Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Commission


Synonyms:charge, cost for services, fee
Acronyms &
abbreviations:
comm
Filed Under: abbreviation, financial-banking, insurance, investments, mortgages, real-estate
Tags: agent, broker, classifieds, insurance, investment, mortgage, property listing, realty
 

Definition of commission (comm)

commission (comm)
1. A fee commonly paid to salespeople in a number of fields for closing a sale. Companies generally use commissions in order to incentivize their employees to work harder and close more deals.
2. A fee paid to an agent or mortgage broker for negotiating a real estate or loan transaction, often expressed as a percentage of the property selling price. Mortgage brokers use commissions as a source of income so that they can offer advice to their clients.

Related Terms and Acronyms:

  • basis point (BPS)   A unit of measure: 1/100th of one percent. For example, the difference between a 9.0% loan and a 9.5% loan is 50 basis points.
      ➥  Used by mortgage brokers and lenders when discussing mortgage rates and determining commissions.
  • buy-down mortgage   A home loan in which the lender charges below-market interest in exchange for discount points.
  • cost of living adjustment (COLA)   A method used to keep salaries and benefits in line with inflation by following an index such as the Consumer Price Index.
  • exclusive listing   A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
  • insurance broker   An agent who sells insurance policies.
  • Mortgage Broker (MB)   One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
  • no-load annuity   An annuity that pays the salesperson no commission and has low fees and expenses. A no-load annuity is often sold by an insurer directly.
  • no-load life insurance   A type of life insurance policy that is sold without a commission for the selling agent.
  • realtor   A real estate broker or an associate holding active membership in a real estate board.
  • seller broker   One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.

More Related Terms and Acronyms

Search the Glossary

Best Mortgage Rates
With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.
Mortgage Rates
 
Below is a listing of our most popular mortgage product inquiries made using our online mortgage application for all of Canada.

Mortgage Product Type Inquiries
Mortgage Pre-approval21.57%
First-time Home Buyer17.26%
New Purchase15.31%
Refinance/Consolidate Debt14.19%
No Money Down discontinued11.65%
Mortgage Renewal10.16%
Other9.85%
 
Mortgage Qualification Calculator
Our mortgage qualification calculator will help you get a better idea of how much you can afford. Just enter a mortgage amount, choose a rate and find out how much your dream home will cost to own. You may be closer than you think to owning your home. Try it!
Mortgage Qualification Calculator