Real Estate Vocabulary
A person licensed to represent buyers and sellers in real estate transactions.
What is a real estate agent?
This is typically the first financial step a buyer takes when making an offer.
What is an earnest money deposit?
The popular family attraction in Goshen that opened in 2021.
What is LEGOLAND New York?
Buyers should always get this before touring homes.
What is a mortgage pre-approval?
The name of the day agents volunteer in their communities.
What is RED Day?
A legal right to use another’s land for a specific purpose.
What is an easement?
A closing disclosure must be delivered to the buyer how many days before closing?
What is 3 business days?
This historic village is famous for arts, crafts, and fall festivals.
What is Sugar Loaf?
Sellers should do this to their home before listing
What is declutter or stage it?
The Keller Williams profit-sharing model is also known as this.
What is the Growth Share or Profit Share system?
The estimate of a property's current market value by a professional.
What is an appraisal?
This type of contingency protects the buyer if financing falls through.
What is a mortgage contingency?
Known for wineries, this trail is a favorite among tourists.
What is the Shawangunk Wine Trail?
This cost is often overlooked by first-time buyers at closing.
What are closing costs?
This popular Keller Williams training event happens every February.
What is Family Reunion?
The legal process of verifying a property’s ownership history.
What is a title search?
This is paid to a lender to lock in a specific interest rate.
What is a rate lock fee?
This Orange County park is perfect for hiking, biking, and fishing.
What is Harriman State Park?
This type of mortgage allows your interest rate to stay the same for the entire loan term, providing predictable monthly payments for 15, 20, or 30 years.
What is a fixed-rate mortgage?
The system Keller Williams uses to help agents build a big business.
What is the MREA model?
A document outlining the terms of a real estate transaction.
What is a purchase agreement?
The final walk-through happens during this time frame.
What is 24-48 hours before closing?
This Revolutionary War-era fort, located along the Hudson River in New Windsor, served as the final encampment for the Continental Army and was the site where George Washington famously quelled a potential military rebellion with the “Newburgh Address.”
What is the New Windsor Cantonment?
This term refers to the upfront charge expressed as a percentage of the loan amount that a borrower can pay to lower their mortgage interest rate, often called “buying down the rate.”
What are mortgage points?
Gary Keller's best-selling book for real estate success.
What is The Millionaire Real Estate Agent?