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Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. Even if you know every one of the 136 real estate terms on this list and how to use them, your clients expect you to be their interpreter.
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
Mar 20, 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
alertness. noun [ U ] uk / əˈlɜːt.nəs / us / əˈlɝːt.nəs /. Add to word list. the state of being ready to see, understand, and act in a particular situation: One study found that the strongest factor influencing driver alertness was the time of day.
Jan 3, 2023 · Here’s the ultimate glossary of real estate terms and abbreviations updated in 2023 from the Real Estate Institute of Australia (REIA), Property Council of Australia, Australian Property Institute, realestate.com.au and more.
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Jan 6, 2016 · However, overall the goal with the Five Forces is to permit you to make a more informed decision whether to go into a market deeper or possibly to get out. In my next article, I am going to work further with Professor Porter’s works and apply his definition of competitive advantage to the real estate world.
