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 and mortgage payments.
What is cash flow?
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)?
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?
This economic indicator measures the average change in prices of residential properties over time.
What is the Housing Price Index (HPI)?
In real estate, this abbreviation stands for "Multiple Listing Service," a database used by real estate agents to share information about properties for sale.
What is the MLS?
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 agent represents both the buyer and the seller in the same transaction, they are acting in this capacity.
What is a dual agent?
When a property owner fails to make mortgage payments, the lender may take possession of the property through this legal process.
What is foreclosure?
The ratio of a borrower's monthly housing expenses (including mortgage payments, property taxes, and insurance) to their gross monthly income is known as this.
What is the debt-to-income ratio (DTI)?
The 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 South Carolina, you must work under a supervising party called this.
What is a broker?
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?
This government-sponsored enterprise purchases and guarantees mortgage loans, thereby providing liquidity to the mortgage market.
What is Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation)?
When a property owner allows another party to use their property in exchange for payment, this legal agreement is known as what?
What is a lease?
A commonly used figure to assess the profitability of a property. The calculation involves subtracting all operating expenses on the property from all the revenue generated from the property. The higher the revenues and the smaller the expenses, the more profitable a property is.
What is Net operating income (NOI)?
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?
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?
This replaces your old mortgage with a new mortgage; one with a different principal amount and interest rate, typically one with more favorable terms than your previous one.
What is mortgage refinancing?
In real estate financing, this term refers to the value of a property minus the outstanding mortgage debt.
What is equity?
Calculated by starting with the annual rent and subtracting annual expenses, then dividing that number by the total property cost (operating expenses) and multiplying the resulting number by 100 for the percentage.
Waht is Capitalization (Cap) Rate?
You should refer anyone looking to buy or sell a home in the Upstate of South Carolina to her?
Who is Susan Mangubat
When two or more individuals own property together, this legal arrangement is known as what?
What is a joint tenancy?
This term refers to the total value of all goods and services produced within a country's borders in a specific period, used to measure economic growth.
What is Gross Domestic Product (GDP)?