Question 1

CMA

Accepted Answer

Comparative Market Analysis: A report that helps determine the value of a property by comparing it to similar recently sold properties.

Question 2

MLS

Accepted Answer

Multiple Listing Service: A database that real estate agents use to share information about properties for sale.

Question 3

Escrow

Accepted Answer

A neutral third party that holds funds and important documents during a real estate transaction.

Question 4

Easement

Accepted Answer

The legal right to use someone else's property for a specific purpose, such as access or utilities.

Question 5

Title insurance

Accepted Answer

Insurance that protects the buyer and lender against any issues or defects in the property's title.

Question 6

Contingency

Accepted Answer

A condition that must be met for a real estate contract to become binding.

Question 7

Listing agreement

Accepted Answer

A contract between a property owner and a real estate agent, outlining the terms of the agent's representation.

Question 8

Appraisal

Accepted Answer

A professional assessment of a property's value conducted by a licensed appraiser.

Question 9

Earnest money

Accepted Answer

A deposit made by the buyer to demonstrate their seriousness about purchasing a property.

Question 10

Dual agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 11

1031 exchange

Accepted Answer

A tax-deferred exchange of one investment property for another, allowing the investor to defer capital gains tax.

Question 12

Deed

Accepted Answer

A legal document that transfers ownership of a property from one party to another.

Question 13

Pre-qualification

Accepted Answer

An initial assessment of a buyer's financial situation to determine how much they can afford to borrow.

Question 14

Counteroffer

Accepted Answer

A response to an offer that changes the terms, such as price or closing date.

Question 15

HUD-1 statement

Accepted Answer

A standardized form that provides a detailed breakdown of all costs and fees in a real estate transaction.

Question 16

Seller's market

Accepted Answer

When there are more buyers than available properties, giving sellers an advantage in negotiations.

Question 17

Buyer's market

Accepted Answer

When there are more properties for sale than buyers, giving buyers an advantage in negotiations.

Question 18

Zoning

Accepted Answer

Local regulations that dictate how land can be used and what type of structures can be built.

Question 19

Dual tracking

Accepted Answer

Simultaneously pursuing a loan modification and foreclosure on a property, often leading to confusion and delays.

Question 20

Open house

Accepted Answer

A scheduled period during which a property is available for prospective buyers to view without an appointment.

Question 21

Comparative market analysis

Accepted Answer

A method used by real estate agents to determine the fair market value of a property by comparing it to similar recently sold properties.

Question 22

Right of rescission

Accepted Answer

The right of a borrower to cancel certain types of loan agreements within a specified timeframe.

Question 23

Balloon payment

Accepted Answer

A large, lump-sum payment due at the end of a loan term, typically associated with certain types of mortgages.

Question 24

Title search

Accepted Answer

An examination of public records to verify a property's legal ownership and uncover any existing liens or encumbrances.

Question 25

Short sale

Accepted Answer

A real estate transaction in which the proceeds from selling a property fall short of the outstanding mortgage debt, requiring lender approval.

Question 26

Homeowners association (HOA)

Accepted Answer

An organization that sets rules and regulations for a community and collects fees to maintain common areas and amenities.

Question 27

Comparative market analysis (CMA)

Accepted Answer

An evaluation of similar properties in the area to estimate a property's value.

Question 28

Lease option

Accepted Answer

A rental agreement that includes an option for the tenant to purchase the property at a later date.

Question 29

Dual agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in the same transaction.

Question 30

Contingency

Accepted Answer

A condition that must be met before a contract is legally binding.

Question 31

Closing costs

Accepted Answer

Fees and expenses associated with finalizing a real estate transaction, including taxes, title fees, and lender fees.

Question 32

Multiple Listing Service (MLS)

Accepted Answer

A database used by real estate agents to share and access information about properties available for sale.

Question 33

Comparative market analysis (CMA)

Accepted Answer

An evaluation of similar properties in the area to estimate a property's value.

Question 34

Title search

Accepted Answer

An examination of public records to verify a property's legal ownership and uncover any existing liens or encumbrances.

Question 35

Purchase agreement

Accepted Answer

A legally binding contract that outlines the terms and conditions of a real estate transaction.

Question 36

Radon

Accepted Answer

A radioactive gas that can seep into buildings, potentially causing health risks. Radon testing is common in real estate transactions.

Question 37

Amortization

Accepted Answer

The gradual repayment of a loan through regular installments of principal and interest over a specific period.

Question 38

Home inspection

Accepted Answer

A thorough examination of a property's condition conducted by a professional inspector before the sale is finalized.

Question 39

Contingent offer

Accepted Answer

An offer to purchase a property that depends on the occurrence of certain specified conditions.

Question 40

Down payment

Accepted Answer

The initial payment made by a buyer toward the purchase price of a property, typically expressed as a percentage of the total price.

Question 41

Earnest money

Accepted Answer

A deposit made by the buyer to demonstrate their seriousness and commitment to completing the purchase.

Question 42

Fair Housing Act

Accepted Answer

A federal law that prohibits discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability.

Question 43

Real Estate Settlement Procedures Act (RESPA)

Accepted Answer

A federal law that protects consumers by regulating the disclosure of settlement costs and prohibiting certain practices in real estate transactions.

Question 44

Title insurance

Accepted Answer

Insurance that protects the buyer and lender against any unforeseen issues or defects in the property's title.

Question 45

Conventional loan

Accepted Answer

A mortgage loan that is not insured or guaranteed by a government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA).

Question 46

Escrow

Accepted Answer

A process where a neutral third party holds funds and important documents during a real estate transaction until all conditions are met.

Question 47

Comparative market analysis (CMA)

Accepted Answer

An analysis of recently sold properties in the area to determine a property's market value.

Question 48

Seller's disclosure

Accepted Answer

A document provided by the seller that discloses any known defects or issues with the property.

Question 49

Closing disclosure

Accepted Answer

A document that provides a detailed breakdown of all costs and fees associated with a real estate transaction, given to the buyer before closing.

Question 50

Counteroffer

Accepted Answer

A response to an offer that proposes different terms or conditions, requiring acceptance or negotiation.

Question 51

Due diligence

Accepted Answer

The process of conducting thorough research and investigation of a property before making a buying decision.

Question 52

Homeowners association (HOA) fees

Accepted Answer

Regular fees paid by homeowners in a community or development to cover maintenance and shared expenses.

Question 53

PITI

Accepted Answer

An acronym representing the components of a mortgage payment: principal, interest, taxes, and insurance.

Question 54

Property appraisal

Accepted Answer

An assessment conducted by a licensed appraiser to determine the value of a property for lending or sales purposes.

Question 55

Real estate agent

Accepted Answer

A licensed professional who represents buyers or sellers in real estate transactions, providing guidance and assistance throughout the process.

Comprehensive Nebraska Real Estate Agent Flashcards