Real Estate Vocabulary (Guide to Passing the PSI Real Estate Exam) 346
Q&A.| 2025 LATEST UPDATED
Acceleration clause - (answers)Usually written into a mortgage to allow the lender to accelerate
or call the entire principal balance of the mortgage, plus accrued interest, when the payments
become delinquent.
Adjusted cost base - (answers)The value of the real property established for tax purposes. It is
the original cost plus any allowable capital improvements, plus certain acquisition costs, plus any
mortgage interest costs, and less any depreciation taken.
Agreement of purchase and sale - (answers)A written agreement between the owner and a
purchaser for the purchase of real estate on a predetermined price and terms.
Amenities - (answers)Generally, those parts of the condominium or apartment building that are
intended to beautify the premises and that are for the enjoyment of occupants rather than for
utility.
Amortization - (answers)The reduction of a loan through periodic payments in which interest is
charged only on the unpaid balance.
Amortization period - (answers)The actual number of years it will take to repay a mortgage loan
in full. This can be well in excess of the loan's term. For example, mortgages often have 5-year
terms, but 25-year amortization periods.
Analysis of property - (answers)The systematic method of determining the performance of
investment real estate using a property analysis form.
Appraised value - (answers)An estimate of the fair market value of the property, usually
performed by an appraiser.
吗？还是指某个特定的词或概
, Assessment fee - (answers)Also referred to as maintenance fee. A monthly fee that condominium
owners must pay, usually including management fees, costs of common property upkeep, heating
costs, garbage-removal costs, the owner's contribution to the contingency reserve fund, and so
on. In the case of time-shares, the fee is normally levied annually.
Assumption agreement - (answers)A legal document signed by a homebuyer to assume
responsibility for the obligations of a mortgage made by a former owner.
Balance sheet - (answers)A financial statement that indicates the financial status of a
condominium corporation or apartment building, or other revenue property, at a specific point in
time by listing its assets and liabilities.
Base rent - (answers)The fixed rent paid by a tenant. This is separate from any rent paid as a
result of extra charges or percentage rents.
Beginning Undepreciated Capital Cost - (answers)The amount prior to CCA being taken.
Blended payments - (answers)Equal payments consisting of both a principal and an interest
component, paid each month during the term of the mortgage. The principal portion increases
each month, while the interest portion decreases, but the total monthly payment does not change.
Budget - (answers)An annual estimate of a condominium corporation or apartment building's
expenses and the revenues needed to balance those expenses. There are operating budgets and
capital budgets.
Buildings - (answers)The buildings included in a property. In the case of a condominium
purchase, usually refers to the parts that are divided into the units and the common area.
Canada Mortgage and Housing Corporation - (answers)The federal Crown corporation that is
governed by the National Housing Act. Services include providing housing information and
assistance, financing, and insuring home purchase loans for lenders.
吗？还是指某个特定的词或概
Q&A.| 2025 LATEST UPDATED
Acceleration clause - (answers)Usually written into a mortgage to allow the lender to accelerate
or call the entire principal balance of the mortgage, plus accrued interest, when the payments
become delinquent.
Adjusted cost base - (answers)The value of the real property established for tax purposes. It is
the original cost plus any allowable capital improvements, plus certain acquisition costs, plus any
mortgage interest costs, and less any depreciation taken.
Agreement of purchase and sale - (answers)A written agreement between the owner and a
purchaser for the purchase of real estate on a predetermined price and terms.
Amenities - (answers)Generally, those parts of the condominium or apartment building that are
intended to beautify the premises and that are for the enjoyment of occupants rather than for
utility.
Amortization - (answers)The reduction of a loan through periodic payments in which interest is
charged only on the unpaid balance.
Amortization period - (answers)The actual number of years it will take to repay a mortgage loan
in full. This can be well in excess of the loan's term. For example, mortgages often have 5-year
terms, but 25-year amortization periods.
Analysis of property - (answers)The systematic method of determining the performance of
investment real estate using a property analysis form.
Appraised value - (answers)An estimate of the fair market value of the property, usually
performed by an appraiser.
吗？还是指某个特定的词或概
, Assessment fee - (answers)Also referred to as maintenance fee. A monthly fee that condominium
owners must pay, usually including management fees, costs of common property upkeep, heating
costs, garbage-removal costs, the owner's contribution to the contingency reserve fund, and so
on. In the case of time-shares, the fee is normally levied annually.
Assumption agreement - (answers)A legal document signed by a homebuyer to assume
responsibility for the obligations of a mortgage made by a former owner.
Balance sheet - (answers)A financial statement that indicates the financial status of a
condominium corporation or apartment building, or other revenue property, at a specific point in
time by listing its assets and liabilities.
Base rent - (answers)The fixed rent paid by a tenant. This is separate from any rent paid as a
result of extra charges or percentage rents.
Beginning Undepreciated Capital Cost - (answers)The amount prior to CCA being taken.
Blended payments - (answers)Equal payments consisting of both a principal and an interest
component, paid each month during the term of the mortgage. The principal portion increases
each month, while the interest portion decreases, but the total monthly payment does not change.
Budget - (answers)An annual estimate of a condominium corporation or apartment building's
expenses and the revenues needed to balance those expenses. There are operating budgets and
capital budgets.
Buildings - (answers)The buildings included in a property. In the case of a condominium
purchase, usually refers to the parts that are divided into the units and the common area.
Canada Mortgage and Housing Corporation - (answers)The federal Crown corporation that is
governed by the National Housing Act. Services include providing housing information and
assistance, financing, and insuring home purchase loans for lenders.
吗？还是指某个特定的词或概
