19. Fair Market Value: The price a property would sell for on the open market
20. Foreclosure: The legal process by which a lender takes possession of a property when the owner fails to make mortgage payments.
21. Fixed-Rate Mortgage: A mortgage with an interest rate that remains constant throughout the loan term
Gentrification, Gross Rent Multiplier (GRM)
22. Gentrification: The process of renovating and improving a neighborhood, often resulting in increased property values and displacement of lower-income residents.
23. Gross Rent Multiplier (GRM): A ratio used to estimate a property's value based on its gross rental income.
Home Equity Loan, Home Inspection, Homeowners Association (HOA)
24. Home Equity Loan: A loan that uses the equity in a home as collateral.
25. Home Inspection: A detailed examination of a property's condition, typically performed before purchase.
26. Homeowners Association (HOA): An organization that manages and maintains common areas in a residential communi
Interest Rate, Investment Property, Improvements
27. Interest Rate: The cost of borrowing money, usually expressed as a percentage of the loan amount.
28. Investment Property: Real estate purchased with the intention of earning a return through rental income or future resale.
29. Improvements: Additions or changes made to a property that increase its value.
Lien, Listing, Lease
30. Lien: A legal claim against a property that must be paid when the property is sold.
31. Listing: An agreement between a property owner and a real estate agent to sell a property.
32. Lease: A contract that grants the right to use a property for a specified period in exchange for rent.
Market Value, Multiple Listing Service (MLS), Market Value
33. Mortgage: A loan used to purchase real estate, with the property serving as collateral.
34. Multiple Listing Service (MLS): A database of property listings shared by real estate agents.
35. Market Value: The price a property would likely sell for on the open market.
Negative Equity, Net Operating Income (NOI)
36. Negative Equity: When the amount owed on a mortgage is higher than the property's current market value.
37. Net Operating Income (NOI): The total income generated from a property minus operating expenses.
Off-Plan, Open House, Owner-Occupied
38. Off-Plan: Purchasing a property before it's been built, typically from architectural plans.
39. Open House: An event where potential buyers can view a property for sale.
40. Owner-Occupied: A property where the owner lives as their primary residence.
Property Tax, Purchase Agreement, Pre-Approval
41. Property Tax: A tax levied on real estate by the local government.
42. Purchase Agreement: A legal document outlining the terms and conditions of a property sale.
43. Pre-Approval: A lender's conditional commitment to provide a loan up to a certain amount.
Real Estate Agent, REITs (Real Estate Investment Trusts), Refinance, Rental Income
44. Real Estate Agent: A licensed professional who represents buyers or sellers in real estate transactions.
45. REITs (Real Estate Investment Trusts): Companies that own and often operate income-producing real estate.
46. Refinance: The process of replacing an existing mortgage with a new one, often with better terms.
47. Rental Income: Money received from leasing a property to a tenant
Seller's Market, Survey, Security Deposit
48. Seller's Market: A market condition where demand exceeds supply, giving sellers an advantage.
49. Survey: A detailed map of a property showing its boundaries and features.
50. Security Deposit: A sum of money paid by a tenant to a landlord as a guarantee against damages or unpaid rent.
Title, Title Insurance, Tenancy
51. Title: A legal document proving ownership of a property
52. Title Insurance: Insurance that protects against losses arising from disputes over property ownership.
53. Tenancy: The act of renting and occupying a property.
Utilities, Underwriting
54. Underwriting: The process of evaluating a loan application to determine the risk for the lender.
55. Utilities: Services such as electricity, water, gas, and internet that are necessary for a property's operation.
Vacancy Rate, Valuation
56. Valuation: The process of estimating the market value of a property.
57. Vacancy Rate: The percentage of rental properties that are unoccupied at a given time.
Walkthrough, Warranty Deed
58. Walkthrough: A final inspection of a property by the buyer before closing.
59. Warranty Deed: A deed that guarantees the seller has clear title to the property and the right to sell it.
Zoning
60. Zoning: Local laws that regulate how property in specific locations can be used.