Real Estate Acronyms
EMD
What is Earnest Money Deposit
This term is used to describe a professional estimate/opinion on the value of real estate
What is appraisal
Buyer makes an offer. Agree on price and general terms, enter into a P&S agreement.
Contracting/Purchase and Sale Agreement
The amount of Down Payment you will need if you are putting 20% on a $480,000. purchase.
What is $96,000
In The Wizard of Oz, Dorothy said, "There is no place like home!" Her home was in this tornado prone state.
What is Kansas
HOA
What is Homeowners association
a drawing of your property that details the location of the lot, property lines, home, and any other structures within its bounds
What is survey
Buyer pays the remaining amount of the purchase price above the deposit. May execute a loan and mortgage agreement. Last minute check state of title.
Closing
What is the standard real estate commission paid, usually split evenly between the buyer's agent and seller's agent?
What is 6%
The Flintstones lived in this town.
What is Bedrock
MLS
What is Multiple Listing Service
What document must a buyer provide before they can see a property or make an offer to purchase real estate?
What is Pre-approval letter
Content of Deed
Identifies parties, describes property being conveyed, states grantor's intent, contains grantor's signature
43,560 square feet.
What is an Acre in sqft
This real estate board game became the best-selling game in America just one year after it was created.
What is Monopoly
CMA
What is Comparative Market Analysis
What document must a seller provide to a buyer that reveals all known defects of the property?
What is Seller's Disclosures
Promissory Note and Mortgage
Mortgage
9 SQUARE FEET=? SQUARE YARDS
What is 1
DAILY DOUBLE!!!!!
Elvis Presley's home is named this.
What is Graceland
CTC
What is Clear to close
Disclosure required if a house was built before 1978
What is Lead based paint disclosure
DAILY DOUBLE!!!!
Buyer's obligations are contingent upon seller's ability to convey marketable title, buyer's ability to get adequate financing, inspection of premises.
Executory Period
I put down $128,000 to buy a rental property and after the first year my cash flow was $7,800. What was my cash on cash return?
What is 6%
Walt Disney created this town near Orlando to look like 1940s southeastern town with traditional architecture.
What is Celebration, Florida