NSAR TERMS AND DEFINITIONS | COMPLETE GLOSSARY, PRACTICE QUESTIONS & STUDY
GUIDE 2026/2027
Associate Broker - ANS ✔✔An industry member, licensed by the commission to trade in real
estate on behalf of a brokerage, who has completed the broker qualifications but is not involved
in brokerage management.
Commission distribution - ANS ✔✔Where more than one brokerage is involved in a real estate
transaction, a commission split between brokerage and salesperson, as per an employment or
independent contractor agreement between the parties.
Commission allocation - ANS ✔✔When one brokerage is involved in a real estate transaction,
commission funds are allocated between listing and selling portions and then split with the
respective salesperson(s).
Salesperson - ANS ✔✔An industry member, licensed by the commission, who has completed
the salesperson licensing qualifications and is employed or otherwise authorized to trade in real
estate on behalf of a brokerage.
Broker - ANS ✔✔An industry member, licensed by the commission, who has met required
qualifications to operate a brokerage and to trade in real estate on behalf of that brokerage.
Managing associate broker - ANS ✔✔An industry member, licensed by the commission, who has
completed the broker qualifications and is authorized to trade in real estate on behalf of a
brokerage, as well as being authorized to operate or manage a brokerage under the supervision
of a broker.
Employee - ANS ✔✔A relationship in which the employer directly controls and supervises the
work of the employee and is responsible for the employee's actions in the performance of such
work.
,Independent contractor - ANS ✔✔An individual who works according to his/her own methods
and judgement. Tax-related rules apply.
Brokerage - ANS ✔✔A company, partnership or sole proprietorship licensed by the Nova Scotia
Real Estate Commission and authorized to trade in real estate.
Contract of services - ANS ✔✔A contract between employer and employee in which the
employer directs, controls and supervises the employee's activities.
Contract for services - ANS ✔✔A contract between two parties, which details among other
things the scope of contracted duties provided by the independent contractor.
organized real estate - ANS ✔✔Voluntary member organizations consisting of local real estate
boards, provincial/ territorial associations, and the Canadian real estate association.
Provincial/ territorial associations - ANS ✔✔Provincial/ territorial associations, along with real
estate boards and the Canadian real estate association, provide various services to members of
organized real estate.
Nova Scotia associations of realtors - ANS ✔✔A professional trade organization, whose
members are licensed real estate professionals. They is part of organized real estate, which
consists of real estate boards, provincial/ territorial associations and the Canadian real estate
association.
License law - ANS ✔✔Regulatory controls imposed by a governing body upon real estate
licensees. In Nova Scotia, the Nova Scotia real estate commission is responsible for all such
regulatory matters.
Registrar - ANS ✔✔An official recorder, overseer and administrator. They have overall
responsibility for enforcement of the real estate trading act and all related real estate
regulations.
,NSREC Bylaw - ANS ✔✔Regulatory requirements, including procedural and administrative
controls, established and enforced by the Nova Scotia real estate commission.
The Canadian real estate association - ANS ✔✔A national association for realtors across Canada.
They focus primarily on federal government issues and associated lobbying, international
representation, member products/ services and trademark enforcement.
Real estate boards - ANS ✔✔Non-profit corporations established for the benefit of members
and forming one component of organized real estate, the others being provincial/ territorial
associations and the Canadian real estate association.
Multiple listing service - ANS ✔✔An arrangement among brokerages who are real estate board/
association members to share listing information. It is a trade mark of the Canadian real estate
association.
Nova Scotia real estate commission - ANS ✔✔An independent, non- government agency,
responsible for the real estate trading act and associated regulatory requirements in nova
Scotia.
Real estate recovery fund - ANS ✔✔A fund administered by the Nova Scotia commission to
compensate consumers who suffer a financial loss, as a result of fraud or breach of trust by an
industry member in a real estate trade.
Realtor - ANS ✔✔A registered trademark that may only be used by an active member of a real
estate board/ association affiliated with the Canadian real estate association.
Overnight rate - ANS ✔✔A daily rate that banks charge each other for large cash transfers,
typically accomplished in the overnight period.
, Mixed economy - ANS ✔✔An economy that involves both private economic units, as well as
government participation in the direction of economic activity and production of goods and
services.
Consumer price index - ANS ✔✔An indicator of consumer price fluctuations, most commonly
associated with purchasing power comparisons and inflationary pressures.
Real estate cycle - ANS ✔✔A cycle which may differ from other business cycles due to unique
attributes and factors associated with real estate.
Market buble - ANS ✔✔The over expansion of a market due primarily to excessive buyer
confidence resulting in inflated values.
Canada mortgage and housing corporation - ANS ✔✔A federal agency mandated to carry out
various housing- related activities, including participation in the residential mortgage market.
Business cycle - ANS ✔✔A series of economic events which take place in the same approximate
order and time interval.
Subjective value - ANS ✔✔Value that exists in the mind of the buyer or seller, as distinct from
objective value based on cost.
Objective value - ANS ✔✔Direct cost of creating, as distinct from perceived value in the mind of
the buyer or seller.
Market price - ANS ✔✔Price paid for an individual property, as distinct from market value which
is based on the sale of many properties (and associated market prices).
