| No. | Item | Definition |
|---|---|---|
| 1. | acreage | amount of land area |
| 2. | active | currently available on market |
| 3. | agent | person representing buyer or seller |
| 4. | amenity | desirable property feature |
| 5. | amortization | scheduled loan repayment over time |
| 6. | appraisal | professional estimate of value |
| 7. | asking price | seller’s requested price |
| 8. | assessment | official value for tax purposes |
| 9. | balloon payment | large final loan payment |
| 10. | boundary | property line limit |
| 11. | bridge loan | short-term loan between homes |
| 12. | broker | licensed real estate professional |
| 13. | buyer | person purchasing property |
| 14. | closing | final transfer of ownership |
| 15. | commission | agent’s fee from sale |
| 16. | comparable | similar property used for pricing |
| 17. | condo | individually owned unit in building |
| 18. | contingency | condition that must be met |
| 19. | contract | binding legal agreement |
| 20. | counteroffer | response proposing different terms |
| 21. | curb appeal | attractiveness from the street |
| 22. | days on market | time listed for sale |
| 23. | debt-to-income ratio | debts compared with income |
| 24. | deed | document transferring ownership |
| 25. | disclosure | required statement of known facts |
| 26. | down payment | upfront portion of purchase price |
| 27. | duplex | building with two units |
| 28. | earnest money | deposit showing serious intent |
| 29. | easement | right to use another’s land |
| 30. | encumbrance | claim limiting clear ownership |
| 31. | equity | owner’s value after debt |
| 32. | escrow | funds held by a neutral party |
| 33. | eviction | legal removal of a tenant |
| 34. | expired | listing ended without sale |
| 35. | fixture | item attached to the property |
| 36. | flip | buy, improve, and resell |
| 37. | flood zone | area with flood risk |
| 38. | foreclosure | forced sale after loan default |
| 39. | gross rent | total rental income before costs |
| 40. | hazard insurance | insurance for property damage risks |
| 41. | HOA | homeowners association |
| 42. | home warranty | service plan for home systems |
| 43. | inspection | professional check of property condition |
| 44. | interest | cost of borrowing money |
| 45. | investment | purchase made for financial return |
| 46. | joint tenancy | shared ownership with survivorship |
| 47. | landlord | property owner who rents out |
| 48. | lease | contract to rent property |
| 49. | lien | legal claim against property |
| 50. | list price | advertised sale price |
| 51. | listing | property offered for sale |
| 52. | lot | parcel of land |
| 53. | maintenance | routine upkeep of property |
| 54. | market value | likely current sale price |
| 55. | material defect | serious problem affecting value |
| 56. | mortgage | loan used to buy property |
| 57. | move-in ready | ready for immediate occupancy |
| 58. | multifamily | property with multiple housing units |
| 59. | net operating income | income after operating expenses |
| 60. | occupancy | state of being occupied |
| 61. | offer | proposed purchase price and terms |
| 62. | open house | public home viewing event |
| 63. | origination fee | lender charge for making loan |
| 64. | pending | sale progressing toward closing |
| 65. | points | fees paid to lower rate |
| 66. | possession | right to occupy property |
| 67. | preapproval | lender’s preliminary loan approval |
| 68. | prequalification | early estimate of borrowing ability |
| 69. | principal | original amount borrowed |
| 70. | probate | court process after death |
| 71. | property tax | tax based on property value |
| 72. | quitclaim deed | deed transferring any owned interest |
| 73. | referral | client sent by another person |
| 74. | refinance | replace loan with new one |
| 75. | rehab | property needing major repairs |
| 76. | renovation | major improvement work |
| 77. | rent | payment for property use |
| 78. | repair | fixing a problem or defect |
| 79. | security deposit | refundable damage-protection payment |
| 80. | seller | person selling property |
| 81. | short sale | sale below mortgage balance |
| 82. | showing | scheduled property viewing |
| 83. | square footage | measured interior area |
| 84. | staging | preparing a home for sale |
| 85. | sublease | renting from an existing tenant |
| 86. | survey | map of property boundaries |
| 87. | tax lien | government claim for unpaid taxes |
| 88. | tenancy in common | shared ownership without survivorship |
| 89. | tenant | person renting a property |
| 90. | title | legal ownership of property |
| 91. | townhouse | attached multi-level home |
| 92. | trust | legal arrangement holding property |
| 93. | under contract | accepted offer, sale not final |
| 94. | underwriting | lender review of loan risk |
| 95. | vacancy | state of being unoccupied |
| 96. | variance | approved exception to zoning rules |
| 97. | walk-through | final inspection before closing |
| 98. | warranty deed | deed guaranteeing clear title |
| 99. | withdrawn | removed from the market |
| 100. | zoning | rules for land use |
