Real estate glossary investing terms biggerpockets. Its examples and exercises are grounded in the authors many years in real estate education. Real estate terminology pdf real estate quotes, real estate tips. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to. Quickly assess your understanding of florida laws and regulations governing the licensing of real estate salespeople and brokers using this quizworksheet combo. Heres our abridged version, a pocket guide to common real estate vocabulary terms and acronyms. Choose from 500 different sets of real estate vocab flashcards on quizlet. Real estate terminology a course companion for studying for the real estate exam, for real estate home study courses, for real estate continuing education courses, for real estate statutory courses, and for any form of college real estate course. If youre preparing for your real estate exam, make sure youve got a good handle on real estate vocabulary terms and real estate acronyms. There is a lot of real estate terminology used during the home buying and selling process and century 21 is here to help you understand those terms. Whether youre buying or selling a home, we created this resource to help you learn the vocabulary. An individual or firm that acts as an agent between providers and users of products or services, such as a mortgage broker or real estate broker.
How to talk the talk buying a home can be exciting. It consists of an 80% 30 year first lien at market rates, a 10% 15 year second lien at a slightly higher interest rate, and a 10% down payment. A sum of money given to bind a sale of real estate. More than anything else, the real estate exam is a glorified vocabulary quiz. Study flashcards on california real estate exam vocabulary at. As industry needs change, we also intend to update this glossary in future editions so it might serve as a comprehensive guide to corporations, government, real estate practitioners and others within the housing industry. If you dont see a term here that you are looking for, please feel free to contact us with the terms or.
Real estate vocabulary terms free real estate flashcards glossary will help you pass the real estate exam. From real estate license exams for dummies, 3rd edition. Definitions accelerated settlement agreement process asap a form of settlement of an enforcement and compliance case in which the respondent admits to the charges and pays a civil penalty. If you do not know your vocabulary, there is no way you can pass. Use this guide as a study tool, then keep it in your back pocket as you continue your real estate. Acceptance the act of agreeing or consenting to the terms of an offer thereby establishing the. Free flashcards for the real estate license exam updated. Refers to the sector which deals with properties in the form of lands or buildings. There are more costs associated with earning your real estate license than just the cost of the exam itself. It has a studentoriented organization, both within each chapter and from chapter to chapter. If you know your vocabulary, learning all the other concepts will come much easier. Whether youre a new real estate licensee or youve been in the business for decades, a handy guide to real estate vocabulary and real estate acronyms can never hurt.
Print real estate terms c flashcards easy notecards. Real estate terms that begin with s sale and leaseback a transaction in which an owner sells her or his improved property and, as part of the same transaction, signs a longterm lease to remain in possession of the premises. The real estate marketplace glossary federal trade commission. Real estate terminology pdf house mortgage rate calculator ideas of. Real estate and accommodation english vocabulary worksheet. Top real estate agents know these terms and definitions, so start building your vocabulary.
We have created a glossary of the most commonly used real estate terms. Voluntary and permanent cessation with no intention to resume or reclaim ones interest is called abandonment. The name given to most real estate contracts containing the terms of the sale of real estate, and receipt for earnest money deposited. When it comes to real estate exam prep, it can be extremely helpful.
Use our free dictionary aimed to help you better understand the real estate language. Backup contract a contract to buy real estate that becomes effective if a prior contract fails to be consummated balance see principal balance balloon loan a loan that has level monthly payments that will amortize it over a stated term e. Use this dictionary as a study guide for the real estate agent exam. When working with new clients use this downloadable pdf to highlight the most commonly used, client facing real estate terms to inform and impress your.
We welcome the opportunity to be of service to you. If youre already a salesperson or broker, than this real estate glossary will help you brush up on phrases that you may not come in contact with on a day to day basis. Real estate terminology pdf house mortgage rate calculator ideas of buying first home tips. Principles of real estate practice in new jersey is streamlined, direct and tothepoint. Use our free real estate practice exams updated for 2020 to pass the real estate license exam an assessment taken by candidates who wish to become a real estate agent or broker.