Market value - ANS ✔✔The highest price in terms of money, which a property will bring to a
willing seller if exposed for sale on the open market allowing a reasonable time to find a willing
GUIDE 2026/2027
Associate Broker - ANS ✔✔An industry member, licensed by the commission to trade in real
estate on behalf of a brokerage, who has completed the broker qualifications but is not involved
in brokerage management.
Commission distribution - ANS ✔✔Where more than one brokerage is involved in a real estate
transaction, a commission split between brokerage and salesperson, as per an employment or
independent contractor agreement between the parties.
Commission allocation - ANS ✔✔When one brokerage is involved in a real estate transaction,
commission funds are allocated between listing and selling portions and then split with the
respective salesperson(s).
Salesperson - ANS ✔✔An industry member, licensed by the commission, who has completed
the salesperson licensing qualifications and is employed or otherwise authorized to trade in real
estate on behalf of a brokerage.
Broker - ANS ✔✔An industry member, licensed by the commission, who has met required
qualifications to operate a brokerage and to trade in real estate on behalf of that brokerage.
Managing associate broker - ANS ✔✔An industry member, licensed by the commission, who has
completed the broker qualifications and is authorized to trade in real estate on behalf of a
brokerage, as well as being authorized to operate or manage a brokerage under the supervision
of a broker.
Employee - ANS ✔✔A relationship in which the employer directly controls and supervises the
work of the employee and is responsible for the employee's actions in the performance of such
work.
,Independent contractor - ANS ✔✔An individual who works according to his/her own methods
and judgement. Tax-related rules apply.
Brokerage - ANS ✔✔A company, partnership or sole proprietorship licensed by the Nova Scotia
Real Estate Commission and authorized to trade in real estate.
Contract of services - ANS ✔✔A contract between employer and employee in which the
employer directs, controls and supervises the employee's activities.
Contract for services - ANS ✔✔A contract between two parties, which details among other
things the scope of contracted duties provided by the independent contractor.
organized real estate - ANS ✔✔Voluntary member organizations consisting of local real estate
boards, provincial/ territorial associations, and the Canadian real estate association.
Provincial/ territorial associations - ANS ✔✔Provincial/ territorial associations, along with real
estate boards and the Canadian real estate association, provide various services to members of
organized real estate.
Nova Scotia associations of realtors - ANS ✔✔A professional trade organization, whose
members are licensed real estate professionals. They is part of organized real estate, which
consists of real estate boards, provincial/ territorial associations and the Canadian real estate
association.
License law - ANS ✔✔Regulatory controls imposed by a governing body upon real estate
licensees. In Nova Scotia, the Nova Scotia real estate commission is responsible for all such
regulatory matters.
Registrar - ANS ✔✔An official recorder, overseer and administrator. They have overall
responsibility for enforcement of the real estate trading act and all related real estate
regulations.
,NSREC Bylaw - ANS ✔✔Regulatory requirements, including procedural and administrative
controls, established and enforced by the Nova Scotia real estate commission.
The Canadian real estate association - ANS ✔✔A national association for realtors across Canada.
They focus primarily on federal government issues and associated lobbying, international
representation, member products/ services and trademark enforcement.
Real estate boards - ANS ✔✔Non-profit corporations established for the benefit of members
and forming one component of organized real estate, the others being provincial/ territorial
associations and the Canadian real estate association.
Multiple listing service - ANS ✔✔An arrangement among brokerages who are real estate board/
association members to share listing information. It is a trade mark of the Canadian real estate
association.
Nova Scotia real estate commission - ANS ✔✔An independent, non- government agency,
responsible for the real estate trading act and associated regulatory requirements in nova
Scotia.
Real estate recovery fund - ANS ✔✔A fund administered by the Nova Scotia commission to
compensate consumers who suffer a financial loss, as a result of fraud or breach of trust by an
industry member in a real estate trade.
Realtor - ANS ✔✔A registered trademark that may only be used by an active member of a real
estate board/ association affiliated with the Canadian real estate association.
Overnight rate - ANS ✔✔A daily rate that banks charge each other for large cash transfers,
typically accomplished in the overnight period.
, Mixed economy - ANS ✔✔An economy that involves both private economic units, as well as
government participation in the direction of economic activity and production of goods and
services.
Consumer price index - ANS ✔✔An indicator of consumer price fluctuations, most commonly
associated with purchasing power comparisons and inflationary pressures.
Real estate cycle - ANS ✔✔A cycle which may differ from other business cycles due to unique
attributes and factors associated with real estate.
Market buble - ANS ✔✔The over expansion of a market due primarily to excessive buyer
confidence resulting in inflated values.
Canada mortgage and housing corporation - ANS ✔✔A federal agency mandated to carry out
various housing- related activities, including participation in the residential mortgage market.
Business cycle - ANS ✔✔A series of economic events which take place in the same approximate
order and time interval.
Subjective value - ANS ✔✔Value that exists in the mind of the buyer or seller, as distinct from
objective value based on cost.
Objective value - ANS ✔✔Direct cost of creating, as distinct from perceived value in the mind of
the buyer or seller.
Market price - ANS ✔✔Price paid for an individual property, as distinct from market value which
is based on the sale of many properties (and associated market prices).
Market value - ANS ✔✔The highest price in terms of money, which a property will bring to a
willing seller if exposed for sale on the open market allowing a reasonable time to find a willing
