Question 1

ADA (Americans with Disabilities Act)

Accepted Answer

Federal law that prohibits discrimination against individuals with disabilities in various areas, including real estate.

Question 2

Absorption Rate

Accepted Answer

The rate at which available properties are sold or leased in a specific market within a given time period.

Question 3

Agency Disclosure

Accepted Answer

The legal requirement for real estate agents to disclose their agency relationship with clients and customers.

Question 4

Appraisal

Accepted Answer

An evaluation of a property's value by a licensed appraiser, based on various factors such as location, condition, and recent sales of comparable properties.

Question 5

Capitalization Rate

Accepted Answer

The rate of return on an investment property based on the expected income generated by the property.

Question 6

Closing Costs

Accepted Answer

Expenses incurred by buyers and sellers during the transfer of ownership of a property, including fees for title searches, inspections, and legal services.

Question 7

Comparative Market Analysis (CMA)

Accepted Answer

An analysis of recently sold properties similar to a subject property, used to determine its market value.

Question 8

Condominium

Accepted Answer

A type of housing where individual units are owned by residents, while common areas are shared and maintained by a homeowners' association.

Question 9

Contingency

Accepted Answer

A condition that must be met for a real estate contract to be binding, such as the buyer obtaining financing or the property passing inspection.

Question 10

Deed

Accepted Answer

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

Question 11

Dual Agency

Accepted Answer

A situation where a real estate agent represents both the buyer and seller in a transaction, with the informed consent of both parties.

Question 12

Easement

Accepted Answer

A legal right to use someone else's property for a specific purpose, such as a shared driveway or utility access.

Question 13

Escrow

Accepted Answer

The holding of funds, documents, or property by a neutral third party during a real estate transaction, to be released when certain conditions are met.

Question 14

Fair Housing Act

Accepted Answer

Federal legislation that prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, or national origin.

Question 15

Homeowners' Association (HOA)

Accepted Answer

An organization that manages and enforces rules and regulations within a specific neighborhood or condominium complex.

Question 16

Listing Agreement

Accepted Answer

A contract between a property owner and a real estate agent, granting the agent the right to market and sell the property.

Question 17

Market Value

Accepted Answer

The estimated price that a property would sell for on the open market, based on current economic conditions and comparable sales.

Question 18

Mortgage

Accepted Answer

A loan secured by real estate, with the property serving as collateral for the lender.

Question 19

Multiple Listing Service (MLS)

Accepted Answer

A database that real estate agents use to share information about properties for sale, allowing cooperation and compensation between agents.

Question 20

Preapproval

Accepted Answer

A lender's commitment to provide a borrower with a specific loan amount, based on a preliminary evaluation of the borrower's financial information.

Question 21

Property Management

Accepted Answer

The operation, control, and oversight of real estate properties on behalf of owners, including rent collection and maintenance.

Question 22

Purchase Agreement

Accepted Answer

A legally binding contract between a buyer and seller, outlining the terms and conditions of a real estate transaction.

Question 23

Real Estate Commission

Accepted Answer

A state regulatory body that oversees and licenses real estate agents and brokers, enforcing laws and regulations.

Question 24

Real Estate Investment Trust (REIT)

Accepted Answer

A company that owns, operates, or finances income-generating real estate, allowing investors to buy shares and receive dividends.

Question 25

Real Property

Accepted Answer

Land and any permanent structures attached to it, including houses, buildings, and natural resources.

Question 26

Seller's Market

Accepted Answer

A market condition in which demand for properties exceeds the supply, giving sellers an advantage in negotiations.

Question 27

Title Insurance

Accepted Answer

Insurance that protects property owners and lenders against any losses resulting from defects in the property's title or ownership rights.

Question 28

Zoning

Accepted Answer

Local government regulations that divide land into different zones or districts for specific uses, such as residential, commercial, or industrial.

Question 29

1031 Exchange

Accepted Answer

A provision in the U.S. tax code that allows real estate investors to defer capital gains taxes by reinvesting the proceeds from the sale of a property into a similar property.

Question 30

Amortization

Accepted Answer

The process of gradually paying off a loan through regular payments that include both principal and interest, reducing the outstanding balance over time.

Question 31

Assessed Value

Accepted Answer

The value of a property as determined by a taxing authority for the purpose of calculating property taxes.

Question 32

Building Code

Accepted Answer

Local regulations that set standards for the design, construction, and safety of buildings, ensuring they meet minimum requirements.

Question 33

Certificate of Occupancy

Accepted Answer

A document issued by a local government or building department, certifying that a building meets all applicable codes and is safe for occupancy.

Question 34

Comparative Market Analysis (CMA)

Accepted Answer

An analysis of recently sold properties similar to a subject property, used to determine its market value.

Question 35

Conforming Loan

Accepted Answer

A mortgage loan that meets the guidelines and criteria set by government-sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac.

Question 36

Counteroffer

Accepted Answer

A response to an offer in a real estate transaction, proposing different terms or conditions, which must be accepted by the original offeror to form a binding contract.

Question 37

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 38

Due Diligence

Accepted Answer

The process of conducting thorough investigations and inspections of a property to assess its condition, potential risks, and legal compliance before finalizing a transaction.

Question 39

Eminent Domain

Accepted Answer

The government's power to seize private property for public use, with fair compensation provided to the property owner.

Question 40

Equity

Accepted Answer

The difference between the market value of a property and the amount owed on any outstanding mortgages or liens.

Question 41

Exclusive Right to Sell

Accepted Answer

A type of listing agreement that grants a real estate agent the exclusive right to represent and market a property, regardless of who finds the buyer.

Question 42

Home Inspection

Accepted Answer

A professional examination of a property's condition, typically performed by a licensed inspector, to identify any defects or issues that may affect its value or safety.

Question 43

Lien

Accepted Answer

A legal claim or encumbrance on a property, usually to secure the repayment of a debt or fulfill an obligation.

Question 44

Loan-to-Value (LTV) Ratio

Accepted Answer

The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.

Question 45

Multiple Offers

Accepted Answer

A situation in which a seller receives more than one offer on a property, requiring the seller to choose the most favorable offer or negotiate with interested parties.

Question 46

PITI

Accepted Answer

An acronym representing the components of a typical monthly mortgage payment: Principal, Interest, Taxes, and Insurance.

Question 47

Walkthrough

Accepted Answer

A final inspection of a property by the buyer before closing, to ensure that agreed-upon repairs have been made and the property is in the expected condition.

Mississippi Real Estate Agent Flashcards