Real Estate Dictionary, Miscellaneous Terms
Every industry has their own language. There terms they throw around like everyone knows what they're talking about but no one outside the industry really does. In most cases it's okay. I don't need to know what an antisuck valve (yes, it's a thing!) and degassing are as long as my vacuum works. But in Real Estate, it's your money and your home we're talking about, so a little education can go a long way.
There are a LOT of Real Estate terms, and if you've followed my Real Estate Dictionary I'm sure you think you've heard them all. But here are a few miscellaneous terms you may not have considered.
Realtor (Pronouced Reel-tor)
According to the National Association of Realtors, "REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics."
In reality, a Realtor is someone who sells your home in record time, finds your dream home and solves problems you never knew existed!
Fair Housing Act
Protects people from discrimination when buying or renting a home, obtaining a mortgage, seeking housing assistance or engaging in other housing-related activities. Discrimination does not apply only to minorities, and protects from discrimination based on race, color, national origin, sex, familial status and disability.
Easement
A property right that gives its holder an interest in land that is owned by someone else.
Home Owner's Association (HOA)/Property Owner's Association (POA)
Organization established to manage a private, planned community. In some communities this management applies only to developed properties (HOA) and in others it applies to both existing homes and undeveloped properties.
Buying or selling a home can be stressful but knowing a few terms can help make the process feel so much less intimidating. If ever you need to know more, just refer to my other Real Estate Dictionary posts. Or better yet, ask your friendly neighborhood Realtor!
There are a LOT of Real Estate terms, and if you've followed my Real Estate Dictionary I'm sure you think you've heard them all. But here are a few miscellaneous terms you may not have considered.
Realtor (Pronouced Reel-tor)
According to the National Association of Realtors, "REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics."
In reality, a Realtor is someone who sells your home in record time, finds your dream home and solves problems you never knew existed!
Fair Housing Act
Protects people from discrimination when buying or renting a home, obtaining a mortgage, seeking housing assistance or engaging in other housing-related activities. Discrimination does not apply only to minorities, and protects from discrimination based on race, color, national origin, sex, familial status and disability.
Easement
A property right that gives its holder an interest in land that is owned by someone else.
Home Owner's Association (HOA)/Property Owner's Association (POA)
Organization established to manage a private, planned community. In some communities this management applies only to developed properties (HOA) and in others it applies to both existing homes and undeveloped properties.
Buying or selling a home can be stressful but knowing a few terms can help make the process feel so much less intimidating. If ever you need to know more, just refer to my other Real Estate Dictionary posts. Or better yet, ask your friendly neighborhood Realtor!
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