Industry Acronyms
FSBO
What is For Sale by Owner?
This term is used to describe a professional estimate/opinion on the value of real estate
What is an appraisal?
The average commission amount in this area
What is 2.5%?
OR - Split is 2.5%/2.5%
In The Wizard of Oz, Dorothy said, "There is no place like home!"... Her home was in this tornado prone state.
What is Kansas?
Ernest Money Deposit
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 a Grant Deed?
DAILY DOUBLE!!!
Current APR for a Conventional Loan (as of Nov 12).
What is 6.95%?
The Flintstones lived in this town.
What is Bedrock?
ARM
What is an Adjustable Rate Mortgage ?
A buyer signs this before an agent can show them houses.
What is a Buyer Broker Agreement?
The average percentage a buyer pays in closing costs.
What is 2-5%?
This Real estate board game became the best-selling game in America just one year after it was created.
What is Monopoly
CMA
What is Comparative Market Analysis?
A home should be vested this way in ensure it passes to a specific person upon the owners death.
What is in a Trust?
The maximum credit a buyer can receive in a FHA loan?
What is 6%?
Elvis Presley's home is named this.
What is GRACELAND
PITI
What is Principal, Interest, Taxes and Insurance?
The company that completes the transaction for buyers and sellers.
What is the title company?
The average percentage a seller pays in closing costs.
What is 8-10%?
Movie starring Christian Bale about taking advantage of the economic and housing market collapse
What is The Big Short