Since the commission for the sale of a house is almost always paid for by the seller, buyers are able to get assistance and information from real estate agents, usually at no cost to them. In real estate, a term used meaning a person the agent is not under contract with is called a customer. Page 1 a abandonment failure to occupy and use property. Terms are defined as they are commonly understood in the mortgage and real estate industry. There are, however, some factors that may affect these definitions. A summary of recorded instruments, which affect title, arranged in the order of recording. Real estate investing glossary, terms and definitions homeunion. Glossary of real estate terms 801010 a type of blended mortgage loan which avoids private mortgage insurance pmi. Click download or read online button to glossaryofrealestatemanagementterms book pdf for free now. Illinois real estate lawyers association glossary of real.
The time it takes to repay the entire amount of a mortgage. Service by licensed real estate salesmen or brokers. Glossary of commercial real estate and commercial real estate finance terms. If there are terms acronyms you recommend be added, please email. Commercial real estate any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market. Paying a debt through periodic payments, rather than all at once.
Glossary of real estate investing terms abstract a synopsis of the legal history of ownership of real property. Real estate terms starting with a az glossary proptiger. Included are the various stages of the development process, and types of development and redevelopment projects. 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. A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association costoffunds index. The definition of commercial properties encompasses industrial properties, medical facilities, office buildings, retail centers, and multifamily complexes. A contract between an independent living resident and a property manager that.
The terms have come to mean the most technical and allinclusive description of real estate. This page contains the exhaustive set of key terms included across all of the individual chapter pages. Glossary of commercial real estate terms national association of. Service by licensed real estate salesmen or brokers lessees in mining service by an outside salesman of merchandise service of a patient in the employ of a hospital service by a student or students spouse under a school program for financial assistance to the student. Typical arm periods are one, three, five, and seven years. The bank requires this because if you fail to make your payments and they have to foreclose on your home and sell it, they want to make sure the house is worth more. This is usually but not always the same as the possession date. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to. May 15, 2020 is an online real estate advisor that functions on the fundamentals of trust, transparency and expertise. We hope you find this list of commercial real estate. We hope you find this list of commercial real estate leasing. Remax boone realty 33 e broadway ste 200 columbia, mo 65203 phone numbers office. The potential home buyer will find this vocabulary helpful for understanding words and terms used in real estate transactions.
The glossary of real estate industry terms is a publication of the national association of hispanic real estate professionals. Benefits may not be paid to a school employee between school terms based on the wages earned from an educational institution and all school wages will be restricted from use on the. The original glossary, assessment terminology, was published in 1937, shortly after the founding of the national association of assessing officers. Real estate dictionary online dictionary of real estate terms. Illinois real estate lawyers association glossary of. This glossary is available for download on the naiop website at. The world of real estate comes with its own special jargon. The day on which all calculations of interest, tax adjustments and utility bill adjustments if applicable are made to either the buyer or seller. Common area for lease purposes, the areas of a building and its site that are available for the non. Real estate glossary 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.
Glossary of real estate terms adjustablerate mortgage arm. Real estate dictionary index, a to z online dictionary. A course companion for studying for the real estate exam, for. Call option a clause in a loan agreement that allows a lender to ask for the balance at any time cancellation clause a contract provision that gives the right to terminate the obligations upon the occurrence of specified conditions or events cap a provision of an adjustablerate mortgage arm that limits how much the interest rate. 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. This information is provided without warranty of any kind. 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 want to become a realtor, than these 497 real estate terms are for you. English to spanish real estate translation glossary. Download pdf glossaryofrealestatemanagementterms free. Able able and available additional claim adjudication alien status. Includes studying games and tools such as flashcards.
Acceptance the act of agreeing or consenting to the terms of an offer thereby establishing the. Principal the property such as money, stock, and real estate contributed to or otherwise acquired by a trust to generate income and to be used for the benefit of trust beneficiaries according to the trusts terms. These terms are provided for your information only, with the warning that terms may have different meanings or. However, words describing or relating to the same thing often differ considerably in various parts of the. 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. The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Like any industry, the real estate business has its own language. If youre already a salesperson or broker, than this real estate glossary will help you brush up on. In 1956, assessment terminology was revised and reissued. Local regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings. Adjustable rate mortgage arm administrative agency.
