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Glossary of Real Estate Terms
Addenda
(Addendum): An
attachment to the Purchase & Sale Agreement.
Agency:
The relationship that a real estate agent has with a
customer
or client.
Buyer Broker:
An agent
who represents the buyer in a transaction.
CMA:
Comparable Market Analysis, or an opinion of a
home’s value.
Comps:
Properties used as” comparables” on a CMA.
Disclosure:
Verbal and/or written communication regarding
agency, property condition, etc.
Down payment:
Initial
investment on a home loan.
EM deposit:
Earnest money deposit, or good faith deposit
provided as consideration when a buyer offers a
contract to a seller.
FHA:
A type of loan, government insured financing.
Key box:
MLS electronic key which allows agents access to
listed properties.
List
(Listing): When a
seller signs a listing agreement with a broker to
market their property.
Listing Agent:
Agent who takes a listing on behalf of the broker.
Lock-box:
Another term for a key box.
Lock-in:
A term to obtain the interest rate at today’s rate,
or lock-in
the rate.
MLS:
Multiple Listing Service. An organization that
distributes information on properties listed by MLS
member brokers.
Property Profile:
An informational/fact sheet about a property on the
market.
Purchase and Sale
Agreement:
A contract between a buyer and a seller to purchase
real property.
Transaction:
A listing sold or the sale of real property.
VA:
A type of loan,
government guaranteed financing available to
military veterans. |
