Real Estate: Terms to Know
Property Tax Definition
What is A tax that is placed on property?
The fee you pay the lender in exchange for borrowing you money.
What is interest?
The number of hours of Real Estate Courses needed to qualify for the job
What is 180?
What do they do
What is represent you when you want to buy or sell a home?
You don't need this to become a real estate agent
What is a college degree
Mortgage Definition
What is Money borrowed from a lender? (The lender has the right to take away your property if you don't pay your mortgage plus any interest accumulated, if any.)
This is the upfront payment a buyer makes when purchasing a home, usually expressed as a percentage of the purchase price
What is down payment?
This is the exam you must take (and pass) after finishing a real estate pre-licensing course to become a licensed agent
What is real estate licensing exam?
Agents are often reimbursed this way, based on a percentage of the sale price of a property
What is a commision?
This benefit of being a real estate agent lets you pick your own ours and be your own boss.
What is flexibility?
Sellers' Market Definition
What is the period where there are fewer goods for sale than people want to buy so sellers can charge more?
The average salary of a Real Estate Agent in Texas
About $84,908
A Real Estate Course needed to qualify for the job
What is Principles of Real Estate
The main duty they have when working with a seller
What is to list and market property?
The first state in the U.S to require real estate licensing
What is California?
Property Appreciation Definition
What is the increase in a property's value over time
The fee you pay to ensure the property has a clear history of ownership. Paying this fee will allow no one to claim the house you're buying.
What is title insurance?
This is the general amount of time you have to complete your pre-licensing course (depends on the state)
What is a few weeks to months?
This is an agreement between a seller and agent that lets the agent try to sell the sellers property for a certain amount of time.
What is a listing agreement?
The first Real Estate company
What is Baird & Warner?
Off-market/Pocket Listing definition
What is the option for sellers to market their home for sale, providing them the ability to maintain privacy, save on commissions, test the waters or create a sense of exclusivity that could result in a higher selling price?
The document that transfers ownership of a house from the seller to the buyer
What is a deed?
This course teaches real estate professionals how to manage property on behalf of owners.
What is a property management course?
This type of professional specializes in managing properties for owners, handling leasing, etc?
Who is a property manager?
This skill is VERY important when working with buyers and sellers to ensure everyone is on the same page.
What is communication?