Mortage 2

Question 1

Closing

Answer 1

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 2

Commission

Answer 2

A fee paid to a real estate agent or broker for their services in helping with the sale or purchase of a property. A commission is typically calculated as a percentage of the property’s sale price and is paid by the party (either the buyer or the seller) who has contracted the agent’s services

Question 3

(CMA) Comparable market analysis

Answer 3

A report that compares the sale prices of similar properties in the same area to determine the fair market value of a given property.

Question 4

Contingencies

Answer 4

Conditions in a purchase agreement that must be met for the sale to proceed.

Question 5

contact

Answer 5

A person with a n agent is in two way contact or relationship.
eg Their sphere of influence

Question 6

Database

Answer 6

A collection of information about people, such as their contact information, purchase history, and communication preferences, with whom an agent has a relationship. Agents leverage this information to communicate with current and future customers.

Question 7

Dual Agency

Answer 7

A situation in which a single agent, with disclosure to each party, represents both the buyer and seller in a real estate transaction.

Question 8

Escrow

Answer 8

A legal arrangement in which a third party holds money or property on behalf of the buyer and seller in a transaction. The escrow agent is responsible for ensuring that the transaction is completed according to the terms of the agreement

Question 9

Fair Housing Act

Answer 9

A federal legislation that prohibits discrimination on housing based of race, sex, religion.
familial status, and disability

Question 10

Fiduiciary

Answer 10

An individual or entity that has been entrusted with a duty to act in the best interests of another party, known as the beneficiary or principal. This duty involves a high standard of care and trustworthiness, and it requires the fiduciary to prioritize the interests of the beneficiary above their own.

Question 11

Gross Commission Income

Answer 11

The total commission received from closing a sale before expenses and fees.

Question 12

Inventory

Answer 12

The total commission received closing a sale before experiencing or principal.

Question 13

Inventory

Answer 13

The properties that are available for sale within a market.

Question 14

Lead

Answer 14

People who have shown interest in the services an agent offers and with whom an agent has the ability to contact. Once a lead gives permission for a two-way relationship, they become a “contact”.

Question 15

Lead conversion

Answer 15

The process in which leads are converted into clients

Question 16

Lead Generation

Answer 16

The system and habit of actively identifying and capturing the contact information of someone who has shown interest in one’s services.

Question 17

Marketing

Answer 17

A lead generation method aimed at creating awareness, generating interest, and attracting a wider audience to products or services. It involves creating and disseminating messages to a larger market.

Question 18

Multiple listing services

Answer 18

A comprehensive database of real estate listings and information that is used by real estate professionals to facilitate the buying and selling of properties. MLS systems are typically operated by local or regional real estate associations or boards and serve as a centralized platform for listing and sharing real estate information.

Question 19

Offer

Answer 19

A written document the buyer submits to the seller, stating the price they are willing to pay for the property. The offer also includes other terms and conditions of the sale