Campus Maximus » inium rules and regulation:

Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.


1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.


1099: The statement of income reported to the IRS for an independent contractor.


AI: A contract that is pending with attorney and inspection contingencies.


Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.


Addendum: An addition to; a document.


Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index Cheap Air Jordan Black White , which fluctuates with the market. Typical ARM periods are one, three, five Cheap Air Jordan 2018 , and seven years.


Agent: The licensed real estate salesperson or broker who represents buyers or sellers.


Annual percentage rate (APR): The total costs (interest rate, closing costs, fees Cheap Air Jordan , and so on) that are part of a borrower's loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.


Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers Cheap Jordan Free Shipping , property appraisal fees, and lender-specific fees.


Appointments: Those times or time periods an agent shows properties to clients.


Appraisal: A document of opinion of property value at a specific point in time.


Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.


?As-is?: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.


Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage Cheap Authentic Jordan , a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.


Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.


Back-up agent: A licensed agent who works with clients when their agent is unavailable.


Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.


Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.


Bill of sale: Transfers title to personal property in a transaction.


Board of REALTORS? (local): An association of REALTORS? in a specific geographic area.


Broker: A state licensed individual who acts as the agent for the seller or buyer.


Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.


Broker's market analysis (BMA): The real estate broker's opinion of the expected final net sale price Cheap Jordan 2018 Sale , determined after acquisition of the property by the third-party company.


Broker's tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.


Buyer: The purchaser of a property.


Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.


Buyer agent: The agent who shows the buyer's property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.


Carrying costs: Cost incurred to maintain a property (taxes Cheap Jordan For Sale , interest, insurance, utilities Cheap Jordan Black White , and so on).


Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.


CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry's national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable Cheap Jordan 2018 , and in some cases not even insurable.


Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer may also be required to pay a commission to his or her agent.


Commission split: The percentage split of commission compen-sation between the real estate sales brokerage and the real estate sales agent or broker.


Competitive Market Analysis (CMA): The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.


Condominium association: An association of all owners in a condominium.


Condominium budget: A financial forecast and report of a condominium association's expenses and savings.


Condominium by-laws: Rules passed by the condominium association used in administration of the condominium property.


Condominium declarations: A document that legally establishes a condominium.


Condominium right of first refusal: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.


Condominium rules and regulation: Rules of a condominium association by which owners agree to abide.


Contingency: A provision in a co