How to study for the real estate exam real estate exam. Glossary of commercial real estate terms national association of. The landlord wanted to make sure i had a guarantor before accepting to rent the apartment to me. Thirdly, think about a colour that you associate with the term and choose it for your vocabulary entry. Act that prohibits discrimination against race, color, religion, national origin, gender, familial status and handicap in certain real estate transactions. Acceleration clause a condition in a real estate financing instrument. Local regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings. From time to time, you will get asked questions from both clients and. I take the time to go though the real estate exam vocabulary worksheet that is.
No doubt you will hear and see words and terms youve never heard before. Real estate is full of jargon dom, hoa, prequal, etc, and it can add layers of confusion to an already convoluted process. Real estate operations involving financing can be difficult to understandthere are so many terms that are pertinent to financial real estate matters. It also can be somewhat daunting, even if youve done it before. A course companion for studying for the real estate exam, for real estate. Real estate gifts real estate career selling real estate real estate sales real estate investing real estate office real estate leads real estate business plan real estate humor. Learn real estate vocab with free interactive flashcards. A course companion for studying for the real estate exam, for.
Taking a state real estate exam is necessary for becoming a licensed real estate agent. Real estate agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. Glossary of commercial real estate terms adventures in cre. The name given to most real estate contracts containing the terms of the sale. We have created a glossary of the most commonly used real estate terms and their definitions in order to help you better understand terminology used along your home buying or. If you want to become a realtor, than these 497 real estate terms are for you. In real estate terms, cash flow is the byproduct of owning a rental property and leasing it to tenants for a monthly rental income. Dec 03, 2015 as a real estate agent, you should know common real estate vocabulary like the back of your hand. Worksheets are real estate vocabulary, real estate asset work, real estate evaluation work, my millionaire real estate agent business plan, work bsba degree real estate urban economics, real estate income expense work, real estate major last revised 032019, lesson 19 real estate math. Contract, implied an agreement that has not been put into words, but is. Real estate vocabulary terms real estate practice test.
A classification of real estate that includes incomeproducing properties such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels and parking lots. Mortgage loan on which the interest rate falls and rises with changes. All about the closing day and all involved with costs, and transferring title 17 cards 20190520 11. The fund shall only pay for a loss that is an actual and direct outofpocket loss to the aggrieved person directly arising out of the real estate or cemetery. Commercial property usually must be zoned for business purposes. The person who promises to pay the rent if the renter is not able to do so. Stipulation in a mortgage agreement that allows the lender to demand immediate payment of the entire loan balance if any scheduled payment is missed. A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note. A declaration made by a person to a notary public or other public official, that an instrument was executed by him or her as a free and voluntary act is known. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders. The ultimate dictionary of real estate terms you should know.
You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walkthroughs, settlement. Amount payable to the lending institution by the borrower or seller to decrease or buy down the mortgage note interest rate. This real estate glossary is one of the most extensive in the industry and is used by many real estate brokers, real estate schools and instructors across the country. A contract used in the he real estate business that includes the terms of the contract and acts as a receipt for earnest money to bind an offer for property by the prospective purchaser. Real estate principals lesson 4 89 cards 20191015 12. Are you confused with the extensive vocabulary of residential and commercial real estate terms. Study flashcards on real estate vocabulary words at. Real estate exam vocabulary worksheet real estate exam. To elaborate on this, real estate investors look for rental properties reaping positive cash flow returns, or, in other words, they invest in positive cash flow properties. English for real estate 15 simple terms and 50 advanced terms. A face, quoted, dollar amount representing the rate or rent in dollars per square foot per year and typically referred to as the base rate. Secondly, formulate a sentence using the new terms correctly. Instead of having to come up with a 20% down payment, a buyer. Petersons master the real estate license exams is divided into five parts to facilitate your study.