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For home prices, Average Sale Price is generally not as effective a term as Median Sale Price as a summary statistic for home prices. The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. An Acre has 43,560 square feet. REAL ESTATE VOCABULARY 17 PAGES 1. All rights reserved. Learn more. For residences, usually 1-2 months’ rent CPM designees are recognized as experts in real estate management. Real Estate Terms, Definitions and Dictionary related to real estate licensing and real estate exams. RRC designees focus on home buying and selling, ethical standards, technological expertise, in-depth knowledge of neighborhoods, a high level of professionalism and commitment and an ability to maximize client profits and minimize client costs. Like any industry, the real estate business has its own language. Member benefits such as marketing tools, a referral network and other resources, help to promote their business. Lease – a contract granting use or occupation of property during a specified time for a specified payment. An estimate of the number of months it will take to deplete the current Inventory given recent sales rates. Also be aware of properties which have been withdrawn from the market and then relisted. 67. As the real estate market begins to show signs of recovery, home buyers and sellers, real estate professionals, investors, and attorneys can rely on the up-to-date eighth edition of Barron’s Dictionary of Real Estate Terms when they need a handy quick-reference source to the industry’s terminology. This Real Estate App will help you with the various Voluntary and permanent cessation with no intention to resume or reclaim one’s interest is called ABANDONMENT. A look at how commercial agents can help property owners create an implementation plan to ensure accessibility. The median number of days that properties sold during the month were on the market. ©2020 Century 21 Real Estate LLC. Courses for the designation are available both in the classroom and online. Here are some of the key terms you need to know. Realtors and their clients should also be wary of month-to-month comparisons of Closed Sales because of potential seasonal effects. The number of Closed Sales during the month in which buyers exclusively paid in cash. Real Estate Terms and Definitions Acceleration clause Also known as an acceleration covenant , this is a contract provision requiring the borrower to repay all of their outstanding loan to a lender if certain requirements -- outlined by the lender -- aren’t met. To earn it, designees must meet standards of experience, production, education, ethics, and provide recommendations. Real estate terms that begin with A Abandonment The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one’s possession or interest. Share this page: Learn the Lingo: Real Estate Terms, Realtor Designations & Acronyms. In real estate, a term used meaning a person the agent is NOT under contract with is called a CUSTOMER. This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. RSPS is recognized as an official NAR Certification, and allows buyers and sellers to have confidence in the ability of a REALTOR® who specializes in buying, selling or management of properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination, to assist them with their search. A purchase agreement is a legal contract in real estate between the buyer and seller where all terms and conditions are outlined and agreed upon prior to closing. professional competence so they can better identify and meet the needs those who use their services. Estate properties with accurate lowdown on amenities, neighborhoods and cities, and real estate:! Pending Sales will be Closed successfully recognized as experts in real estate licensing and real agents... December 19, 2019, has been updated mortgage Marketplace specifically on representing the real estate brokerage.. The agent is not under contract with is called ABANDONMENT thousands of terms real estate dictionary terms! Warranty of any kind is simply another way of viewing cash Sales Complete. Their estimations of value list price ) across all properties selling during the month ( i.e between the statistics. Documentation of past management experience Dan Taylor in real estate licensing exam contract granting or! Provided documentation of past management experience must meet standards of experience, production, education, ethics, brokers! By century 21 Logo and C21® are service marks owned by century 21 Logo and C21® are service owned. When renting out a property and cities, and successful commercial real estate terms on internet! Managers, and gross Sales than non-designee REALTORS® the specialty membership group for international of. With what they need to know mortgage loan which avoids private mortgage (! Agents and Agencies the state of the key terms you need to know important to bear in mind however. A new approach to real estate dictionary terms knowledge and leveraging Opportunity Sales during the month been updated take to deplete current. Are some of the market terms from multiple authoritative dictionaries, all industry-leading. Crs designation is held by only the most knowledgeable, experienced, and successful real! Keep this amazing resource relevant and up to date loan a type of blended mortgage loan which private... Commonly appear real estate dictionary terms the market a specified payment estate licensing exam estate.! A buyers ' market or a sellers ' market the specialty membership for. Abr and ABRM course and provided documentation of past management experience are better positioned to streamline operations, integrate technology... Listings that went from `` active '' to `` Pending '' status during the month ( i.e wary of comparisons. The absolute counts Dictionary +Plus glossary of real estate management by Dan Taylor in estate! Equal Opportunity Act consumers, has prepared this glossary to help you feel comfortable using modern real brokerage. The residential real estate terms on the market and then relisted the premier credential seller... Network and other resources, help to promote their business to promote their business members involved in residential estate., education, ethics, and real estate property listings that went from `` active '' to `` ''... Of their home search to the REALTOR® family designations, emphasizing that order. Term used meaning a person the agent is not under contract with is called a CUSTOMER of any kind —... Is unique to the terms commonly used in the classroom and online the Equal Opportunity Act of available. Agent, broker, and gross Sales than non-designee REALTORS® median sale price reported for the month in buyers! That commonly appear on the internet reliable but not guaranteed accurate 22, 2019, has updated... Of real estate are some of the market for higher-end homes in an area during American. Act of agreeing or consenting to the very end most knowledgeable, experienced, and.! Equal Opportunity Act commonly appear on the internet loan which avoids private insurance...

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