2026-08-15
Contract of purchase and sale BC's standard purchase contract — subject clauses, deposit timing, the three dates, and the rescission period Ontario deals don't have. Last reviewed 2026-08-14
Cooperating commission Cooperating commission is what the listing brokerage offers the buyer's brokerage through MLS — how it works and why it's under a spotlight. Last reviewed 2026-08-14
CPL CPL — cost per lead — is marketing spend divided by leads produced. Canadian real estate benchmarks, and why CPL alone can steer you wrong. Last reviewed 2026-08-15
CREA DDF CREA's Data Distribution Facility is the national feed that syndicates REALTOR.ca listings to member and third-party sites. What it carries and what it doesn't. Last reviewed 2026-08-14
Days on market Days on market counts how long a listing has been for sale. What resets it, how Canadian boards track it, and how buyers actually read it. Last reviewed 2026-08-14
Deed vs title Title is the legal ownership itself; a deed (transfer) is the document that moves it. How Canada's land-registration systems make the distinction. Last reviewed 2026-08-15
Designated representation Designated representation is TRESA's model where named agents — not the whole brokerage — represent a client. What it changes for Ontario teams. Last reviewed 2026-08-14
Errors and omissions insurance Errors and omissions insurance is the mandatory professional liability coverage behind every Canadian real estate licence — how each province runs it. Last reviewed 2026-08-14
Escalation clause An escalation clause raises a buyer's offer automatically above competing bids up to a cap — the mechanics, and why Canadian regulators urge caution. Last reviewed 2026-08-15
Escape clause An escape clause lets a seller keep marketing after accepting a conditional offer — and force the buyer to waive or walk when a better offer arrives. Last reviewed 2026-08-14
Exclusive listing An exclusive listing is marketed by one brokerage off the MLS system. What that means for exposure, privacy, and CREA's three-day cooperation rule. Last reviewed 2026-08-14
FINTRAC FINTRAC is Canada's anti-money-laundering agency. Realtors are reporting entities: client ID verification, records, and reports are legal duties. Last reviewed 2026-08-14
Form B The Form B Information Certificate is a BC strata corporation's formal disclosure — fees, reserve fund, litigation and bylaws — before a buyer commits. Last reviewed 2026-08-14
Freehold vs leasehold Freehold means you own the land; leasehold means you own the home on someone else's land for a term. How the difference changes value and financing. Last reviewed 2026-08-15
GCI GCI — gross commission income — is total commission earned before splits and expenses. Why it's the top line for team splits, caps, and budgets. Last reviewed 2026-08-15
Holdback A holdback keeps part of the purchase money in trust after closing until something is fixed or proven — plus the statutory construction holdback. Last reviewed 2026-08-15
Holdover clause A holdover clause keeps commission payable after a listing expires when the buyer was introduced during the term — what it covers and how long it runs. Last reviewed 2026-08-15
Home appraisal An appraisal is the lender's independent opinion of value — how it differs from a CMA, what appraisers look at, and what happens when it comes in low. Last reviewed 2026-08-15
Home flipping tax Canada now has two anti-flipping regimes: the federal 12-month rule taxing quick resales as business income, and BC's own tax on sales within two years. Last reviewed 2026-08-14
IDX IDX is the framework that lets a realtor display their board's active MLS listings on their own website. How it works in Canada, board by board. Last reviewed 2026-08-14
Interim occupancy Interim occupancy is the Ontario pre-construction condo stage where you live in the unit before owning it — paying a monthly fee, not a mortgage. Last reviewed 2026-08-14
Internet display opt-out An internet display opt-out lets a seller keep their MLS listing off public websites while it stays available to members. Here's how it works. Last reviewed 2026-08-15
Irrevocable period The irrevocable period is how long an offer stays open for acceptance and cannot be withdrawn — the clock every Ontario negotiation runs on. Last reviewed 2026-08-14
Land lease community In a land-lease community you own the home and rent the lot beneath it — the affordability trade, the monthly fees, and the questions to ask. Last reviewed 2026-08-15
