Mortage

Question 1

Real Estate

Answer 1

property consisting of land or buildings.

Question 2

Equity

Answer 2

the value of an investor’s stake in a company.

Question 3

Armortinisation

Answer 3

the action or process of gradually writing off the initial cost of an asset.

Question 4

Mortgage

Answer 4

a legal agreement by which a bank, lends money at interest in exchange for taking title of the debtor’s property, with the condition that the title becomes void upon the payment of the debt.

Question 5

Down payment

Question 6

Land Lord

Answer 6

a person who rents out land, a building, or accommodation

Question 7

Tenant

Answer 7

a person who occupies land or property rented from a landlord

Question 8

Agent

Answer 8

A licensed professional who facilitates the buying, selling, or renting of property, including residential homes, commercial properties, land, and other real estate assets. Agents act as intermediaries between buyers and sellers during real estate transactions.

Question 9

Appraisal

Answer 9

A professional, objective, and unbiased assessment and estimation of a property’s worth

Question 10

Appointment

Answer 10

A meeting or consultation between a real estate agent and a potential client. During an appointment, the agent gains a better understanding of the potential client’s needs, wants, and goals. The appointment provides an opportunity for both parties to assess if they want to enter into a formal working relationship with one another.

Also known as a buyer or seller consultation.

Question 11

Balanced Market

Answer 11

Generally represents 5-7 months of inventory available. In a balanced market, there are plenty of houses for sale and plenty of interested buyers.

Question 12

Broker

Answer 12

Manager of the real estate industry. A manager that has complete state mandate education and examination.
To meet the requirement to be a licensed real estate broker.

Question 13

Brokage

Answer 13

The hub for real estate agents and clients that facilitates transactions, provides expertise, and ensures that real estate transactions are conducted in a lawful and professional manner.

Question 14

Closing

Answer 14

The final step in a real estate transaction when the buyer and seller sign the closing documents and the property is transferred to the buyer.

Question 14

Buyer

Answer 14

An individual or entity that is interested in purchasing a property through a real estate transaction.