Buyers/Sellers
A person or entity that has a contractual relationship with a real estate agent or broker
What is a client?
The document is used to form a legally binding contract between buyer and seller.
What is the Purchase and Sale Agreement?
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?
DOM
What is Days On Market?
In The Wizard of Oz, Dorothy said, "There is no place like home!"... Her home was in this tornado prone state.
What is Kansas?
A deposit made by a purchaser of real estate to evidence good faith.
What is trust/escrow money.
A written agreement between agent and the buyer/seller as to how the agent will represent the client.
What is Confirmation of Agency (COA)?
This is a zero down loan for rural areas that isn't backed by the Veteran's Association.
What is the United States Department of Agriculture loan (USDA)?
FHA
What is Federal Housing Administration?
The Flintstones lived in this town.
What is Bedrock?
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?
A written agreement between a real estate buyer and a real estate agent that outlines the terms of their working relationship, including the services the agent will provide to the buyer, the buyer's expectations, and how the agent will be compensated for their work
What is a Buyer Representation Agreement?
A mortgage loan that is not insured or guaranteed by the government.
What is a conventional loan?
NOO
What is Non-Owner-Occupied?
This Real estate board game became the best-selling game in America just one year after it was created.
What is Monopoly?
Established in 1968, this law 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 Fair Housing Act?
This document is used to disclose that you are related to a buyer or a seller.
What is a personal interest disclosure?
An opinion or estimate of a property value.
What is the appraisal?
USDA
What is United States Department of Agriculture?
Elvis Presley's home is named this.
What is Graceland?
A legal arrangement in which two or more people own a property together, each with equal rights and obligations.
What is joint tenancy?
A contractual clause & agreement that gives the right holder the first opportunity to make an offer to buy the property.
What is the buyers first right of refusal?
This is the Federal Reserve's main tool for combating inflation, which can have a significant impact on the real estate market.
What are interest rates?
RESPA
What is Real Estate Settlement Procedures Act?
This is the number of bedrooms in the White House?
What is 16?