Terms with Category Real Estate

  • Open Listing Definition,
    • A property that a number of brokers can market and sell for a commission.
  • Owner Financing (OF, O/F, OWN) Acronym,
    • A transaction in which the seller lends all or part of the money to the buyer.
  • Owner Occupant Bank,
    • A borrower who resides in the property used as security for the loan.
  • Plat Definition,
    • A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of streets and easements.
  • Possession Bank,
    • Something that is owned.
    • The condition of having signed all the papers at closing and having received keys to the house.
  • Pre-paid Expenses Bank,
    • also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
  • Pre-sold Home Definition,
    • A house that is sold prior to construction as opposed to a house built on spec.
  • Principle of Conformity Definition,
    • The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
  • Principle of Progression Definition,
    • The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
  • Principle of Regression Definition,
    • The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
  • Probate Sale Bank,
    • Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
  • Production Home Definition,
    • Homes that are mass produced as part of housing developments.
  • Property Report Definition,
    • A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
    • A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
  • Property Tax Definition,
    • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • Property Value Bank,
    • The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • Proprietor Bank,
    • The owner of a business or property.
  • Province of Domicile Bank,
    • The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
  • Purchase Agreement Bank,
    • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
  • Purchase Option Bank,
    • The portion of a vehicle lease that determines how much a lessee pays the lessor at the end of the lease to buy the vehicle. The price is usually the residual value.
    • An agreement where a portion of monthly rent can be credited toward the purchase of a property.
  • Purchase Price Definition,
    • The total selling price of the home, including the cash down payment and the principal on the loan.
  • Real Estate (RE) Bank, Very Important,
    • A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
  • Real Estate Agent Definition,
    • A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
  • Real Estate Attorney Definition,
    • A lawyer who specializes in the transfer of land and buildings and property tax issues.
  • Real Estate Broker Definition,
    • An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
  • Real Property Definition,
    • Permanent, non-movable property, such as land and buildings.
  • Realtor Definition,
    • A real estate broker or an associate holding active membership in a real estate board.
  • Reliction Definition,
    • An increase in the amount of land that occurs when a river or sea permanently withdraws.
  • Rent Bank,
    • When one party pays another for the use of an asset, service or property.
  • Rent Loss Insurance Definition,
    • Hazard insurance that pays for a loss in rental value or rental income if damage causes the property to become unfit for habitation.
  • Rent-to-Own (RTO) Bank,
    • An agreement to purchase an asset after a series of rental payments.
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