An appraisal is an independent professional opinion of a property’s value, often required by a mortgage lender.A contingency allows a buyer or seller to move forward only if a specified condition—such as financing or inspection—is met.Closing costs can include lender charges, title services, taxes, recording fees, insurance, and other transaction expenses.Home equity is the portion of the property the owner effectively owns after subtracting outstanding mortgage debt from its current value.An escrow holder safeguards money and documents until the parties fulfill the requirements needed to complete the transaction.Earnest money accompanies or follows an accepted offer and is usually credited toward the buyer’s purchase at closing.An inspector examines accessible components such as the roof, foundation, plumbing, electrical system, and heating and cooling equipment.A CMA uses recent listings and sales of similar properties to help estimate an appropriate listing or offer price.Principal is the outstanding loan balance itself, while interest is the cost charged for borrowing that money.Amortization is the gradual repayment of principal and interest according to a set schedule.With a fixed-rate mortgage, the interest rate stays constant, although taxes, insurance, or other housing expenses may still change.An ARM usually begins with an introductory rate and later adjusts according to the loan terms and a specified financial index.A down payment is the buyer’s initial contribution toward the price, with the remaining amount typically covered by financing.A preapproval is based on a lender’s review of financial information, but it is not a final loan approval or funding guarantee.PMI is commonly required on certain conventional loans when the buyer makes a relatively small down payment.A deed identifies the parties and property and is used to legally transfer ownership from one party to another.Title represents legal ownership rights, while a deed is the document used to transfer those rights.Title insurance can protect an owner or lender from covered defects in the property’s ownership history.A lien may give a creditor a claim against the property until a debt, such as unpaid taxes or contractor charges, is resolved.An easement may allow access, utility lines, drainage, or another defined use without transferring ownership of the land.An encroachment can occur when a fence, driveway, shed, or part of a building crosses a legal property boundary.A survey can identify property lines, improvements, easements, and possible boundary conflicts.Comps are recently sold or listed properties similar in size, condition, location, and features to the subject property.An as-is sale signals that the seller generally does not plan to make repairs, although disclosure and contract rules may still apply.Seller disclosure forms communicate certain known facts about a property, though exact requirements vary by location.A property under contract has an accepted purchase agreement, usually with conditions and closing steps still remaining.Due diligence can include inspections, document reviews, title research, insurance checks, and other investigations.The final walkthrough lets the buyer confirm that the home’s condition is generally as expected and agreed-upon work was completed.An MLS organizes listing information and helps participating real estate professionals market properties and cooperate on transactions.A seller concession may help cover eligible closing expenses, subject to the contract and financing rules.Days on market tracks the time a listing has been available, although calculation methods can differ between listing systems.A seller may accept a backup offer that becomes active if the existing buyer’s transaction falls through.A counteroffer changes one or more proposed terms, such as price, closing date, contingencies, or included items.A bidding war occurs when several interested buyers submit competing offers, sometimes causing the price or terms to become more favorable to the seller.This ratio shows how the sale price compares with the listed price, often expressed as a percentage.Investors use cap rate to compare an income-producing property’s operating return before mortgage financing and income taxes.NOI measures an investment property’s operating performance by subtracting applicable operating expenses from its revenue.A leasehold interest gives a tenant possession and use of a property for the period and under the conditions stated in the lease.A freehold estate generally involves ownership without a predetermined end date, unlike a time-limited leasehold interest.Section 1031 may allow an investor to defer recognition of certain gains by exchanging qualifying real property held for business or investment purposes and following strict rules.You scored 0 out of 40You scored 1 out of 40You scored 2 out of 40You scored 3 out of 40You scored 4 out of 40You scored 5 out of 40You scored 6 out of 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Think you know your ARMs from your appraisals and your contingencies from your closing costs? This real estate vocabulary quiz will put your property knowledge to the ultimate test. Whether you are a first-time buyer, a devoted house-hunting enthusiast, or someone who never misses a dramatic listing reveal, these questions cover the essential terms everyone should understand. Some answers may seem obvious, while others could expose an expensive gap in your knowledge. Grab your imaginary keys, step inside, and find out whether you have the expertise of a seasoned realtor—or whether you are still a real estate rookie at heart!
Property Pro in Training
Think you know your ARMs from your appraisals and your contingencies from your closing costs? This real estate vocabulary quiz will put your property knowledge to the ultimate test. Whether you are a first-time buyer, a devoted house-hunting enthusiast, or someone who never misses a dramatic listing reveal, these questions cover the essential terms everyone should understand. Some answers may seem obvious, while others could expose an expensive gap in your knowledge. Grab your imaginary keys, step inside, and find out whether you have the expertise of a seasoned realtor—or whether you are still a real estate rookie at heart!