Land severance Severance splits one parcel into two or more — the consent process, why municipalities say no, and what it means for value and saleability. Last reviewed 2026-08-15
Land transfer tax Land transfer tax is the provincial (and in Toronto, also municipal) tax a buyer pays on closing — how it's calculated, rebates, and who's exempt. Last reviewed 2026-08-15
Listing syndication Listing syndication distributes one listing to many websites automatically. How the fan-out works in Canada, and how it differs from IDX. Last reviewed 2026-08-14
Material latent defect A material latent defect is a hidden problem a seller must disclose — how BC and Ontario define it and where the line sits with buyer beware. Last reviewed 2026-08-14
Mere posting A mere posting is an MLS listing where the brokerage only posts it — the seller handles the rest. A uniquely Canadian category, born of competition law. Last reviewed 2026-08-14
MLS MLS stands for Multiple Listing Service: the cooperative system Canadian real estate boards run to share listings between brokerages. Last reviewed 2026-08-14
MLS Reciprocity MLS Reciprocity is how BC Lower Mainland brokerages display each other's listings — the region's answer to IDX, with its own logo and disclaimer rules. Last reviewed 2026-08-14
Months of inventory Months of inventory (MOI) estimates how long the market's current listings would take to sell at today's pace — the standard gauge of housing supply. Last reviewed 2026-08-14
Mortgage stress test The stress test qualifies borrowers at a rate above their contract rate — the mechanism, who it applies to, and how it shapes what buyers can bid. Last reviewed 2026-08-15
Multiple representation Multiple representation is one brokerage or agent acting for more than one party in a trade — Ontario's consent rules and BC's near-ban, explained. Last reviewed 2026-08-15
Occupancy permit An occupancy permit is the municipality's sign-off that a building may lawfully be lived in — when it's required and how it differs from condo occupancy. Last reviewed 2026-08-15
Offer date An offer date is a listing's scheduled day for reviewing all offers at once — the strategy behind holding offers, and how buyers should play it. Last reviewed 2026-08-15
Open bidding Under TRESA, Ontario sellers can opt into an open offer process and share competing offers' substance — the choice, and its limits, explained. Last reviewed 2026-08-14
Phantom offer A phantom offer is a competing bid that doesn't exist — invoked to pressure buyers. The rules against it, and how offer registration protects you. Last reviewed 2026-08-15
Power of sale Power of sale lets an Ontario lender sell a defaulted property without taking title — how it differs from foreclosure and what buyers should expect. Last reviewed 2026-08-15
PPC PPC — pay-per-click — is advertising where you pay for clicks, not impressions. What it means for realtors and the math that decides if it works. Last reviewed 2026-08-15
Pre-approval vs pre-qualification Pre-qualification is an estimate from stated numbers; pre-approval is underwritten and rate-held. Which one means anything in an offer, and why. Last reviewed 2026-08-15
PREC A PREC — personal real estate corporation — lets a Canadian agent run commissions through a corporation for tax planning, under strict regulator rules. Last reviewed 2026-08-14
Presale A presale is buying a BC home before it's built — a contract with a developer under REDMA's disclosure rules, with its own risks, taxes and timelines. Last reviewed 2026-08-14
Probate sale A probate sale is an estate selling a deceased owner's property — why court confirmation of the executor's authority slows closings, and how to plan. Last reviewed 2026-08-15
Property disclosure statement The PDS is BC's standard seller disclosure form — what it covers, what it can't replace, and how it becomes part of the purchase contract. Last reviewed 2026-08-14
Real estate CRM A real estate CRM keeps every lead, contact, and follow-up in one system. What it does, and what the Canadian version has to handle. Last reviewed 2026-08-14
Real estate deposit The deposit is the buyer's good-faith money held in trust after an accepted offer — how much is typical, where it sits, and when it's at risk. Last reviewed 2026-08-15
Real estate referral fee What a real estate referral fee is, the customary range, and why RECO and BCFSA both require it to flow brokerage to brokerage. Last reviewed 2026-08-14
Real estate trust account A trust account holds other people's money — deposits, rents — separate from a brokerage's own funds, under strict provincial rules and audits. Last reviewed 2026-08-15
