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Mar 7, 2022 · In order to pass your exam, successfully launch your real estate career, and get familiar with the industry, there are a few you should know. These acronyms can be used for everything, from describing advertising strategies to outlining property rights.
Propertymark Qualifications is the leading awarding body for property qualifications for estate or letting agents, commercial property agents, auctioneers and inventory clerks.
- APR (Annual Percentage Rate) : The yearly interest rate plus other charges such as points, origination fees, underwriting fees, and broker fees.
- MLS (Multiple Listing Service) : A database established by cooperating real estate brokers to provide data about properties for sale. Sample Question: What function does the MLS serve in the real estate industry?
- LTV (Loan-to-Value Ratio) : A financial term used by lenders to express the ratio of a loan to the value of an asset purchased. Sample Question: Why is the LTV ratio critical in evaluating mortgage applications?
- FSBO (For Sale By Owner) : Real estate term for a property that is being sold directly by the owner. Sample Question: What does the term FSBO indicate about a property's sales process?
Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
- 4 Elements of Value: Stud
- Fixtures: Maria
- Government Powers: Pete
- Joint Tenancy: TTIP
The acronym STUD is used as a memory aid to keep the 4 elements of valuein mind. They are scarcity, transferability, utility and demand. 1. Scarcityhas to do with the supply of real estate available. The scarcer the supply of real estate available, the more valuable the property. 2. Transferability, The deal is worthless unless the seller can trans...
Let's move on tofixtures. Personal property goes with the person and real property goes with the real estate. A fixture is personal property that becomes real property. It was something that once went with the person but, for reasons of its association with the property, now goes with the real estate being sold. An example of a fixture would be a t...
To remember the government powers, think of the acronym PETE. 1. Police Power 2. Eminent Domain 3. Taxation 4. Escheat NOTE: An individual would nothave any of these rights. 1. Police power is the state's inherent right to regulate an individual's conduct or property to protect the health, safety, welfare, and morals of the community. Common exampl...
Joint tenancy can be held by two or more people. Making it a form of concurrent ownership as opposed to ownership in severalty (where a person owns a property on their own). There are four unities that must exist in order for a joint tenancy to be created: 1. Time: Each person must receive or obtain title to the property at the same time. 2. Title:...
Jul 22, 2022 · How to Pass Your UK Real Estate Exam. Discover how accredited qualifications attract clients and stakeholders. Learn valuable study strategies for acing your real estate exam and securing your future in the industry. 22 Jul, 2022.
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