Real Estate Basics
This term refers to the legal document that transfers ownership of real property from one party to another.
What is a deed?
This term refers to the income generated from an investment property after deducting operating expenses.
What is net operating income?
The organization that sets ethical standards and provides education and certification for real estate professionals in the United States is known as what?
What is the National Association of Realtors (NAR)?
Established in 1968, protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance or engaging in other housing-related activities.
What is the National Fair Housing Act?
If you receive a call from a ghoulish prospect, you can always use this to check them out prior to meeting.
What is forewarn?
This document must be filled in completely when submitted with all other applicable paperwork for your sale.
What is the HUNT Sales Processing Sheet?
A popular real estate investing strategy where an investor purchases a property, renovates it, and then sells it quickly for a profit is known as what?
What is flipping?
When a real estate broker represents both the buyer and the seller in the same transaction, they are acting in this capacity.
What is a DUAL Agent
This legal document provides evidence of ownership of real property and is typically recorded with the county or local government.
What is a title/deed?
Failing to disclose this spooky presence on the property could land a seller in legal trouble, especially if it's known to haunt buyers after closing.
What is a material defect?
The professional process of determining the value of a property is known as?
What is an appraisal?
Allows you to postpone paying tax on the profit gained from the sale of an investment property if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.
What is a 1031 Exchange?
In order to legally practice real estate in New York, you must work under a supervising party called this.
What is a broker?
When a contract is signed by all parties is considered.
What is executed?
When multiple spooky offers come in at once, this can send chills down a listing agent’s spine as they decide how to manage the storm.
What is a multiple offer situation?
These 3 documents must be completed and submitted to MVAdmins email when working as a buyer’s agent before showing them any homes.
What are Fair Housing, Agency, Buyer Agent Agreement?
This should be signed by the seller to verify there are no dig concerns and sent to MVAdmins email before it is listed.
What is a sign request form?
This term refers to the process of verifying a buyer's financial qualifications before showing them homes, typically done by a lender or mortgage broker.
What is pre-qualification/pre-approval?
When a property owner fails to make mortgage payments, the lender may take possession of the property through this legal process.
What is foreclosure?
It’s terrifying to think if this document is not executed prior to touring a home, you may risk not being compensated.
What is a Buyer Agent Agreement?
A sum of money a buyer deposits to demonstrate their serious intent to purchase a property or complete a deal
What is Earnest Money Deposit (Escrow Check)?
In real estate, this is a metric used to measure the potential return on investment (ROI) of a property, calculated by dividing the net operating income (NOI) by the property's market value
What is Capitalization (CAP) Rate?
You should call them if you have anyone looking to buy or sell a home out of the area
What is HUNT Relocation?
In real estate law, this term refers to the process by which the government takes private property for public use, with fair compensation to the property owner.
What is eminent domain?
It is a common find in attics and basements, but sometimes home inspectors will scare buyers with this fungus-like substance.
What is MOLD?