Queensland Real Estate Sales Agent Course Glossary of Terms M-Q

As a student in the Queensland Sales Agents Course, you will need to be familiar with the following real estate related terms: M Maintenance The process of keeping a property in the condition appropriate for its use. Managing agent An estate agent who manages the property on an ongoing basis on behalf of the landlord. Management includes, for example, collecting the rent, lodging and claiming the bond, inspecting the property and advising the landlord on maintenance, resolving disputes and representing the landlord before VCAT. Marketing plan A written description of how a salesperson intends to advertise a property to achieve the best price within a reasonable time. Mortgage A written contract giving the lender of finance certain rights over specific property, for example, the house being bought by the borrower being encumbered as security for the loan. Mortgagee Person or organisation that lends money under a mortgage agreement. Mortgagee sale If the mortgagor (borrower) defaults on the mortgage, the mortgagee (lender) can seek to recover the debt by selling the property that was the security for the loan under the mortgage. Mortgagor A person who takes out a mortgage on a property. N Negligence A failure to exercise a duty of care that is the direct cause of another persons loss or injury. The injured person may make a claim for damages.

Notice of intention to vacate Written notice given by the tenant to the landlord or agent advising that the tenant wants to end the lease or tenancy agreement and vacate the property. Notice to vacate Notice given by the landlord to the tenant advising that the landlord wants to end the lease or tenancy agreement and wants the tenant to vacate the property. O Occupancy Having possession of property. Physically residing in the property as the owner or a tenant. Off the plan Purchasing off the plan means buying a property before it has been built or subdivided. These purchases are usually based on the designers or surveyors plans and models. Offence Breach of the law (Acts and Regulations). Officer in effective control The title given to the principal estate agent responsible for the financial and day-to-day management of an estate agency business that is a corporation. On the market Available for sale. More usually a term used at auction where a price is reached, at or above which the vendor is prepared to sell. See reserve price. Open for inspection The times set aside and advertised when prospective purchasers can view a property for sale. Outgoings Any costs incurred by the vendor or landlord in addition to the agents commission, for example, advertising costs. All outgoings are negotiable. Any costs in addition to the rent, for which a tenant is responsible under the terms of the lease, for example, rates and insurance premiums. Over-capitalisation Spending on an improvement or asset that is not reflected in increased property value; the cost of improvement is greater than the value added to the property.

Overquoting The illegal practice of overstating the estimated selling price of a property. This is usually done to encourage a vendor to list. Owners corporation The body corporate that has collective ownership of the common areas in a subdivision of land or buildings. It is responsible for the administration, upkeep and insurance of the common areas shared by all the owners (the common property). Ownership The right to possess and use property to the exclusion of others. P Party in default The party to the contract that is in breach of the contract or terms of the contract. Passed in The circumstance where a property for auction is not sold, usually because it has not reached the vendors reserve price. Penalty Punishment for breach of a law, usually in the form of a fine or a jail sentence. Penalty unit Under Victorian legislation, a penalty unit is $113.42 at 1 July 2008. The value of the penalty unit is updated annually on 1 July and can be found by visiting Gazette , selecting Gazettes and entering the search term Penalty unit. Under Commonwealth legislation, a penalty unit is currently $110.00. Periodic tenancy Where a tenancy agreement has a commencement date and continues from one rental period to another. Notice to terminate the agreement may be given by either party during this period as set out in the governing tenancy legislation. Prescribed A requirement or form set out in an Act or Regulation. Principal The person who engages the services of an agency and to whom the agency should look for payment of the commission or fees, in return for services rendered. Is generally the owner of the property (vendor or landlord) or may be another person who engages the agency.

The estate agent in charge and responsible for the day-to-day administration of an estate agency and who, in the case of a corporation, is also the officer in effective control. Principal office The head office of the estate agency. The principal agent or officer in effective control of a corporation administers the day-to-day operations of the agency from its principal office. Private sale A property or business sold by direct negotiations undertaken privately with prospective purchasers. Not sold by auction. An agent might or might not be involved in the sale. Privity Participation in the knowledge of something private or secret, not involving a third party. Professional indemnity insurance Provides protection for the agency against legal liability arising from the conduct and practice of the business and its employees. Property management The activities of leasing property, collecting rents, selecting tenants and maintaining and managing the property for the landlord. Public liability insurance Insuring against the accidental death, injury or damage caused to another person by the negligence of an estate agent or employees. Purchase price The amount agreed between the vendor and the purchaser for the sale of a property. Purchaser The buyer; the person who acquires title to or ownership of a property or an interest in a property. Intelltrain delivers the Queensland Sales Agent Course and the New South Wales Certificate of Registration Course via our online learning portal, so you can get started training to sell real estate today!