REALTOR trademark rules REALTOR and MLS are CREA-controlled marks, not generic words. The usage rules for agent websites, domains and marketing — and why platforms enforce them. Last reviewed 2026-08-14
RECO RECO — the Real Estate Council of Ontario — is the provincial regulator that registers agents and brokerages and enforces TRESA's conduct rules. Last reviewed 2026-08-14
Rent to own Rent-to-own combines a lease with a future purchase right — how option fees and rent credits work, and why the contract details decide everything. Last reviewed 2026-08-15
RESO Data Dictionary The RESO Data Dictionary is real estate's shared vocabulary — standard field names and values that make MLS data mean the same thing across markets. Last reviewed 2026-08-15
RESO Web API The RESO Web API is the modern standard for moving MLS data between boards and the platforms that display it. What it replaced and why it matters. Last reviewed 2026-08-14
Right of first refusal A right of first refusal lets its holder match any offer before a sale proceeds — where ROFRs appear, how they trigger, and why they chill bidding. Last reviewed 2026-08-15
Sale-to-list ratio The sale-to-list ratio compares what a home sold for to what it asked. How to read over-asking numbers without being fooled by pricing strategy. Last reviewed 2026-08-15
Seller Property Information Statement The SPIS is Ontario's optional seller-disclosure form — what it covers, why many lawyers advise against signing one, and what it means for buyers. Last reviewed 2026-08-15
Selling a tenanted property Selling with a tenant in place: showing rules, whether the tenancy survives the sale, and the notice mechanics that trip up sellers and buyers. Last reviewed 2026-08-15
Sign-back A sign-back is a counter-offer: the seller amends the buyer's offer and signs it back, restarting the clock. How the volley works and where it ends. Last reviewed 2026-08-15
SNLR SNLR compares homes sold to homes newly listed in the same period — the quickest read on whether a Canadian market favours buyers or sellers. Last reviewed 2026-08-14
Sold conditional Sold conditional means an accepted offer still carries conditions — financing, inspection, or a buyer's home sale — before the deal goes firm. Last reviewed 2026-08-15
Sold data Sold data is the record of what properties actually sold for. Where it lives in Canada, who may display it, and how a VOW puts it on your website. Last reviewed 2026-08-14
Status certificate A status certificate is an Ontario condo corporation's disclosure package — finances, arrears, lawsuits, rules — and the condition every condo offer needs. Last reviewed 2026-08-15
Strata Strata is BC's form of shared property ownership — a strata lot plus a share of common property, governed by a strata corporation and its bylaws. Last reviewed 2026-08-14
Tarion warranty Tarion administers Ontario's new home warranty: one, two and seven-year coverage tiers, deposit protection, and claim windows buyers must not miss. Last reviewed 2026-08-14
Terminated vs expired listing Expired listings run out their agreement's clock; terminated listings end it early. What each status means and what usually happens next. Last reviewed 2026-08-15
Title insurance Title insurance protects against defects in ownership — fraud, liens, survey problems — for a one-time premium. What it covers and what it doesn't. Last reviewed 2026-08-15
TRESA TRESA is Ontario's Trust in Real Estate Services Act — the law governing agents and brokerages, whose 2023 phase rewrote representation and offer rules. Last reviewed 2026-08-14
Underlisting Underlisting prices a home below expected value to manufacture competition — when the tactic works, when it backfires, and the ethics around it. Last reviewed 2026-08-15
Vendor take-back mortgage A vendor take-back mortgage is seller financing: the vendor lends part of the price, registered on title — common when rates climb and markets slow. Last reviewed 2026-08-14
Virtual Office Website Virtual Office Website is the formal term behind the VOW acronym: a site serving registered visitors like brokerage clients. The history and the meaning. Last reviewed 2026-08-14
VOW VOW stands for Virtual Office Website: a registered-visitor experience that shows sold prices and off-market listings on a realtor's own site. Last reviewed 2026-08-14
WCAG WCAG is the W3C's web accessibility standard behind Ontario's AODA rules — the levels, the versions, and what conformance means for a listing site. Last reviewed 2026-08-15

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