What exactly is Private road maintenance agreement? Glad you asked! An agreement between property owners that details the maintenance and repair responsibilities for a private

What exactly is Private mortgage insurance (PMI)? Glad you asked! Insurance that a borrower is required to purchase to protect the lender in case of

What exactly is Private lender? Glad you asked! An individual or institution that lends money to borrowers, often for real estate transactions, but is not

What exactly is Principal balance? Glad you asked! The amount of money still owed on a loan. Real-Life Example of Principal Balance: A homeowner makes

What exactly is Principal? Glad you asked! The amount of money borrowed on a loan, not including interest or other charges. Real-Life Example of Principal:

What exactly is Prepayment penalty? Glad you asked! A fee charged by a lender if a borrower pays off a loan before the end of

What exactly is Pre-qualification? Glad you asked! The process by which a lender determines how much money a borrower may be eligible to borrow for

What exactly is Pre-payment penalty? Glad you asked! A fee charged by a lender if a borrower pays off a loan before the end of

What exactly is Pre-foreclosure? Glad you asked! The period of time before a property is foreclosed upon and sold at auction, during which the owner

What exactly is Pre-approval letter? Glad you asked! A letter from a lender stating that a borrower has been pre-approved for a mortgage loan based

What exactly is Pre-approval? Glad you asked! A process by which a lender reviews a borrower’s financial information, credit history, and other factors to determine

What exactly is Power of attorney? Glad you asked! A legal document that authorizes one person to act on behalf of another person in certain

What exactly is Points? Glad you asked! A fee charged by a lender to the borrower for each percentage point of the loan amount. Points

What exactly is Point? Glad you asked! A fee charged by a lender to the borrower for each percentage point of the loan amount. Points

What exactly is Plottage? Glad you asked! The increase in value that results from combining two or more adjacent properties into a single larger property.

What exactly is Planned unit development (PUD)? Glad you asked! A type of residential development that combines multiple housing units with shared amenities, such as

What exactly is Personal property? Glad you asked! Property that is not attached to the land or building, such as furniture, vehicles, and other movable

What exactly is Personal guarantee? Glad you asked! A legal agreement in which an individual agrees to be personally responsible for a debt or obligation,

What exactly is Percentage lease? Glad you asked! A type of lease agreement in which the tenant pays rent based on a percentage of their

What exactly is Payoff statement? Glad you asked! A document provided by a lender that specifies the remaining balance on a loan and the amount

What exactly is Partition? Glad you asked! A legal process in which a court divides a property among its owners, usually as a result of

What exactly is Park model? Glad you asked! A type of recreational vehicle that is designed to look like a small house or cabin. Park

What exactly is Parcel? Glad you asked! A defined area of land that is designated by a specific boundary or legal description. Real-Life Example of

What exactly is Ownership? Glad you asked! The legal right to use, possess, and control a property, as well as the right to sell, transfer,

What exactly is Owner financing? Glad you asked! A method of buying or selling real estate in which the owner of a property agrees to

What exactly is Option agreement? Glad you asked! A contract that grants the option holder the right, but not the obligation, to buy or sell

What exactly is Option? Glad you asked! A contract that gives a party the right, but not the obligation, to buy or sell an asset

What exactly is Open listing? Glad you asked! A type of real estate listing agreement in which a property owner agrees to pay a commission

What exactly is Open house? Glad you asked! An event where a property for sale is open for public viewing without the need for an

What exactly is Offer letter? Glad you asked! A document that outlines the terms and conditions of a job offer, including the salary, benefits, and

What exactly is Offer? Glad you asked! A proposal to buy or sell a property, outlining the terms and conditions of the transaction. Real-Life Example

What exactly is Non-recourse loan? Glad you asked! A type of loan where the borrower is not personally liable for the debt. If the borrower

What exactly is Non-conforming loan? Glad you asked! A type of mortgage loan that does not meet the guidelines for a conforming loan set by

What exactly is Net operating income (NOI)? Glad you asked! The income generated by a property after deducting operating expenses such as property taxes, insurance,

