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14 Cards in this Set
- Front
- Back
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Market Value (Real Estate)
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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 propert and the amount owed on it.
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Points
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Each point euals 1 percentof the loan amount.
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Closing Costs
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The expenses incurred in transferring ownership from buyer to seller in a real estate transaction.
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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 home listings and agree to share comissions on the sale.
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Offer
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A formal document that expresses interest in entering 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 evidence 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 offer, forming a contract between the partners.
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Counteroffer
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An offer in response to another offer.
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Fixed-Rate Mortgage
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A mortgage on which the interest rate does not change during the term of the loan.
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Adjustable-Rate Mortgage
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AQ mortgage for which the interest rate changes in response to the movement of interest rates in the economy.
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Title
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A legal document that establishes ownership.
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Deed
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A legal document that transfers the title of real property from one party to another.
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Lien
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A financial claim on a property.
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