Untitled Document

A form that explains consumer choices about representation at the first substantive contact with the prospective buyer or seller.

One in which uniform installment payments include combined payment of principal and interest.

A percentage of a property's market value.

A real estate agent who works to represent the best interests of the buyer.

This occurs when an investment property or other type of investment is sold at a loss.

Successive conveyances of title that is specific to a parcel of land.

Transfer of title to real property.

Debits are reflected in the closing statement, an expense or money received against a credit.

Dual Agency exists when a real estate firm or agent attempts to represent both the buyer and seller in the same transaction. A broker/salesperson who attempts to represent both buyer and seller in the same transaction.

An agency relationship created by oral or written agreement between the principal and agent.

A loan against the equity in a home.

A written instrument used to pledge a title to real property to secure.

A licensed individual who arranges a mortgage loan between a lender and a borrower for a fee.

(i) In the law if agency, one who appoints an agent to represent him/her; (ii) Amount of money on which interest is paid or received.

The percentage of net income produced by a property or other investment.

A person who negotiates the sale of real estate, exchanges, or rental on behalf of the consumer for compensation under the supervision of a broker.

A person appointed by an agent with the consent of the principal to assist in performing some or all the tasks of the agency.

An insurance policy safeguarding the insured from a financial loss caused by a defect in a title to real property.

The process of reviEwing loan documentation and evaluating a borrower's ability and willingness to repay the loan and sufficiency of the collateral value of the property.

Tnh RealtY.com	Glossary
Abstract of Title	A history of a title and the current status of the title based on a title examination.
Adjustable Rate Mortgage (ARM)	A mortgage in which the interest rate that varies according to changes in a predetermined index.
Agency Disclosure Form	A form that explains consumer choices about representation at the first substantive contact with the prospective buyer or seller.
Agent	A person hired by another to act on his or her behalf.
Amortized Mortgage	One in which uniform installment payments include combined payment of principal and interest.
Appreciation	An increase in property value.
Assessment	A percentage of a property's market value.
Broker's Agent	The person who is hired through a broker to work for another broker.
Buyer's Agent	A real estate agent who works to represent the best interests of the buyer.
Capital Gain	Tax laws permitting investors to exclude a percentage of their profit on real estate investments from taxation.
Capital Loss	This occurs when an investment property or other type of investment is sold at a loss.
Certificate of Occupancy (CO)	A document issued by a local government agency, upon meeting a satisfactory inspection of a structure, authorizing that the structure can be occupied.
Chain of Title	Successive conveyances of title that is specific to a parcel of land.
Closing Statement	Expenses incurred in the purchase and sale of real property paid at the time of the settlement.
Conveyance	Transfer of title to real property.
Credits	Credits are reflected in the closing statement, money to be received or credit given for money obligation given.
Debits	Debits are reflected in the closing statement, an expense or money received against a credit.
Debt service	Combined principal and interest payments on a debt.
Dual Agency/ Dual Agent	Dual Agency exists when a real estate firm or agent attempts to represent both the buyer and seller in the same transaction. A broker/salesperson who attempts to represent both buyer and seller in the same transaction.
Exclusive Right to Sell	This contract is between an owner or lessor and a broker or agent in the rental of residential property.
Express Agency	An agency relationship created by oral or written agreement between the principal and agent.
Gross Income	Income received without subtracting expenses.
Home Equity Loan	A loan against the equity in a home.
Loan-to-value-ratio	The relationship between the amount of a mortgage loan and the lender's opinion of the value of the property pledged to secure.
Mortgage	A written instrument used to pledge a title to real property to secure.
Mortgage Banker	A licensed individual or form of organization that makes and services mortgage loans.
Mortgage Broker	A licensed individual who arranges a mortgage loan between a lender and a borrower for a fee.
Net operating income	Subtraction of the operating expenses from the gross operating income .
Principal	(i) In the law if agency, one who appoints an agent to represent him/her; (ii) Amount of money on which interest is paid or received.
Property Condition Disclosure (PCD)	A comprehensive checklist pertaining to the condition of the property.
Rate of Return	The percentage of net income produced by a property or other investment.
Real Estate Broker	A person or an organization who/ that negotiates the sale of real estate, exchanges, or rentals on behalf of the consumer for compensation.
Real Estate Salesperson	A person who negotiates the sale of real estate, exchanges, or rental on behalf of the consumer for compensation under the supervision of a broker.
Seller Agent	A listing agent, subagent, or broker agent who works and represents the best interests of the seller.
Subagent	A person appointed by an agent with the consent of the principal to assist in performing some or all the tasks of the agency.
Title Closing	The consummation of a real estate contract (meeting of the minds) where the buyer, seller and closing agent meet to execute documents and disburse funds.
Title Insurance	An insurance policy safeguarding the insured from a financial loss caused by a defect in a title to real property.
Title Search	An examination of successive property ownership and investigation of other items that may affect clear title to the property.
Underwriting	The process of reviEwing loan documentation and evaluating a borrower's ability and willingness to repay the loan and sufficiency of the collateral value of the property.