Just The Basics
This term refers to the legal document that transfers ownership of real property from one party to another.
What is a deed?
A lead generation and marketing strategy agents use to generate consistent business from a specific geographic area.
What is Farming?
This government-backed loan is designed specifically for veterans.
What is a VA loan?
An item of personal property that has been permanently attached to real property.
What is a fixture?
MLS
Multiple Listing Service
A property that is sold for less than the debt secured by the property is known as this kind of sale.
What is a "short sale"?
This is a marketing tool in which an interior design is created in a graphic editor.
What is Virtual Staging?
This acronym refers to costs like taxes, insurance, and interest paid monthly.
What is PITI?
The opposite of appreciation.
What is depreciation?
FSBO
For Sale By Owner
A sum of money that a buyer puts forward when making an offer to purchase a home, demonstrating their serious intent to complete the transaction.
What is Earnest Money Deposit (Escrow Check)?
Using professional photography, 3D tours, and even drone footage to showcase a property online falls under this type of real estate marketing.
What is visual marketing?
A legally required document in the United States that provides a detailed summary of the final terms and costs of a mortgage loan, including the loan amount, interest rate, monthly payments, and closing costs
What is a Closing Disclosure (CD)?
An estimate of the most probable market value of a property.
What is an appraisal?
LTV
Loan to Value
A right or claim on real property that secures a debt.
What is a lien?
This fancy French term refers to a housing area on a “dead end” road that offers just about enough space for a truck to turn around.
What is a Cul-de-sac ?
These are the expenses associated with finalizing the real estate transaction, such as escrow fees, title insurance, and recording fees.
What are closing costs?
The price a property would fetch if it was put up for sale under current conditions.
What is a Fair Market Value ?
CC&R
Covenants, Conditions, and Restrictions
This legal description method uses points, angles, and distances to define property boundaries.
What is metes and bounds?
A permit may be required by this organization when operating a drone near an airport or large parks.
What is the Federal Aviation Administration (FAA)?
This type of loan requires regular payments covering both principal and interest, with the balance fully paid off by the end of the term.
What is a fully amortized loan?
This clause in an offer lets the seller know the buyer is willing to beat competing offers up to a max price.
What is an escalation clause?
FIRPTA
Foreign Investment in Real Property Tax Act