6/19/2023 0 Comments Real estate lingo listing![]() This is to ensure the house is worth somewhat close to the price of the accepted offer. Most big lenders or banks require the buyer to have an appraisal done to the property before the loan is granted. AppraisalĪn appraisal is an estimate of approximate worth of something. Antitrust lawsĪntitrust Laws are a collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. Amortization is an accounting process in which the book value of a loan or an intangible asset periodically reduces through regular payments. AmortizationĪmortization is when payments divide into equal amounts for the duration of the loan. This federal law states that housing providers must provide equal opportunities for persons with physical or mental impairments. The Americans with Disabilities Act (ADA) protects people with disabilities against discrimination in housing. AmenitiesĪmenities are a useful feature or add on to a house that typically adds value to the property. AmendmentsĪn amendment is typically used to change something that’s part of an original contract. The provision in a mortgage or deed of trust signed with the lender that states that the borrower must pay the mortgage in full before the borrower can transfer the property. AlienationĪlienation is the act of transferring title, ownership, an estate, or an interest in real estate from one party to another. Air rightsĪir rights are the rights to use the space above the earth. Agreement of saleĪ form that states the buyer consents to purchase a property and the seller agrees to sell that property with the terms and conditions illustrated in from both parties. AgentĪn agent is one who speaks for or represents someone. These affinity communities are commonly found in colleges they allow students with protected characteristics to live in a familiar environment and culture. Affinity housingĪffinity housing allows marginalized groups with shared backgrounds to live in their own communities, avoiding certain FHA guidelines. Adverse possessionĪdverse possession is the legal principle in which a person who does not have the legal right to a property acquires legal ownership based on the continuous occupation of the land without the permission of its real owner. The fixed-rate period can vary significantly anywhere from one month to 10 years. Adjustable rate mortgages have a fixed period during which the initial interest rate remains the same, after that the interest rate adjusts at a pre-arranged frequency. The Latin phrase ad valorem means “according to value.” Adjustable-rate mortgage (ARM)Īn adjustable rate mortgage has a flexible interest rate. AddendumĪn addendum is used to clarify and add things that were not initially part of the original contract or agreement. Actual fraudĪctual fraud is an intentional misrepresentation of fact or in plain terms lying. If you or your client sees a home listing with just “active” as their status, this indicates that the property is available for sale. Long-term accretion can actually increase the size of a property. AccretionĪccretion is the slow process of growth or acquisition of land, typically when soil is deposited by the natural action of water. ![]() In property law, accession is the acquisition of land by its addition to already owned real estate through human or natural processes. When an offer is accepted, it becomes a binding contract. The unconditional and unqualified agreement by the offeree to the terms of the offer. The acceleration clause is a contract provision that allows a lender to require a borrower to repay all of an outstanding loan if payments are not being made or there is a breach of contract. ![]() Real Estate Terms That Start With A AbuttingĪbutting means an area of land or a building that has a common boundary with another. This is our guide for all the real estate terms that show up on the exam. The key concepts and words you have to study are essential for obtaining your real estate license, so it’s crucial you learn and become familiarized with them. A B C D E F G H I J K L M N O P Q R S T U V W X Y Zīy far the most substantial chunk of the real estate license exam is the vocabulary. ![]()
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