The licensed real estate salesperson or broker who represents buyers or sellers.
Read MoreFAQ Category: Real Estate Terms
Adjustable rate mortgage (ARM)
A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.
Read MoreAddendum
An addition to; a document.
Read MoreA/I
A contract that is pending with attorney and inspection contingencies.
Read More24-hour notice
Allowed by law, tenants must be informed of showing 24 hours before you arrive.
Read More1099
The statement of income reported to the IRS for an independent contractor.
Read More1031 exchange or Starker exchange
The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.
Read MoreWhat is a Public Offering Statement?
If the property is a new unit in a common-interest community or a condominium hotel, or if the community is subject to any developmental rights, or contains converted buildings or contains units which may be in a time share, or is registered with the Securities and Exchange Commission, the buyer […]
Read MoreAs-is
A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials. Sellers will often do this for houses that are priced below market value that need work done. As-is can also be used in contracts. […]
Read More