Real Estate Lingo
When a home is priced way too high, it’s often said to be sitting on this.
The Market
“I don’t want to list yet, but let me know if you find a buyer.”
Seller
The first thing a listing agent should do before pricing a home.
CMA
The TN Purchase and Sale Agreement is commonly known as RF___?
RF401
In what year was the Multiple Listing Service (MLS) first introduced in the United States?
1908
This term means the money a buyer puts down to show they’re serious about purchasing.
Earnest Money
“I don’t want to overpay. Let’s offer $50,000 under asking and see what happens.”
Buyer
This strategy helps prevent wasted time with buyers who aren’t financially ready.
Preapproval
The appraisal comes in $20,000 below contract price. Your buyer wants to back out. What specific section of the contract determines if they can terminate and still get their earnest money back?
Financing Contingency
The Fair Housing Act, which made housing discrimination illegal, was passed in what year?
1968
An agent who represents both the buyer and the seller in a transaction.
Dual Agent
“I saw my neighbor’s home sell for $400,000, so mine must be worth the same.”
Seller
Prospective clients are looking for real estate professionals that are ____ and ____.
Confident and Competent
Your buyer is under contract, but the seller has refused to move out by the agreed-upon closing date.
Your buyer still wants the home but needs a legal way to force the seller to follow through.
What specific clause in the PSA allows them to compel the seller to perform?
(What is Specific Performance? The buyer can pursue legal action requiring the seller to complete the sale, though this often results in a delayed closing or negotiated settlement.)
In what year did the U.S. housing bubble burst, leading to the Great Recession?
2008
This loan type allows buyers to finance renovation costs into their mortgage.
FHA 203K Renovation Loan
"It appears Mr. Smith purchased a boat and now his DTI is over 50%."
Lender
The #1 reason most real estate agents fail
lack of consistency.
In GA, the buyer has a financing contingency in place, but the deadline passes without a loan denial notice being provided. What happens next under the terms of the contingency?
What is the financing contingency is automatically waived.
Which landmark federal law made redlining (racially biased mortgage lending) illegal
Fair Housing Act of 1968
This legal document officially transfers ownership of a property from seller to buyer.
Deed
A Coin is A Coin
Austin
The single most effective strategy for converting online leads.
Speed to Lead - Under 5 minutes.
Once a contract is executed, you must ______ to the team.
Submit for Review
What year did the first recorded real estate transaction in America take place, and where?
What is 1626, when the Dutch “purchased” Manhattan from the Lenape people