Real Estate Basics
This term refers to the increase in the value of a property over time.
What is appreciation?
This type of property is a standalone residential building, typically with a yard, and not attached to any other structure.
What is a single-family home?
The initial payment made when purchasing a property, usually a percentage of the total purchase price.
What is a down payment?
The voluntary and intentional relinquishment of a known right or claim is known as this.
What is waiver?
This famous district in Los Angeles is known for its entertainment industry, including film, television, and music.
What is Hollywood?
The process of estimating the value of a property is known as this.
What is appraisal?
This term refers to a property that generates income from housing multiple individual tenants.
What is a multifamily property?
This type of mortgage has a fixed interest rate and fixed monthly payments throughout the loan term.
What is a fixed-rate mortgage?
This clause allows a buyer to back out of a contract if certain conditions are not met.
What is a contingency clause?
Located in Downtown LA, this iconic sports and entertainment venue is home to numerous concerts and events.
What is the Crypto.com Center?
(Staples Center also accepted)
This person represents the seller in a real estate transaction.
Who is the listing agent?
A commercial property that is designed for shopping, with multiple stores in one building, is called this.
What is a shopping mall?
If a borrower fails to make mortgage payments, the lender may use this legal process to take possession of the property.
What is foreclosure?
A legal right or interest in a property granted to someone other than the owner, often to allow the use of the land for a specific purpose.
What is an easement?
This world-famous shopping and dining district in West Hollywood attracts celebrities and tourists alike.
What is Rodeo Drive?
When a buyer makes an offer on a property, the seller may choose to accept, reject, or make a counteroffer. This is known as the process of what?
What is negotiation?
A large farm used for the commercial production of crops or livestock is known as this type of property.
What is a ranch?
A mortgage that exceeds the loan limit set by Fannie Mae and Freddie Mac is known by this term.
What is a jumbo mortgage?
This is a legal document that transfers ownership of a property from one party to another.
What is a deed?
This landmark, situated in Griffith Park, offers stunning views of the city and overlooks the Griffith Observatory.
What is the Hollywood Sign?