Famous Quotes
Buy land, they’re not making it anymore.
Who is Mark Twain?, writer and humorist
WDO
What is an Inspection for Wood Destroying Organisms?
Interest rates are low, and there are more properties available than buyers.
When is the best time to buy real estate?
LTV
What is Loan Amount / Assessed Value of the Property? = Loan-to-Value Ratio
Professional Estimate/Opinion
What is an appraisal?
"Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
Who is Franklin D. Roosevelt?
LIS PENDENS
What is a public, legal notice that a lawsuit involving a claim to a property has been filed and not yet resolved? Lis pendens—translating to “suit pending” in Latin
Before you start looking for a home.
When should I get pre-approved for a mortgage?
CAP RATE
What is Net Operating Income / Purchase Price? = Cap Rate
Legal document used to transfer title.
What is a Deed?
“A funny thing happens in real estate. When it comes back, it comes back up like gangbusters.”
Who is Barbara Corcoran?, real estate investor
DBA
Who are ficticious business names or aliases filed with the county? (Doing Business As)
Sellers Market?
When there are more buyers than sellers?
28 / 36
What is used to determine how much house your customer may qualify for based on their income?
Before 1978
What is the Lead Based Paint disclosure?
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
Who is Warren Buffet?
BUY DOWN
What is a cash payment, usually measured in points, to a lender in order to reduce the interest rate a borrower must pay?
Testator
When a man who makes a will he is called?
70%
What rule helps you and your customer determine whether or not they should invest in a property?
(ARV) x .70 − Estimated repair costs = Maximum buying price
Promissary Note
What is a written promise to pay a specific sum of money to a lender or mortgage investor?
“In the end, the best way to succeed is to go small. And when you go small, you say no – a lot. A lot more than you might have even considered before.”
Who is Gary Keller?
ANTITRUST
What are the Federal and state laws prohibiting, among other things, monopolies, monopolistic practices, restraint of trade, and price fixing?
If you want to defer capital gains taxes and reinvest in another property that better aligns with your investment goals.
When should I consider a 1031 exchange for my real estate investment?
$250,000 OR $500,000
When you sell your primary residence, you can exclude $250,000 in profit from capital gains tax? A couple can exclude $500,000.
HUD
What is a settlement statement?