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Nov 13, 2023 · Whether you're a veteran agent or total rookie, you need to be able to explain these real estate terms and definitions to clients.
Fac simile is a Latin phrase meaning “make alike.” English speakers began using facsimile to mean “an exact copy” in the late 1600s. In this sense, a facsimile might be a handwritten or hand-drawn copy, or even a copy of a painting or statue.
Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
1. an exact copy, as of a book, painting, or manuscript. 2. Also called: fax Telecommunications. a. a method or device for transmitting documents, drawings, photographs, or the like, by means of radio or telephone for exact reproduction elsewhere. b. an image transmitted by such a method.
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- Note: Letters of the alphabet without a relevant term are not listed.
- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
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.
Sep 13, 2024 · 11 Real Estate Terms That Every Buyer And Seller Should Know. Real estate jargon often relates to financial decisions, so it’s worth familiarizing yourself with the most important terms....
