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Nov 13, 2023 · A Realtor is a real estate agent who is a dues-paying member of the National Association of Realtors. NAR members are held to a high standard of professionalism and adhere to a strict code of ethics. Refinance. If a borrower takes out a new loan on the same property, it’s called a refinance.
Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
Get started with common real estate terminology every investor should know: Appraisal: The appraisal is an independent survey conducted by a lender to determine a property’s value, based on its condition and comparable listings. This process helps validate the agreed upon purchase price between a buyer and seller.
- Paul Esajian
Apr 11, 2024 · The fee typically comes out of the proceeds from that sale, though you can negotiate the amount with your agent. The average listing fee is 2.83% of the final sale price. Listing fees are usually half of the total real estate commission included in a sale (typically 5–6%), with the other half going to the buyer's agent.
- Adjustable-Rate Mortgage. Adjustable-rate mortgages (ARMs) are just what they sound like: Mortgages where the interest rates fluctuate. Typically, ARMs offer a lower interest rate than traditional fixed-rate mortgages to begin, but usually the interest rate increases over time.
- Amortization. As it relates to real estate, amortization is the schedule and distribution of monthly mortgage loan payments. An amortization schedule can show your client how much of their monthly mortgage payment is going to principal and how much is going toward interest.
- Amount of Money. The amount of money is exactly what it sounds like — it’s the complete sum of funds involved in any given aspect of a real estate transaction.
- Annual Percentage Rate. Annual percentage rate (APR) refers to the interest rate on a loan for the year. Interest is the cost of borrowing the funds and is expressed as a percentage of the overall amount borrowed.
Here are ten real estate terms and definitions you should know before you start looking for a home. 1. Buyer’s Agent vs. Listing Agent. There are usually two agents involved when you buy a home; the “buyer’s agent,” who represents you, and the “listing agent,” who represents the home seller. Dual agency is when there is only one ...
A real estate salesperson is a licensed individual who, for compensation or valuable consideration, is employed either directly or indirectly by a licensed real estate broker to: Sell, offer to sell, buy, and offer to buy real estate. Negotiate the purchase, sale, or exchange of real estate. Lease, rent, or offer to rent any real estate.
