Industry Acronyms
The acronym O.T.P
What is Offer to Purchase
"Price is what you pay, Value is what you get"
Who is warren Buffett?
This term is used to describe a professional estimate/opinion on the value of real estate.
What is an appraisal/valuation?
In the Wizard of Oz, Dorothy said, "There's no place like home" ...... Her home was in this tornado prone state.
What is Kansas?
The longest time a property can be listed.
What is 365 Days?
The acronym D.O.M.
What is Days on the Market
"90% of millionaires become so through owning real estate"
Who is Andrew Carnegie?
This document is used to identify the new owner once an interest in property has passed to another party.
What is a Title?
The Flinstones lived in this town.
What is bedrock?
5%
What is the standard real estate commission paid for listing a property?
The acronym N.A.R.
What is National Association of Realtors
"Everything Real Estate"
Who is Sagicor property Services?
Money buyers put down when they have an accepted offer.
What is Deposit?
Elvis Presley's home.
What is Graceland?
3-6 months
What is the standard time for a sale to close?
The acronym C.M.A.
What is Comparative Market Analysis
"Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid in full and managed with reasonable care, it is about the safest investment in the world"
Who is Franklin D. Roosevelt?
The document used to form a legally binding contract between buyer and seller.
What is the Agreement for Sale?
Two brothers who sell houses.
What is Property Brothers?
Total of Principal, Interest, Taxes and Insurance.
What is a Mortgage Payment?
The acronym L.T.V.
What is Loan to Value
"Buy land, they're not making them anymore
Who is Mark Twain?
This document is used to verify a residential customer.
What is a Know Your Customer Form/Client Information Form?
This TV show is hosted in many different states and all have a million US dollars in common.
What is Million Dollar Listing?
43,500
What is the total square feet in an acre?