Real Estate Agency - A legal relationship in which an real estate owner-principal engages a real estate broker-agent in the sale of real estate property or real estate buyer-principal engages a real estate broker-agent in the purchase of real estate property (see also buyer agency).

Exclusive Buyers Agent - A Real Estate Exclusive Buyers Agent is a Real Estate Agent that only represents the buyer. Since they only represent the buyer, they strive to get the lowest possible price at the best terms. They will find the real estate that best meets the buyers needs and specifications. Once a desired real estate property is found, they will help negotiate prices and terms on behalf of the buyer.

APR - Annual Percentage Rate - The total mortgage finance charge (mortgage loan interest, mortgage loan fees, mortgage discount points) expressed as a percentage of the real estate loan amount.

Amortization - The gradual repayment of a real estate mortgage by periodic installments as stated in an amortization schedule.

Real Estate Appraisal - Real estate appraisal is an estimate of the value of the real estate property.

Assessed Property Value - The valuation placed on real estate property by a public tax assessor as the basis of the real estate property.

Assumption of Mortgage - Assumption of mortage is agreement by the real estate buyer to assume responsibility for a real estate mortgage owned by the real estate seller; the real estate seller remains liable to the lender unless the lender agrees to release him or her.

Balloon Mortgage - A real estate mortgage that has a substantial amount of the principal due at the maturity of the balloon mortgage.

Interest Rate Buy-down - A payment to the lender from the seller, buyer, or third party, causing the lender to reduce the interest rate during the early years of the real estate loan.

Interest Rate Cap - A maximum amount ot interest that can be charged.

Real Estate Closing - Closing is the final step in transferring ownership of a real estate property from real estate seller to real estate buyer.

Real Estate Closing Costs - Real Estate Fees and expenses, not including the price of the home, payable by the real estate seller and the real estate buyer at the time of closing (e.g., brokerage commissions, title insurance premiums, inspection, and appraisal fees).

Real Estate Contract Contingency - A condition that must be satisfied before a contract is binding.

Conventional Mortgage Loan - A fixed-rate, fixed-term loan that is made without government insurance.

Real Estate Co-op - A real estate buyer purchases shares in a real estate co-op corporation, made up of the residents in the co-op property. The real estate buyer owns the shares rather than owning the real property. In exchange, the real estate buyer has the right to occupy the co-op unit.

Real Estate Deed - A deed is a legal document conveying title to a real estate property.

Real Estate Earnest Money - Earnest money is a payment given to the real estate seller by a potential real estate buyer indicating the real estate buyer's intent to complete the purchase of the real estate property.

Real Estate Home Equity - Real Estate Home Equity is the owner's value of interest in a property.

Real Estate Escrow - Real Estate Escrow is the placement of money or documents with a third party for safekeeping pending the fulfillment or performance of a specific act or condition.

Home FHA Mortgage - A FHA Home Mortage is insured by the Federal Housing Adminstratoin , permitting lenders to offer better terms.

HUD - Housing and Development - A U.S. Government agency established to implement certain federal housing and community development programs.

IDX - Internet Data Exchange - IDX is the MLS technology that puts Real Estate and Homes - Condos for Sale MLS data onto public websites.

Home Loan Origination Fee - The charge you must pay to the lender for processing your real estate home mortgage.

Real Estate Market Value - Market value (Property values) is the highest price a ready, willing, and able real estate buyer will pay and the lowest price a real estate seller will accept (also called Real Estate Property Values).

Real Estate Mortgage - A real estate mortgage is a lien on real estate given by the buyer as security for money borrowed from a lender.

Real Estate Mortgage Insurance - Mortgage insurance is a policy that provides protection for the lender in case of default and guarantees repayment of the real estate loan in the event of death or disability of the borrower.

MLS - Multiple Listing Service - MLS is a real estate database that allows real estate sellers to share informatoin about real estate property with real estate buyers.

Real Estate Mortgage Discount Points - A dollar amount, expressed as a percentage of the real estate mortgage amount, which is paid to lender as a consideration for making a loan. A mortgage discount point is 1% of the amount of the real estate mortgage; also called mortgage discount points.

P & I - Principal and Interest Payment- A periodic (usually monthly) payment that includes the interest charges for the period plus an amount applied to amortization of the principal balance.

PITI - Principal, Interest, Taxes, and Insurance Payment - The periodic payment that includes the principal and interest payment plus a contribution to the escrow account set up by the lender to pay insurance premiums and property taxes on the mortgage property.

REALTOR © - REALTORS © have a registered collective membership that identifies real estate professionals who are members of the National Assocation of Realtors and subscribe to its strict Code of Ethics.

Real Estate Title - A real estate title is a document that is evidence of real estate ownership.

Real Estate Title Insurance - A real estate title insurance is protection for lenders and homeowners against financial loss resulting from legal defects in the title.

Real Estate Title Search - A check of title records to identify liens, encumbrances, and ownership rights to the real estate property.