R E Acronyms
HOA
What is Homeowners Association?
This professional ‘snapshot’ opinion of a property’s value is required by a bank before closing on a real estate loan.
What is an appraisal?
This term refers to the upfront portion of the purchase price a buyer pays when obtaining a mortgage.
What is a Down Payment?
This is the single most important factor in determining a person’s credit score.
What is payment history?
In The Wizard of Oz, this state is where Dorothy’s home was located when she declared, "There’s no place like home".
What is Kansas?
These are the three major methods used to describe land in legal documents.
What are Metes & Bounds, Lot & Block, and Rectangular?
There is no legally required minimum for this deposit, which can be specified in dollars or as a percentage of the purchase price.
What is earnest money?
Dual Agent/ Agency
What is an agent who represents both parties to a transaction?
PITI
What is Principal, Loan Interest, Property Taxes and Homeowner's Insurance?
A document from a bank that a buyer should have before looking for real estate.
What is pre-approval letter from bank
The term for the increase in the value of property over time. The difference between the market value and the amount owed on the mortgage.
What is Equity (Appreciation)?
The cost of borrowing money. What the bank charges you each month for giving you the loan.
What is Interest?
The most expensive state to buy a home.
What is Hawaii?
Another name for a parcel of land that is 43,560 sq ft.
What is one acre?
What are the three types of listings in Washington State?
What are Open, Exclusive Agency, and Exclusive Right to Sell.
To impose a tax
What is Levy?
ARM
What is an Adjustable Rate Mortgage ?
The legal document used to transfer title of a property from one owner to another.
What is a Deed?
This help pay for Schools, Police, Fire, Ambulance and all costs to run a town.
What are property Taxes?
The single best way to build a positive credit score.
What is making on-time monthly payments?
This real estate-themed board game, released in 1935, quickly became America’s best-selling game.
What is Monopoly?
Liens, easements, encroachments, nuisances, and private restrictions are all examples of this type of claim or limitation on property.
What are Encumbrances?
This illegal real estate practice involves trying to induce someone to sell their home by claiming that people of a certain ethnicity are moving into the neighborhood.
What is Blockbusting?
Crops that produce annually through labor of the cultivator
What is Emblements?
FHA
What is the Federal Housing Administration?
A policy that insures your home and property against damage and liability.
What is a Home Owners Insurance Policy?
A graduated mortgage that has payments begin with low interest rate then increase throughout the duration of the loan.
What is Adjustable Rate Mortgage (ARM)?
These are the two most popular types of mortgages, one with a constant interest rate and one that can change over time.
What is Fixed and Adjustable (ARM)?
This is the name of Elvis Presley's estate.
What is Graceland?
Capacity, mutual consent, _____, _____, and _____ are all required for a valid real estate contract.
What are in writing, lawful objective, and consideration?
A more rigorous estimate of the value of a house then a CMA.
What is an appraisal?
An irrevocable right to use some part of another person's real property for a particular use.
What is an Easement?
MLS
What is Multiple Listing Service?
This type of policy protects a buyer from future claims by others asserting an interest in the property.
What is Title Insurance?
This term refers to obtaining a new mortgage on your current home, often to secure a lower interest rate.
What is Refinancing?
These are the two most common government-backed mortgages in the United States.
What are VA and FHA loans?
This is considered the most expensive private residence in the world, (hint: it's located outside the US).
What is Buckingham Palace?
This house requires a Lead-Based Paint Disclosure Form from the seller.
What is a house built before 1978?
An agent must disclose these types of material facts about a property.
What is what is known to the agent?
This recorded notice indicates that a lawsuit is pending which may affect the title to the defendant’s real estate.
What is Lis Pendens?
PUD
What is a Planned Unit Development?
The form buyers/sellers need to complete a like-kind exchange.
What is a 1031 Exchange Contingency?
This form reports the proceeds from the sale of property, often used by buyers or sellers involved in a like-kind exchange.
What is a 1099 exchange?
The lender plans to keep this loan instead of selling it on the secondary market.
What is a portfolio loan?
This is the longest-running show on HGTV in the United States.
What is House Hunters?
This type of loan requires monthly payments of both principal and interest, but leaves a portion of the principal to be paid in a lump sum at the end of the term.
What is a partially amortized loan?
Many property tax assessment problems can be solved using this formula.
What is: Tax = Assessed Value x Tax rate?
This legal action is used to recover possession of real property from someone who is not legally entitled to it.
What is ejectment?