Queensland Real Estate Sales Agent Course Glossary of Terms G-L

As a student in the Queensland Sales Agents Course, you will need to be familiar with the following real estate related terms: G General agency authority The vendor appoints an agency but reserves the right to appoint other agencies or to personally sell or lease the property. Of the agencies appointed, only the agency that is the effective cause of the sale or lease is entitled to commission. Also referred to as open or non-exclusive authority. General law title The original system of land titles. A general law title comprises all the documents that show a propertys complete historical record of title ownership. For the title to be clear it must be traceable for a minimum of 30 years without a break, up to and including the current ownership. When the property is resold, the title will be converted to a Torrens title. See Torrens title. Goods and Services Tax (GST) A consumption tax of 10% levied on the final consumer of the goods or services. The supplier of the transaction is responsible for collecting the GST and sending it to the Australian Taxation Office. I Implied easement An encroachment upon property that is not expressly noted on the title but is needed, for example for access or light. Improvements All work done or material used on and for the benefit of the land that improves the values of the land. Does not include work done or material used for the benefit of the land by the Crown or by any statutory public body. Improvements can take the form of, for example, buildings, fences, driveways and retaining walls. Industrial property Property zoned and used for factories and warehouses.

Innocent or injured party The party to the contract who suffers some loss as a result of actions of the party in default. Insolvent A person who has ceased to pay debts in the normal course of business and is bankrupt or in an administrative arrangement with creditors. Insurance A method of guaranteeing or indemnifying an individual or company against loss from a specified hazard. For the payment of an agreed premium, the insurer issues a policy to the insured that gives financial protection for a stated period of time. Investment property Property in which a person invests to get a return on money. J Joint tenants The form of ownership where two or more people purchase a property in equal shares and if one dies, that persons share of the property passes to the surviving owner/s. See co-owners and tenants in common. L Landlord The owner or head lessor of leased property. Land usage The use being made of land or the uses permitted under zoning ordinances. Zoning ordinances act to control land usage in a community. Late bid A bid that is made by a prospective purchaser after a property has been knocked down at auction to the successful bidder. Lease Document detailing the conditions agreed between the landlord (lessor) and the tenant (lessee). Lease is the preferred expression for commercial and industrial property. Tenancy agreement refers to residential property. Leasehold Property held under a lease that is to continue for a period of time.

Leasing The activity of sourcing a tenant, negotiating rental and ensuring that all the legal documentation and requirements are completed before the tenant takes possession. Legal capacity Capacity to legally enter into a contract. Legislation Laws in the form of Acts and Regulations enacted by a state government or the federal government. Lessee See tenant. Lessor See landlord. Liability for trust money The principal estate agent (of a sole trader or partnership) and the officer in effective control (of a corporation) are personally liable for any trust money received by the agency. Licence (estate agent, conveyancer) Formal permission from a government authority to undertake real estate transactions on behalf of other people. Listing The agency obtains the written authority of the principal to act on the principals behalf and records the property or business as being available for sale or for lease. Listing agent The estate agent or agents representative who lists the property on behalf of the estate agency. 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!