More Vocab Flashcards
(37 cards)
Appraiser
A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence.
Asking price
the price at which something is offered for sale.
Assessed value
An assessed value is the dollar value assigned to a property to measure applicable taxes.
Bill of sale
a certificate of transfer of personal property
Closing date
the last date by which something must be submitted for consideration, especially a job application.
Collateral
Collateral is a property or other asset that a borrower offers as a way for a lender to secure the loan
Commission
A fee paid to a real estate agent or broker for their services–sometimes a percentage of the sale price, but also as a different fee model
Contract
A Real Estate Sale Contract functions as a legally binding agreement between two parties concerning the terms of purchase or transfer of real property.
Contract for purchase and sale
A sales and purchase agreement (SPA) is a legal contract that obligates a buyer to buy and a seller to sell a product or service.
Conventional sale
A traditional sale or conventional sale is what most people who have previously bought property are used to. Either the home is owned out-right (meaning there is no mortgage owed) or the seller owes less on the mortgage than fair market value.
Deed
Real Estate Deeds Law and Legal Definition. A deed is the written document which transfers title (ownership) or an interest in real property to another person. … A written document for the transfer of land or other real property from one person to another. A quitclaim deed conveys only such rights as the grantor has.
Down payment
an initial payment made when something is bought on credit.
Equity
Home equity is the value of ownership built up in a home or property that represents the current market value of the house less any remaining mortgage payments.
Escrow
An escrow account, sometimes called an impound account depending on where you live, is set up by your mortgage lender to pay certain property-related expenses on your behalf
Estate
The totality of an individual’s ownership of money, real and personal property. decedent’s estate. Such assets after the death of the owner, as involved in the probate of a will or an intestacy proceeding.
Fair market value
a selling price for an item to which a buyer and seller can agree.
Financing
provide funding for (a person or enterprise).
Installment loan
An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan.
Interest rate
the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Legal description
Legal description is the geographical description of a real estate property for the purpose of identifying the property for legal transactions.
Lien
a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Listing broker
A licensed real-estate agent that contractually secures the right to sell a property on behalf of the property owner. Listing brokers are different from selling brokers, but may share in the same commission. also called listing agent.
Market sales approach
A market approach is a method of determining the appraisal value of an asset based on the selling price of similar items
Mortgage
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
