NSAR Terms And Definitions Exam
With Complete Solution
Associate Broker - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer An individual who works according to his/her own
methods and judgement. Tax-related rules apply.
Brokerage - Answer A company, partnership or sole proprietorship licensed by the
Nova Scotia Real Estate Commission and authorized to trade in real estate.
Contract of services - Answer A contract between employer and employee in which the
employer directs, controls and supervises the employee's activities.
Contract for services - Answer A contract between two parties, which details among
other things the scope of contracted duties provided by the independent contractor.
organized real estate - Answer Voluntary member organizations consisting of local real
estate boards, provincial/ territorial associations, and the Canadian real estate
association.
,Provincial/ territorial associations - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer Regulatory requirements, including procedural and
administrative controls, established and enforced by the Nova Scotia real estate
commission.
The Canadian real estate association - Answer 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 - Answer 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 - Answer 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 - Answer An independent, non- government agency,
responsible for the real estate trading act and associated regulatory requirements in
nova Scotia.
Real estate recovery fund - Answer 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 - Answer 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 - Answer A daily rate that banks charge each other for large cash
transfers, typically accomplished in the overnight period.
Mixed economy - Answer 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 - Answer An indicator of consumer price fluctuations, most
commonly associated with purchasing power comparisons and inflationary pressures.
Real estate cycle - Answer A cycle which may differ from other business cycles due to
unique attributes and factors associated with real estate.
Market buble - Answer The over expansion of a market due primarily to excessive buyer
confidence resulting in inflated values.
Canada mortgage and housing corporation - Answer A federal agency mandated to
carry out various housing- related activities, including participation in the residential
mortgage market.
Business cycle - Answer A series of economic events which take place in the same
approximate order and time interval.
Subjective value - Answer Value that exists in the mind of the buyer or seller, as distinct
from objective value based on cost.
Objective value - Answer Direct cost of creating, as distinct from perceived value in the
mind of the buyer or seller.
Market price - Answer 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 - Answer 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 buyer, buying with the knowledge of all the uses to which it is adapted and
for which it is legally capable of being used, and with neither buyer or seller acting
under necessity, compulsion or peculiar and special circumstances.
Value in exchange - Answer The price at which goods or services are traded in the open
marketplace. Value in exchange is generally synonymous with market value.
Investment value - Answer A value for real estate purposes, closely associated with
market value, but affected by investment property cash flows, individual investment
objectives and other investor- specific criteria.
With Complete Solution
Associate Broker - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer An individual who works according to his/her own
methods and judgement. Tax-related rules apply.
Brokerage - Answer A company, partnership or sole proprietorship licensed by the
Nova Scotia Real Estate Commission and authorized to trade in real estate.
Contract of services - Answer A contract between employer and employee in which the
employer directs, controls and supervises the employee's activities.
Contract for services - Answer A contract between two parties, which details among
other things the scope of contracted duties provided by the independent contractor.
organized real estate - Answer Voluntary member organizations consisting of local real
estate boards, provincial/ territorial associations, and the Canadian real estate
association.
,Provincial/ territorial associations - Answer 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 - Answer 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 - Answer 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 - Answer 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 - Answer Regulatory requirements, including procedural and
administrative controls, established and enforced by the Nova Scotia real estate
commission.
The Canadian real estate association - Answer 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 - Answer 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 - Answer 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 - Answer An independent, non- government agency,
responsible for the real estate trading act and associated regulatory requirements in
nova Scotia.
Real estate recovery fund - Answer 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 - Answer 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 - Answer A daily rate that banks charge each other for large cash
transfers, typically accomplished in the overnight period.
Mixed economy - Answer 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 - Answer An indicator of consumer price fluctuations, most
commonly associated with purchasing power comparisons and inflationary pressures.
Real estate cycle - Answer A cycle which may differ from other business cycles due to
unique attributes and factors associated with real estate.
Market buble - Answer The over expansion of a market due primarily to excessive buyer
confidence resulting in inflated values.
Canada mortgage and housing corporation - Answer A federal agency mandated to
carry out various housing- related activities, including participation in the residential
mortgage market.
Business cycle - Answer A series of economic events which take place in the same
approximate order and time interval.
Subjective value - Answer Value that exists in the mind of the buyer or seller, as distinct
from objective value based on cost.
Objective value - Answer Direct cost of creating, as distinct from perceived value in the
mind of the buyer or seller.
Market price - Answer 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 - Answer 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 buyer, buying with the knowledge of all the uses to which it is adapted and
for which it is legally capable of being used, and with neither buyer or seller acting
under necessity, compulsion or peculiar and special circumstances.
Value in exchange - Answer The price at which goods or services are traded in the open
marketplace. Value in exchange is generally synonymous with market value.
Investment value - Answer A value for real estate purposes, closely associated with
market value, but affected by investment property cash flows, individual investment
objectives and other investor- specific criteria.
