Industry
Acronyms
Acronyms
PITI
What is principle, interest, taxes and insurance
Total of Principle, Interest, Taxes and Insurance
What is a mortgage payment?
This term is used to describe a professional estimate/opinion a snapshot on the value of real estate typically after an offer is made
What is an appraisal?
In The Wizard of Oz, Dorothy said, "There is no place like home!"... Her home was in this tornado prone state.
What is Kansas?
Seller gives listing to only one Brokerage, and listing firm is compensated if anyone finds a buyer
What is Exclusive Right to Sell Listing?
CMA
What is Comparative Market Analysis?
43,560
What is the number of square feet in an acre?
This is the term for the legal document that is most often used to transfer title of real estate from previous to new owner
What is The Deed?
This Real estate board game became the best-selling game in America just one year after it was created
What is Monopoly?
When an agent represents both parties to a transaction
What is a Dual Agent?
NEPA
What is National Environmental Policy Act?
Inspection fees, title fees, recording fees, escrow fees, loan fees
What are closing costs?
You must disclose this to each party in a transaction with written confirmation (pamphlet)
What is an agency disclosure?
Movie starring Christian Bale about taking advantage of the economic and housing market collapse
What is The Big Short?
A contract that has not been put into words, but in actions of the party
What is an implied contract?
FHA
What is Federal Housing Administration?
APR
What is annual percentage rate?
What is the disclosure required by seller that is not part of the contract when selling a home?
What is the form 17 Residential Property Disclosure
Professional and personal lives of real estate agents in a major American city as they sell high-priced properties
What is Million Dollar Listing?
An agreement that is not a valid contract because it lacks a required element
What is a void contract?
PMI
Private Mortgage Insurance
Fee packing, loan flipping, disregarding borrowers' ability to pay
What is predatory lending
Disclosure required if a house was built before 1978
What is the Lead Based Paint Addendum?
The Best Heartwarming Home-Renovation Shows On TV and now a big business in Texas
What is Fixer Upper?
Two or more Owners have ownership
What is Tenants in Common?