Real Estate 1
Obtaining a new mortgage on your current home usually requires a lower interest rate.
Refinancing
This term refers to the legal document that transfers ownership of real property from one party to another
Deed
What is the typical commission percentage paid by the seller to an agent for selling their home?
2.5%
what type of mortgage loan requires qual payments for 30 years, at which both principal and interest will be satisfied?
Fully amortized loan
What does MLS stand for?
Multiple Listing Service
a house with two units that share a common wall or floor, and are typically built on the same lot. The units can be side-by-side or stacked on top of each other.
Duplex
True or False: Unlicensed team members can show properties to buyer clients for agents.
False
A drawing and description of a property that details the location of the lot, property lines, home, and any other structures within its bounds
Survey
How many years of active licensure, if any, are required for a salesperson licensee to qualify for a brokers license?
3 years
The difference between the market value of a property and the amount owed on the mortgage.
Equity
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
mortgage
A fee or commission charged by a broker
Brokerage
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.
pre-qualification/pre-approval
What is the term for the initial payment made by a buyer to secure a property, often a percentage of the total purchase price?
Down payment
When a property is sold without the seller completing any property repairs.
as-is sale
a legal process that involves the administration of a deceased person's assets and will.
Probate
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?
flipping
What is the term for the increase in the value of a property over time, often due to factors like improvements, renovations, or market demand?
Appreciation
a property is available for purchase directly from the owner rather than through a real estate agent or broker. Some sellers choose this option to avoid paying agent commissions.
FSBO - For Sale by Owner
is an ownership regime in which a building is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
Condominium
What term is used to describe a professional estimate/opinion on the value of real estate?
Appraisal
This term refers to the income generated from an investment property after deducting operating expenses and mortgage payments.
cash flow
a legal process that occurs when a lender takes back a property used as collateral for a loan because the borrower has stopped making payments.
Foreclosure
is a person or entity that acts as an intermediary between a buyer and a seller, usually for a commission.
Broker
Which term defines a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area?
Comparative Market Analysis (CMA)