Real Estate Terms
Some of you may reached this page out of curiosity while others may be here because they need help with their real estate exam. This small glossary will cover the top real estate terms that people have problems with on their real estate test. This real estate glossary is only a small sample of what will on your exam. Most of these come from public records, listing companies and public records.
It really does not matter if you are looking at listing with a broker, searching for an agent or just finding out information about the transaction process, this glossary will help.
What are some real estate terms?
There are thousands! But the most reported terms on the real estate exam include a title search, public records, private mortgage insurance, hazard insurance, a fixed rate mortgage, earnest money deposit, loan application, pre approval, escrow account, eminent domain, construction loan and exclusive listing.
Just learning these terms will put you miles ahead when preparing for your examination. Below we have put together a glossary of some of the most important terms there are on the real estate exam. If you are studying to be a broker, and agent these are must knows for all future realtor.
What does terms mean in real estate?
If you found this page looking for the answer to this, you won’t find much detail. When an agent is talking about the terms in a real estate deal, they could be talking about interest rates, seller concessions, cash offers or other terms that the buyer is wanting. This article covers mostly material that buyers and an agent will need to know about a payment or a transaction in a real estate deal.
What terms will you see on the real estate exam?
Land Contracts – A land contract is a form of seller financing. It is similar to a mortgage, but instead of dealing with the bank, you’re dealing with the owner.
Emblements – These are crops that belong to the tenant, not the landlord. The landlord does not have any legal rights to this.
Economic Obsolescence – Factors outside the owners control that have an effect on property value.
Bilateral Contracts – Bi means 2. So a bilateral contract means there are two people involved.
Appurtenance – An appurtenance is a noun and means something that is a part of and belongs to something else, such as a piece of land or a house. Examples are light fixtures, dish washers, etc.
What is another word for real estate?
Real estates meaning can also be called a home, land, holdings, farms, etc.
Whew! That is an exhaustive list of real estate terms. Real Estate Agents make great money, but you have to put in the work. This real estate glossary is just a small sample of some of the real estate definitions and terms you will need to know for your real estate exam.
If you would like to access these real estate terms flashcards as well as hundreds of other questions for your real estate exam, let’s get started now.