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Related Flashcards
Cards In This Set
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Agency
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A legal relationship in which a principal gives an agent the authority to act on the principal’s behalf in real estate transactions.
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Appraisal
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An estimate of a property’s value based on various factors.
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Adjustable Mortgage Rate
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A mortgage with an interest rate that can change over time.
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Assessed Value
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The value assigned to a property for tax purposes.
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Buyer's Agent
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A Real Estate Agent who represents the interests of the buyer in a real estate transaction.
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Closing
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The final step in a real estate transaction where the property is transferred from the seller to the buyer.
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Comparative Market Analysis (CMA)
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An evaluation of similar properties in the area to determine a property’s market value.
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Condominium
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A type of housing where individual units are owned and common areas are shared.
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Contingency
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A condition that must be met before a real estate transaction can be finalized.
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Deed
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A legal document that transfers ownership of a property from one party to another.
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Disclosure
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The act of revealing information about a property to potential buyers.
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Easement
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A legal right to use another person’s property for a specific purpose.
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Escrow
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A neutral third party holds funds and documents in a real estate transaction until all conditions are met.
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Fair Housing Act
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A federal law that prohibits discrimination in housing based on race, color, religion, sex, or national origin.
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Foreclosure
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The legal process by which a lender seizes a property due to non-payment of a mortgage.
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