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the best broker for real estate

the best broker for real estate

Why it’s necessary to choose a real estate broker Why is broker selection so important? In your first year as a real estate agent, you’ll have a ton of questions, uncertainties, and getting-your-feet-wet experiences. You’ll need to choose a real estate broker that...

A

ABANDONMENT The voluntary surrender or relinquishment of possession of real property with the intention of terminating one’s possession or interest, but without vesting this interest in any other person. ABATEMENT A reduction or decrease in amount, degree,...

B

BALLOON PAYMENT The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation. BARGAIN AND SALE DEED...

C

CANTILEVER A projecting beam or overhanging portion supported at one end only. CAPITAL GAIN The taxable profit derived from the sale of a capital asset. CAPITAL IMPROVEMENT Any structure which is erected as a permanent improvement to real property; any improvement...

D

DEALER An IRS designation for a person who regularly buys and sells real property. DEBT SERVICE The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized. DECLARATION OF RESTRICTIONS A statement of all the covenants,...

E

EASEMENT – A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other’s land. EASEMENT IN GROSS – The limited right of one person to use another’s land...

F

FAIR MARKET VALUE – The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both...

G

GARNISHMENT – A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party («garnishee»). GENERAL AGENT – One who is authorized to perform any and...

H

HABENDUM CLAUSE That part of the deed beginning with the words «to have and to hold,» following the granting clause and reaffirming the extent of ownership that the grantor is transferring. HABITABLE Being fit to live in. The residential landlord has an...