Acronyms
MLS
Multiple Listing Service
Residential, Commercial, Land
Types of Real Estate
Typically, it comes from the listing side of the transaction.
The Commission
CRM
Customer Relationship Management
One online company's auto generated estimate of a home. Generally seen in the industry as total bullshit.
Zestimate
NAR
National Association of Realtors
The value of your home minus the amount you owe on it.
Equity
Negotiate a good price for the property.
One of the things a buyers agent (or sellers agent) does for their client.
LTV
Loan to Value
Another term for a home's rapid rise in value, some say it can price buyers out of the market.
Appreciation
FSBO
For Sale By Owner
Take classes, background check, pass the exam.
Steps to becoming a real estate agent.
Roughly, the % of buyers who are first time homebuyers.
33%
HOA
Homeowners Association
A massive ownership trend among real estate brokerages, especially in the last 5 years.
Consolidation
CMA
Competitive Market Analysis
All agents must work under one of these.
Broker
Roughly, the % of buyers or sellers who use a Realtor to buy or sell a home.
85-90%
1031
1031 Tax Exchange
As of 5/13, the approximate interest rate for a typical 30-year mortgage.
5.5%
PITI
Principal, Interest, Taxes, Insurance
All Realtors must belong to at least one of these?
Local association, or Board of Realtors.
One agent recommends a client to another agent, usually in another market.
Agent-to-agent referral.
BSMT
Basement:)
Real estate is generally seen as this type of a market.
Cyclical