What exactly is Net lease? Glad you asked! A type of lease agreement where the tenant is responsible for paying a portion or all of

What exactly is Negative amortization? Glad you asked! Occurs when the monthly payment on a loan is not enough to cover the interest due, causing

What exactly is National Association of Realtors (NAR)? Glad you asked! A trade organization for real estate professionals in the United States. It provides resources

What exactly is Multiple listing service (MLS)? Glad you asked! A database used by real estate agents to share information about properties for sale. It

What exactly is a Multi-family home? Glad you asked! A Multi-Family Home is a property designed to house more than one family, typically a duplex,

What exactly is Mortgage servicer? Glad you asked! A Mortgage Servicer is a company that collects mortgage payments on behalf of the lender and manages

What exactly is Mortgage rate? Glad you asked! The interest rate charged on a mortgage loan. It determines the cost of borrowing money and affects

What exactly is Mortgage prepayment penalty? Glad you asked! A fee charged by the lender if the borrower pays off their mortgage before the scheduled

What exactly is Mortgage pre-qualification? Glad you asked! Mortgage pre-qualification is the process of estimating how much a borrower may be able to borrow for

What exactly is Mortgage payment? Glad you asked! A mortgage payment is the amount of money a borrower must pay each month to repay their

What exactly is Mortgage note? Glad you asked! A mortgage note is a legal document that outlines the terms of a mortgage, including the amount

What exactly is Mortgage loan origination? Glad you asked! Mortgage loan origination is the process of creating a new mortgage. It involves a lender evaluating

What exactly is Mortgage insurance? Glad you asked! Mortgage insurance is a type of insurance that protects lenders from losses due to borrower default. It

What exactly is Mortgage broker? Glad you asked! A mortgage broker is a professional who works as an intermediary between borrowers and lenders to help

What exactly is Mortgage banker? Glad you asked! A mortgage banker is a company or individual that originates and funds mortgages, often for sale to

What exactly is Mortgage assumption? Glad you asked! Mortgage assumption is the process of taking over an existing mortgage from a previous owner. It requires

What exactly is Mortgage application? Glad you asked! A mortgage application is a document that a borrower submits to a lender when applying for a

What exactly is Mortgage affordability? Glad you asked! Mortgage affordability is the amount of mortgage that a borrower can reasonably afford based on their income,

What exactly is Mortgage? Glad you asked! A mortgage is a type of loan used to finance the purchase of a property, secured by the

What exactly is Mechanic’s lien? Glad you asked! A mechanic’s lien is a type of lien placed on a property by a contractor or supplier

What exactly is Master plan? Glad you asked! A master plan is a comprehensive land use plan that outlines the intended use and development of

What exactly is Marketable title insurance? Glad you asked! Marketable title insurance is a type of title insurance that guarantees the marketability of a property

What exactly is Marketable title? Glad you asked! A marketable title is a title to a property that is free from defects or encumbrances, allowing

What exactly is Market value? Glad you asked! Market value is the estimated fair market price of a property or asset in a given market,

What exactly is Margin? Glad you asked! A margin is the difference between the interest rate on a mortgage loan and the index rate or

What exactly is Lock-in period? Glad you asked! A lock-in period is a specified period of time during which a borrower is guaranteed a particular

What exactly is Loan-to-value (LTV) ratio? Glad you asked! The loan-to-value ratio is a financial ratio that expresses the ratio of a mortgage loan to

What exactly is Loan servicing? Glad you asked! Loan servicing is the process of managing and administering a mortgage loan on behalf of a lender,

What exactly is Loan origination fee? Glad you asked! A loan origination fee is a fee charged by a lender to cover the administrative costs

What exactly is Loan estimate (LE)? Glad you asked! A loan estimate is a document provided to a borrower by a lender that outlines the

What exactly is Listing broker? Glad you asked! A listing broker is a real estate agent or broker who represents the seller or landlord in

What exactly is Listing agreement? Glad you asked! A listing agreement is a contract between a property owner and a real estate agent or broker

What exactly is Listing? Glad you asked! A listing is a property or asset that is offered for sale or lease by a real estate

