Real Estate Basics
This term refers to the legal document that transfers ownership of real property from one party to another.
What is a deed?
This term refers to the income generated from an investment property after deducting operating expenses.
What is net operating income?
The organization that sets ethical standards and provides education and certification for real estate professionals in the United States is known as what?
What is the National Association of Realtors (NAR)?
Established in 1968, protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance or engaging in other housing-related activities.
What is the National Fair Housing Act?
If you receive a call from a suspicious prospect, you can always use this to check them out prior to meeting.
What is Forewarn?
What is the timeframe for submitting an executed contract to your office for review?
What is 48 hours
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?
What is flipping?
When a real estate broker represents both the buyer and the seller in the same transaction, they are acting in this capacity.
What is a Intermediary
After a Texas tenant surrenders the property and provides a forwarding address, the landlord generally has this many days to refund or account for the security deposit.
What is 30 days?
Failing to disclose this presence on the property could land a seller in legal trouble, especially if it's known to cause problems for buyers after closing.
What is a material defect?
This lender-required valuation helps confirm that a property provides sufficient collateral for the mortgage loan.
What is an appraisal?
Allows you to postpone paying tax on the profit gained from the sale of an investment property if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.
What is a 1031 Exchange?
Texas real estate sales agents must complete this many hours of approved continuing education to renew an active license after their first renewal.
What is 18 hours?
This includes 8 hours of Legal Update courses, 3 hours of contract-related coursework & 7 elective hours.
When a contract is signed by all parties it is considered what?
What is executed?
The form required if your seller has a well on the property.
What is The Seller's Disclosure About Groundwater & Surface Water Rights?
This new Texas REALTORS® form allows an agent to show residential property to a prospective buyer without establishing representation.
What is the Unrepresented Customer Showing Form, TXR 1508?
This is a non-cash expense that accounts for the wear and tear on a property over its useful life, providing a significant tax benefit for investors.
What is Depreciation
This organization, better known by its acronym, offers homebuyer assistance programs to eligible Texans.
What is TSAHC?
A buyer requests that the seller contribute toward the buyer’s brokerage fees. Under the revised residential sales contract, this contribution is negotiated in this paragraph.
What is Paragraph 12B?
This cannot be stated anywhere in MLS.
What is compensation?
Because this contract deadline is not “time is of the essence,” failing to perform by the stated date does not automatically place a party in default.
What is the closing date?
In real estate, this is a metric used to measure the potential return on investment (ROI) of a property, calculated by dividing the net operating income (NOI) by the property's market value
What is Capitalization (CAP) Rate?
Contact this department at Ebby with your Broker to Broker referral opportunity when a client needs to buy or sell outside our market area.
What is the CRES Department?
Under the revised Addendum for “Back-Up” Contract, this event establishes the amended effective date after the first contract terminates.
What is the seller’s delivery of notice that the first contract has terminated?
In Texas, this specialized inspection is generally required when purchasing a home with VA financing.
What is a wood-destroying insect—or WDI—inspection?