Terms To Know
This term is used to describe a professional estimate/opinion on the value of real estate.
What is an Appraisal?
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?
The cost of borrowing money. What the bank charges you each month for giving you the loan.
What is Interest?
FSBO
The name of Elvis Pressley's home in Memphis, TN.
What is Graceland?
This term refers to the legal document that transfers ownership of real property from one party to another.
What is a deed?
The Article in the Code of Ethics that requires REALTORS to protect and promote the interests of their clients above their own.
What is Article 1?
In real estate financing, this term refers to the value of a property minus the outstanding mortgage debt.
What is equity?
CMA
In The Wizard of Oz, Dorothy said, "There is no place like home!"... Her home was in this tornado prone state.
What is Kansas?
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?
A REALTOR could face legal consequences for mixing client funds with personal funds, a violation of this standard practice.
What is Commingling?
2 government backed mortgages.
What are FHA and VA?
What is the Multiple Listing Service?
DAILY DOUBLE:
Movie starring Christian Bale & Steve Carrell about taking advantage of the economic and housing market collapse
What is The Big Short?
When two or more individuals own property together, this legal arrangement is known as what?
What is joint tenancy?
This covers the legal costs and expenses in defending an agent that is accused of providing inadequate advice or services to their client, breached their fiduciary duty, or otherwise making alleged errors when conducting business.
What is Errors & Omissions (E&O) Insurance?
The proportion of your debt obligations relative to your gross monthly income.
WDI
What is Wood Destroying Insect?
Movie Plot: Newlyweds and their three children move into a large house where a mass murder was committed.
What is The Amityville Horror?
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?
In real estate, what is the term for the illegal practice of directing buyers or renters to or away from certain neighborhoods based on their race, religion, or national origin?
What is Steering?
A lump sum payment due after a specific loan term
What is a balloon payment?
PITI
What is Principal, Loan Interest, Property Taxes and Homeowner's Insurance?
Movie Starring Tom Hanks and Shelley Long as a couple attempting to Renovate a recently purchased home?
What is The Money Pit?