What exactly is Life estate? Glad you asked! A life estate is a type of property ownership in which the owner retains the right to

What exactly is Lien? Glad you asked! A lien is a legal claim or encumbrance on a property that secures a debt or other financial

What exactly is Liabilities? Glad you asked! Liabilities are financial obligations or debts owed by an individual or entity, including loans, taxes, accounts payable, or

What exactly is Letter of intent? Glad you asked! A letter of intent is a non-binding document that outlines the preliminary terms and conditions of

What exactly is Letter of credit? Glad you asked! A letter of credit is a financial instrument issued by a bank or financial institution that

What exactly is Lessor? Glad you asked! A lessor is a person or entity who leases or rents out a property to a tenant or

What exactly is Lessee? Glad you asked! A lessee is a person or entity who rents or leases a property from a landlord or lessor.

What exactly is Legal description? Glad you asked! A legal description is a detailed and precise description of a property’s location and boundaries, often used

What exactly is Leasehold improvement? Glad you asked! A leasehold improvement is a renovation or upgrade made to a leased property by the tenant or

What exactly is Leasehold estate? Glad you asked! A leasehold estate is a type of property ownership that grants the tenant or lessee the right

What exactly is Lease renewal options? Glad you asked! Lease renewal options are clauses in a lease agreement that give the tenant the right to

What exactly is Lease renewal? Glad you asked! A lease renewal is a process by which a landlord and a tenant agree to extend the

What exactly is Lease option? Glad you asked! A lease option, also known as a rent-to-own agreement, is a type of lease that gives the

What exactly is Lease agreement? Glad you asked! A lease agreement is a written contract between a landlord and a tenant that outlines the terms

What exactly is Lease? Glad you asked! A lease is a legal agreement between a landlord and a tenant that grants the tenant the right

What exactly is Landlord-tenant laws? Glad you asked! Landlord-tenant laws are a set of legal regulations that govern the rights and responsibilities of landlords and

What exactly is Landlord? Glad you asked! A landlord is a property owner or manager who leases or rents out real estate to tenants in

What exactly is Land contract? Glad you asked! A land contract, also known as a contract for deed or installment sale agreement, is a type

What exactly is Jumbo loan? Glad you asked! A jumbo loan is a type of mortgage that exceeds the limits set by government-sponsored entities like

What exactly is Judicial foreclosure? Glad you asked! Judicial foreclosure is a legal process in which a lender or creditor must obtain a court order

What exactly is Joint venture? Glad you asked! A joint venture is a business partnership or collaboration between two or more parties to pursue a

What exactly is Joint tenancy? Glad you asked! Joint tenancy is a type of ownership where two or more individuals have equal and undivided rights

What exactly is Internal rate of return (IRR)? Glad you asked! The internal rate of return (IRR) is a financial metric used to evaluate the

What exactly is Interest-only mortgage? Glad you asked! An interest-only mortgage is a type of loan that allows borrowers to pay only the interest on

What exactly is Interest? Glad you asked! Interest is the cost of borrowing money, typically expressed as a percentage of the loan amount or principal,

What exactly is Intangible tax? Glad you asked! Intangible tax is a type of tax imposed on non-physical assets, such as stocks, bonds, intellectual property,

What exactly is Insurance deductible? Glad you asked! An insurance deductible is the amount that a policyholder must pay out of pocket before their insurance

What exactly is Inspection contingency? Glad you asked! An inspection contingency is a clause in a real estate contract that allows the buyer to back

What exactly is Inheritance tax? Glad you asked! An inheritance tax is a tax imposed on the value of assets inherited by a beneficiary from

What exactly is Inflation? Glad you asked! Inflation is the rate at which the general level of prices for goods and services in an economy

What exactly is Income approach? Glad you asked! The income approach is a real estate appraisal method that estimates the value of a property based

What exactly is HUD-1 settlement statement? Glad you asked! The HUD-1 settlement statement is a document provided to the buyer and seller at the closing

What exactly is Housing bubble? Glad you asked! A housing bubble is a period of rapid and unsustainable growth in home prices, often fueled by