| Industry Acronyms | General Real Estate | Real Estate Math/Financing | Buying a Home | Real Estate & Pop Culture |
|---|---|---|---|---|
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What is FEDERAL HOUSING AUTHORITY
FHA
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What is a seller's market?
When there are more buyers than sellers.
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What is $17,500?
This is the total commission (in dollars) of a 5% commission on a $350,000 sale.
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What is a DOWNPAYMENT?
The share of the purchase price is paid in cash at the time of purchase.
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What is Kansas?
In The Wizard of Oz, Dorothy said, "There is no place like home!"... Her home was in this tornado-prone state.
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What is FOR SALE BY OWNER?
FSBO
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What is an APPRAISAL?
A professional estimate/opinion on the value of real estate
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What is an EARNEST MONEY DEPOSIT/GOOD FAITH DEPOSIT?
1% of the purchase price that is turned in within the first 7 days of a contract.
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What is BUYER'S REMORSE?
Regret following a purchase, especially common with an impulse purchase.
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What is MONOPOLY?
This Real estate board game became the best-selling game in America just one year after it was created.
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What is EARNEST MONEY DEPOSIT?
EMD
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What is Lis Pendens?
Latin for "suit pending"
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What is 3.5%?
The minimum downpayment requirement for FHA loans.
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What is a HOME INSPECTION?
When a professional consulting service determines the present condition of the home's major systems, foundation, structural components, and roof.
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What is BEDROCK?
The Flintstones called this place home
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What is BERKSHIRE HATHAWAY HOME SERVICES?
BHHS
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What is an EASEMENT?
The right to use the property of another owner for a specified purpose.
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What is 4%
The estimated number (in %) to calculate closing cost.
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What is PRIVATE MORTGAGE INSURANCE?
Insurance that insures the lender against any losses incurred by the costs of loan default.
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What is GRACELAND?
Elvis Presley's home is named.
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What is AMERICAN LAND TITLE ASSOCIATION?
ALTA
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Who is Yu Ota?
The best and only real estate agent to call when you and/or someone you know is considering buying and/or selling real property?
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What is PRINCIPAL INTEREST TAXES INSURANCE?
PITI
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What is a FIXED-RATE MORTGAGE?
A loan for which the interest rate remains constant over the maturity of the loan.
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What is CELEBRATION?
Walt Disney created this town near Orlando to look like 1940s southeastern town with traditional architecture.
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