The ultimate dictionary of real estate terms you should know. The regulations are aimed primarily at lenders, but apply to agents and brokers when they refer consumers to. Contract type a contract between an independent living resident and a property guaranteeing a care structure if additional care is needed, as well as future payments for the increased level of care. Petersons master the real estate license exams is divided into five parts to facilitate your study. Real estate glossary a repayment of a mortgage loan through monthly installments of principal and interest. Glossary of commercial real estate terms real estate. Submit the term you wish to see in the glossary here. In a recent nahrep survey, top producing latino agents and loan officers indicated that 40 percent of their transactions make use of spanish at some point in the transaction and as much as 25 percent of all transactions utilize spanish exclusively as the means of. Since the commission for the sale of a house is almost always paid for by the seller, buyers are able to get assistance and information from real estate agents, usually at. A written instrument that, when executed and delivered, conveys title to an interest in real estate is a deed. Real estate glossary investing terms biggerpockets. 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. A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. A written instrument that, when executed, passes title to personal.
Common area for lease purposes, the areas of a building and its site that are available for the nonexclusive use of all its tenants, such as lobbies, corridors, and parking lots. Fidelity cannot guarantee that such information is accurate, complete, or timely. Download glossaryofrealestatemanagementterms ebook pdf or read online books in pdf, epub, and mobi format. 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. The same terms may have different meanings in another context. As a digital marketplace with an exhaustive range of property listings, we know it is easy to get lost. Many terms in real estate are universal throughout the nation. Weve put together the ultimate real estate glossary to educate yourself on what these terms. A condensed history or summary of all transactions affecting a particular tract of land. Deed of trust one form of real estate security agreement granting a security interest in real estate which typically contains a power of sale allowing a. 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. Glossary of terms page 1 glossary of real estate terms we hope you find this list of commercial real estate leasing terms helpful. As far as vocabulary goes, there are hundreds of important terms to know to be on the level of a seasoned commercial real estate professional. It can also refer to land that will be developed into a commercial project in the future.
Glossary of real estate terms agent an individual who represents a seller, a buyer or both in the purchase or sale of real estate. The kudoz open glossary is a browsable glossary of terms translated via the kudoz term help network. Commercial real estate terms and definitions naiop. Because everyday dinner table discussion in spanish does not include use of technical fi nancial terms, this glossary diff erentiates itself by further providing colloquialisms which many consumers might use in conversation with their real estate agent or loan offi cer. For example title insurance, which protects your property against hidden liens or potential ownership issues, always means title insurance. Respa the real estate settlement procedures act was enacted to protect consumers from abusive lending practices, and assures that they are provided with accurate information about the actual costs of closing a transaction. A course companion for studying for the real estate exam. Filing documents for public record with an official recording office.
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. The gradual repayment of a mortgage loan by installments. Like brokers, real estate agents realtors, sales associates, licensees, etc. The real estate marketplace glossary federal trade commission. Glossaryofrealestatemanagementterms download glossaryofrealestatemanagementterms ebook pdf or read online books in pdf, epub, and mobi format. Land, including all things permanently attached thereto, whether by nature or by a person. A professional estimate of value prepared by an appraiser. Boxers glossary of commercial real estate terms a b c e f g i l m n o p r s t u w abated rent rent that a tenant does not have to pay.
As a resource for conference attendees, nic has compiled this glossary of frequently used real estate and financial terms in the seniors housing and skilled nursing industry. Instead of having to come up with a 20% down payment, a buyer. Glossary of real estate terms the victoria real estate board. Commercial real estate is defined in opposition to residential real estate. Originally published in 1997, the glossary for property appraisal and assessment was. A course companion for studying for the real estate exam, for real estate.
Thats why we put together a glossary of real estate terms for investors to use as a resource throughout the propertybuying process. Find az real estate related terms, glossary and definitions for property buyers, nris and home sellers in india. Common area for lease purposes, the areas of a building and its site that are available for the nonexclusive use of all its tenants. Educate yourself on common terms used in commercial real estate transactions, leasing, sales and finance. At, we guide home buyers right from the start of their home search to the very end.