Real Estate Terms Continued....
| TERM | EXPLANATION |
|---|---|
| Assumption | When a buyer takes over a seller's loan, including the bank, interest rate and pre-existing terms. |
| BPO | Broker Price Opinion, usually used during foreclosures and similar transactions. |
| Broker | an individual licensed to negotiates real estate transactions and contracts, and is able to hire agent to work under their license and supervision. |
| Caveat Emptor | Latin: "Let the buyer beware". |
| Duplex | A two family house or apartment unit with two floors. |
| Earnest Money | Money that is intended to show "good faith" and commitment to a purchase offer, usually given in check form. |
| Equity | The value of a property that an owner has, which is calculated with the inclusion of outstanding loans and liens. |
| Exclusive Agent | A real estate agent who has the right to sell a propery within a specified period of time. This property is an exclusive listing. |
| FSBO | For Sale By Owner, often said as "fizz-bows". |
| Joint Tenancy | (With right of survivorship). When two people own a property together, where if one person dies, the property will automatically transfer to the living person. |
| Market Value | The highest price that a willing, ready and able buyer will agree to pay for a property. |
| MLS | Multiple Listing Service, provides access to nearly every property available on the current market. |
| PITI | Principle, interest, taxes and insurance, usually included in your mortgage. |
| Redlining | When a lender refuses to approve a loan for a property (or neighborhood) that they deem to be a bad risk, an illegal practice. |
| Staging | Getting your home's appearance as marketable as possible by adding or removing certain furnishings, cleaning and setting it up to make it look presentable to prospective buyers. |
| Tenancy in Common | Two people purchase a property, but with no right of survivorship, they are free to will their portion of the property to anyone they choose; it does not automatically transfer to the other owner. |
| Townhouse | A group of houses that share common structural walls. Townhouses do not have the same type of ownership as condominiums. |
| Title | Evidence of actual ownership of property. |
| Vicarious Liability | When one is responsible for the acts of another, for example, when a real estate agent is representing a family member. If the agent has knowledge of material information and does not disclose it. |
| Zoning | The classification of real property for a specific use, such as commercial, residential or agricultural. |
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Contact | 4651 S. Lakeshore Drive | Tempe, Arizona 85282
