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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 the property and the amount owed on it
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Points
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A finance charge by mortgage lenders. 1 point=1 percent of the loan amount
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Closing Costs (Settlement Costs)
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The expenses incurred in transferring ownership from buyer to seller in a real estate transaction
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The Multipe Listing Service (MLS)
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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 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 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 an offer, forming a contract between the parties
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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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A mortgage 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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A legal document that establishes ownership
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Deed
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A legal document that transfers title of real property from one party to another
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Lien
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A financial claim on property
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