Real estate Flashcards
Come into the possession of something concrete or abstract
Acquire
something gained
Acquisition
A representative who acts on behalf of others
Agent
A statement that is added to a proposal or document
Amendment
A professional person authorized to practice law
Attorney
The interest rate for…… changes periodically. You might start with lower monthly payment then you would with (fixed…), but fluctuating interest rates will likely make those payments rise in the future.
ARM
Adjustable- rate mortgage
This is the date your mortgage begins to accrue interest. It usually falls on the first day of the month after mortgage funds are advanced or dispersed to the borrower.
Adjustment date
The schedule of your mortgage payments spread out over time. In real estate, a buyer’s….. is usually one monthly payment schedules over 15 or 30 year period of time
Amortization
The amount of interest charged on you loan every year
APR
annual percentage rate
An …. on your home is an unbiased estimate of how much a home is worth.
When buying a house , the lender requires an… by a third party …. to make sure the loan amount requested is accurate. If the homes … value is below what the buyer has offered, the lender may request the buyer to pay the difference in cost.
Appraisal
Appraiser
Appraised value
The amount a home increases in value over time
Appreciation
The value assigned to a property by a tax assessor for the purpose of determining property taxes
Assessed value
Assessor
The process of evaluating and determining the value op property for tax purpose
Assessment
The failure of one party to fulfill a legal duty
Breach of contract
a short-term loan a homeowner takes out against their property to finance the purchase of another property. Usuaally for a period of few weeks to three years
Bridge loan
A businessman who buys or sells for another
A broker
A separate section of a legal document
Clause
The final stage of the real estate transaction
On…. the property is legally treanseferred from seller to buyer
Closing
Closing date
Connected with or engaged in the exchange of goods
Commercial
Refers to property acquired by a married couple and owned squally by both spouses
Community property
Used by an appraiser to establish how much a hoe is worth based on what other similar homes in the area have sold for recently
Comparable sales
A short term loan used to finance the construction of a home or real estate project. This type of loan covers private costs before long term funding can be financed
Construction loan
Self-build loan
A binding agreement that is enforceable by law
Contract
Hello suppliers to take advantage off low interest rates by receiving a loan at a teaser loan interest rate. The monthly mortgage payment stays the same, but interest rates fluctuate. The borrower has the option of converting their ARM to fixed rate mortgage, but there are generally fears for the switch.
Convertible ARM
A convertible adjustable rate mortgage
