Glossary

A-Z Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #


ACCEPTANCE

A gesture by the person of willingness to get bounded by the terms regarding the offer.  

GOOD FAITH ESTIMATE

As per the real estate settlement procedures act, lenders are requested to provide the written document within three days to the borrower. 

GROSS CLOSED COMMISSION INCOME

The net amount of commission income that a real estate agent gets from a closed transaction. 

GROSS SALE PRICE

The sale price before any concession 

GUARANTEED OFFER

The amount after the raise that an employee offers to transfer employee for his/her property

HAZARD INSURANCE

It covers the losses to real estate that maybe affect its values. 

HOME-FINDING ASSISTANCE

This is additional assistance provided by a third party. 

HUD

U.S. Department of Housing and Urban Development.

HYBRID ADJUSTABLE RATE

It offers a permanent rate in the first five years and then adjustable on an annual basis for the next 25 years 

IDX

Internet data exchange allows the real estate brokers to endorse listings posting on the listing databases like multiple listing services. 

INCLUSION

Equipment or property that includes in an agreement to purchase.

INPUTTING

The procedure of adding a new list or changes to the current lists in the various listing services. 

INSPECTION RIDER

Ride to buy a contract among third-party and purchaser of transferee’s ownership to state that property is being sold. 

INSTALLMENT LAND CONTRACT

A contract in which the purchaser takes custody of the property and the seller recognizes the title to the property.

INTEREST RATE FLOAT

The lender can float their rate in the assertion of the rate moving down. 

INVENTORY

The property of a transferee that has been acquired by third-party relocation.

LIST DATE

The actual date on that the property was enlisted with the present lender. 

LISTING

Lenders written agreement to present a vendor and property. 

LISTING AGENT

The sales agent that represents the sellers and their represents the sellers and their property via an enlisting agreement. 

LISTING AGREEMENT

A document that represents the real estate agent’s compliance.

LOAN

The amount of money that is borrowed to a lender who agrees to pay the amount and interest both. 

LOAN APPLICATION

An application that purchaser who are requesting a loan fill and submit to their borrowers.

LOAN CLOSING COST

The costs a borrower charges to enclose a lender’s loan. 

LOAN UNDERWRITER

One who writes a loan for someone other.  Some borrowers have investors underwrite a purchaser’s loan.

MANAGING BROKER

An individual licensed by the state as an entrepreneur who is also a dealer of record for a real estate sales office. 

MARKET FAMILIARIZATION TRIP

An inquiry by the transferee to a new area to visit housing marketing options and location highlights.

MARKETING PERIOD

The time period in which the transferee may represent his property as taught by the third-party. 

MLS

Multiple listing services compile the available properties for sale by the other member brokers. 

MORTGAGE BANKER

One who borrows the banker’s funds to the lender by bringing the borrower and lender together. 

MORTGAGE LOAN SERVICES COMPANY

A company that gathers mortgage on a monthly basis for the borrowers. 

MULTIPLE OFFERS

Multiple buyers and brokers represent an offer on one property where the offers are discussed. 

NET SALES PRICE

A little concession or gross sales price to the buyers  

NICHE

A specific area of interest.

OFF MARKET

A property that is removed from the sale reserve in the market. 

OFFER TO PURCHASE

When a purchaser proposes specific terms and represents them to the seller. 

OPEN HOUSE

When a market listing is available to the public for displaying and viewing.

PARCEL IDENTIFICATION NUMBER

A taxing authority’s inquiry number for a property. 

PAYOFF LETTER

A written agreement by a seller’s mortgage organization mentioning the amount of money required to pay the full loan.

PENDING

A contract by real estate that is accepted on a property, the transaction is not closed. 

PERSONAL ASSISTANT

An agent of real estate and administrative assistant.

PMI

private mortgage insurance is special insurance from a borrower on a monthly basis, specifically on loans of more than 80% on the property of value. 

PRE-APPROVAL

A higher level of purchase or prequalification required by a mortgage lender. 

PREPAID INTEREST

Funds issued by the borrower at closing on the days left in closing of the month. 

PREPAYMENT PENALTY

A type of fine issued on the borrower by the lender when the loan is paid after the due date.

PREQUALIFICATION

The mortgage firm tells a purchaser in advance about the formal mortgage application, how much money the borrower can bear to borrow. The borrower must meet some pre-qualification conditions. 

PREVIEW APPOINTMENT

When a purchaser’s agent previews a property to check if it fulfills the purchaser’s needs. 

PRICE LIST

The price of the property via an enlisting compliance

PRICING

When the seller’s agent goo through the potential listing property to view it for pricing and marketing perspectives. 

PRINCIPAL

The amount of wealth or money a borrower borrow.

PROFESSIONAL DESIGNATION

Non-licensed and additional real estate learning is done by a real estate professional.

PROFESSIONAL REGULATION

An the authority of state licensing that manages and oversees licenses. 

PUD

Planned unit development is a mixed-used development to set on side areas in residential uses. 

R&I

Actual and estimated and repair & improvement costs.

REAL ESTATE AGENT

A person who is licensed by the state to act on behalf of his or her client. 

REAL ESTATE CONTRACT

A binder agreement among the seller and the buyer. It contains an offer and acceptance or consideration. 

RELEASE DEED

A written paper describing that a seller or a buyer is satisfied his or her rights on a debt. 

RELIST

Property that was enlisted with another broker but enlisted again with the current broker.

RIDER

A personal document that is being attached to another document in some specific way. This is done to vanish the requirement of writing the entire document.

SALARIED AGENT

 A sales agent of real estate who receives his or her compensation in real estate sales.

SALE PRICE

Price granted for a property or listing.

SALES MEETINGS

A meeting arranged by the managing broker situated in the sales office of real estate.

SALES VOLUME

The net volume of all sales prices for all transactions done by a real estate agent or officer.

SECONDARY MARKET

An investment market that buys mortgages from mortgage lenders.

SELLER

 Owner of a land or property and has signed a listing agreement or a potential listing agreement.

SPECIAL ASSESSMENT

An additional charge to a unit in a cooperative and a specific real estate tax for improvements.

TEMPORARY HOUSING

Housing a transferee until the availability of permanent housing. 

THIRD-PARTY COMPANY

An allocation company chosen by an employer to coordinate with new location.

TOM

Temporarily off-market is a listed property taken off the market because of any reason such as travel, illness, repairs and etc. 

TRANSACTION

The real estate procedure from offer to close.

TRANSACTION FEE

An amount that is fixed added to commission granted to seller. 

UNDER CONTRACT

A property that is accepted by real estate contract among buyer and seller.

VA

The department of veterans matters.

VACATE DATE

The date on which the transferee evacuates the property.

VIRTUAL TOUR

An internet based video description of any property.

VOICE MAIL

A telephonic message where voice can be retrieved directly.

W-2

I internal revenue granted by the employer.

W-9

The internal revenue from the requesting taxpayer. 

WILL

A document through which any person disposes his or her property after the death.

WORK SHEET

The record sheet of any real estate company that deals with the transactions.