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Real Estate Glossary
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acceleration clauseadjustable-rate mortgage (ARM)adjustment dateamortizationamortization scheduleannual percentage rate (APR)applicationappraisalappraised valueappraiserappreciationassessed valueassessmentassessorassetassignmentassumable mortgageassumptionballoon mortgageballoon paymentbankruptcybill of salebiweekly mortgagebond marketbridge loanbrokerbuydowncall optioncapcash-out refinancecertificate of depositcertificate of deposit indexCertificate of EligibilityCertificate of Reasonable Value (CRV)chain of titleclear titleclosingclosing costsco-borrowercollateralcollectioncommissioncommon area assessmentscommon areascommon lawcommunity propertycomparable salescondominiumcondominium conversioncondominium hotelconstruction loancontingencycontractconventional mortgageconvertible ARMcooperative (co-op)cost of funds index (COFI)creditcredit historycreditorcredit reportcredit repositorydebtdeeddeed-in-lieudefaultdelinquencydepositdepreciationdiscount pointsdown paymentdue-on-sale provisionearnest money depositeasementeffective ageeminent domainencroachmentencumbranceEqual Credit Opportunity Act (ECOA)equityescrowescrow accountescrow analysisescrow disbursementsestateevictionexamination of titleexclusive listingexecutorFair Credit Reporting Actfair market valueFannie Mae (FNMA)Federal Housing Administration (FHA)fee simplefee simple estateFHA mortgagefirm commitmentfirst mortgagefixed-rate mortgagefixtureflood insuranceforeclosure401(k)/403(b)401(k)/403(b) loangovernment loan (mortgage)Government National Mortgage Association (Ginnie Mae)granteegrantorhazard insuranceHome Equity Conversion Mortgage (HECM)home equity line of credithome inspectionhomeowners' associationhomeowner's insurancehomeowner's warrantyHUD median incomeHUD-1 settlement statementjoint tenancyjudgmentjudicial foreclosurejumbo loanlate chargeleaseleasehold estatelease option legal descriptionlenderliabilitiesliability insurancelienlife capline of creditliquid assetloanloan officerloan originationloan servicingloan-to-value (LTV)lock-inlock-in periodmarginmaturitymerged credit reportmodificationmortgagemortgage bankermortgage brokermortgageemortgage insurance (MI)mortgage insurance premium (MIP)mortgage life and disability insurancemortgagormulti-dwelling unitsnegative amortizationno cash-out refinanceno-cost loannotenote rateno-cost loannotice of defaultoriginal principal balanceorigination feeowner financingpartial paymentpayment change dateperiodic payment capperiodic rate cappersonal propertyPITIPITI reservesplanned unit development (PUD)pointpower of attorneypre-approvalprepaymentprepayment penaltypre-qualificationprime rateprincipalprincipal balanceprincipal, interest, taxes, and insurance (PITI)private mortgage insurance (MI)promissory notepublic auctionPUD (Planned Unit Development)purchase agreementpurchase money transactionqualifying ratiosquitclaim deedrate lockreal estate agentReal Estate Settlement Procedures Act (RESPA)real propertyRealtor®recorderrecordingrefinance transactionremaining balanceremaining termrent loss insurancerepayment planreplacement reserve fundrevolving debtright of first refusalright of ingress or egressright of survivorshipsale-leasebacksecond mortgagesecondary marketsecured loansecurityseller carry-backservicerservicingsettlement statementsubdivisionsubordinate financingsurveysweat equitytenancy in commonthird-party originationtitletitle companytitle insurancetitle searchtransfer of ownershiptransfer taxTreasury index trusteeTruth-in-Lendingtwo-step mortgagetwo- to four-family propertyVA mortgagevestedVeterans Administration (VA)
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Source: The ABC's of Real Estate (www.realestateabc.com/glossary)