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14 Cards in this Set
- Front
- Back
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market value
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the highest price that the property will bring on the market
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Equity
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the difference between the market value of property and the amount owed on it.
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points
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extra interest that borrowers must pay at closing.
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closing costs
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settlement costs, are the expenese incurred in transferring ownership from buyer to seller in a real estate tansaction.
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Multiple listing service
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a real estate marketing service in which agents from many real estate agencies pool their hime listings and agree to share commissions on the sales.
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offer
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a formal document that expresses interest in entering into a contract with someone else.
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earnest money
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a portion of the purchase price that the buyer deposits as evdience of good faith to show that the purchase offer is serious.
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acceptance
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a formal agreement to the terms of an offer forming a contract between two parties.
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counteroffer
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an offer in response to another offer
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fixed rate mortage
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a mortage which the interest rate does not change during the term of the loan
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adjustable rate mortage
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a mortage for which the interest rate changes in response to the movement of interest rates in the economy as a whole
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title
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legal document that established ownership
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deed
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legal document that transfers title of real property from one party to another
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lien
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a finacial claim on property
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