Agent

A real estate professional that has undergone the state required education and passed the state board to practice real estate, to work legally an agent works under a real estate broker.

Appraisal

An independent assessment to make sure that the property being purchased is indeed worth the purchase price at current market rates.

Bill of Sale

This legal document, signed by the seller and given to the buyer, reports that on a specific date, at a specific locality, and for a particular sum of money, the seller sold to the purchaser a property of which he or she had lawful possession.

Broker (BIC)

A real estate professional that has undergone the state required education and passed the state board to practice real estate and the undergone the additional requirements to become a broker. A broker can then, continue to work for another broker, become a branch manager, or open their own shop and hire other agents.

Closing

The scheduled meeting during which the money for the real estate is paid in full to the seller, and the title or ownership of the property is transferred from the seller to the buyer.

Comparative Market Analysis (CMA)

A CMA compares, feature, one property against similar properties in the same neighborhood or surrounding area that have recently sold.  The CMA helps you determine the value of a particular property compared to others on the market.

Deed of Trust

The deed of trust is given to the borrower to a lender in order to secure the mortgage on a property. I deed of trust is the borrowers legal commitment to the lender that the property will belong to it if you cannot pay back the loan and the mortgage is therefore foreclosed.

Dual Agent

A single agent who acts on behalf of both the buyer and the seller in the same transaction.

Escrow

A legal arrangement in which an asset, usually a substantial sum of money, is given to an independent third party to be held in trust until the conditions of a real estate contract have been fulfilled.

Escrow Documents

These verify the amounts you will prepay for taxes, insurance, and earnest money escrow.

FROG

Finished Room Over the Garage.

FSOB

For Sale by Owner property, the owner doesn't use an agent but markets the property to sell it on his own.

MLS

Multiple Listing Service, a place where agents can share their listings and agree to cooperate.

Listing

The information about a property for sale which is being marked by a real estate agent.

Realtor

A Realtor can be either a agent or a broker, and is a member of the National Associations of Realtors (NAR). Not all agents are Realtors, to be a member of the NAR a licensed agent must take additional education classes, pay dues and meet their other ethical standard requirements. 

Title

Ownership of property.