Created byPQ Admin
Master the essential terms and concepts of real estate in North Dakota with this comprehensive flashcard set. Designed specifically for real estate agents operating in North Dakota, these flashcards cover key topics such as contracts, property transactions, regulations, and more. Enhance your knowledge and boost your success in the local real estate market.
Flashcards in set (63)
TermFSBO
DefinitionFor Sale By Owner
TermMLS
DefinitionMultiple Listing Service
TermCMA
DefinitionComparative Market Analysis
TermEasement
DefinitionA right to use someone else's property for a specific purpose
TermTitle search
DefinitionAn examination of public records to determine the ownership and status of a property's title
TermEscrow
DefinitionA neutral third party who holds funds and documents during a real estate transaction
TermMortgage pre-approval
DefinitionA lender's written commitment to provide a loan amount for a specific property
TermConveyance
DefinitionThe transfer of property ownership from one party to another
TermDual agency
DefinitionRepresenting both the buyer and the seller in a real estate transaction
TermEarnest money
DefinitionA deposit made by a buyer to demonstrate their seriousness about purchasing a property
TermEncumbrance
DefinitionA claim or liability on a property, such as a mortgage or easement
TermZoning
DefinitionLocal government regulations that dictate how a property can be used
TermDeed
DefinitionA legal document that transfers ownership of a property from one party to another
TermListing agreement
DefinitionA contract between a seller and a real estate agent, outlining the terms of the agent's representation
TermAppraisal
DefinitionAn estimate of a property's value, conducted by a licensed appraiser
TermContingency
DefinitionA condition that must be met for a real estate contract to be binding
TermFair Housing Act
DefinitionA federal law that prohibits discrimination in housing based on race, color, religion, sex, etc.
TermTitle insurance
DefinitionInsurance that protects against loss arising from defects in a property's title
TermLien
DefinitionA legal claim on a property for the payment of a debt
TermComparative market analysis
DefinitionAn evaluation of similar properties to determine a property's market value
TermDue diligence
DefinitionThe process of investigating a property's condition and legal status before purchasing
TermPITI
DefinitionPrincipal, Interest, Taxes, and Insurance (components of a mortgage payment)
TermContingent offer
DefinitionAn offer to purchase a property that is dependent on certain conditions being met
TermWalk-through
DefinitionA final inspection of a property before closing to ensure it is in the agreed-upon condition
TermDual tracking
DefinitionSimultaneously processing a foreclosure and a loan modification application for the same borrower
TermAmortization
DefinitionThe process of gradually paying off a loan through regular payments over time
Term1031 exchange
DefinitionA tax-deferred exchange of investment properties that allows for the deferral of capital gains tax
TermCounteroffer
DefinitionA response to an offer that changes the terms and conditions of the original offer
TermRadon
DefinitionA naturally occurring radioactive gas that can seep into buildings and pose health risks
TermListing agent
DefinitionThe real estate agent who represents the seller in a transaction
TermAssessed value
DefinitionThe value placed on a property by a public tax assessor for the purpose of determining property taxes
TermPurchase agreement
DefinitionA legally binding contract between a buyer and a seller outlining the terms of the sale
TermClear title
DefinitionA title that is free from any liens or encumbrances
TermDual contract
DefinitionA situation where a real estate agent represents both the buyer and the seller in a transaction without disclosing it to either party
TermCertificate of occupancy
DefinitionA document issued by a local government authority that certifies a property is safe and suitable for occupancy
TermEquity
DefinitionThe value of a property beyond any outstanding mortgage or other debts secured against it
TermDown payment
DefinitionA portion of the purchase price paid upfront by the buyer in a real estate transaction
TermHOA
DefinitionHomeowners' Association
TermBalloon payment
DefinitionA large lump sum payment due at the end of a loan term, typically associated with certain types of mortgages
TermContingent upon sale
DefinitionA condition in a purchase agreement that requires the buyer to sell their current property before completing the purchase
TermNet listing
DefinitionA listing agreement where the seller receives the net proceeds from the sale, and the agent's commission is any amount above that
TermDeed restriction
DefinitionLimitations placed on a property's use by the previous owner or developer
TermDual tracking
DefinitionSimultaneously processing a foreclosure and a loan modification application for the same borrower
TermEarnest money deposit
DefinitionA sum of money paid by the buyer to demonstrate their serious intent to purchase a property
TermEminent domain
DefinitionThe government's power to take private property for public use, with fair compensation to the owner
TermExclusive agency listing
DefinitionA listing agreement where only one agent is authorized to sell the property, but the seller retains the right to sell independently
TermLender's title insurance
DefinitionInsurance that protects the lender against any losses resulting from title defects or disputes
TermOpen listing
DefinitionA non-exclusive listing agreement where the seller can engage multiple agents and only pay commission to the agent who brings the successful buyer
TermPrincipal broker
DefinitionThe licensed broker who is responsible for supervising real estate agents within a brokerage
TermReal estate disclosure
DefinitionRequired statements and documents that provide information about the condition and history of a property to prospective buyers
TermSeller financing
DefinitionA financing arrangement where the seller provides a loan to the buyer instead of the buyer obtaining traditional financing from a lender
TermSubdivision
DefinitionThe division of a large parcel of land into smaller lots or parcels for development or sale
TermSurvey
DefinitionA detailed measurement and mapping of a property's boundaries, structures, and features
TermTime is of the essence
DefinitionA contractual provision indicating that punctual performance is essential and any delay may result in legal consequences
TermTitle company
DefinitionA company that examines title records, issues title insurance, and facilitates the closing process in a real estate transaction
TermTitle defect
DefinitionAny legal issue or claim that affects the ownership or marketability of a property's title
TermUnderwriting
DefinitionThe process of evaluating a borrower's creditworthiness and the risk associated with a mortgage loan application
TermWalkability
DefinitionThe measure of how easily a property's location allows for walking to nearby amenities and services
TermZero lot line
DefinitionA property where the structure is built very close to one or more property lines, maximizing the usable space within the lot
TermAdjustable-rate mortgage (ARM)
DefinitionA mortgage with an interest rate that may change periodically based on market conditions
TermEscrow account
DefinitionA designated account where funds are held by a third party for the purpose of paying taxes, insurance, and other property-related expenses
TermGross rent multiplier (GRM)
DefinitionA metric used to estimate the value of an income-producing property by dividing the sale price by the annual rental income
TermHomestead exemption
DefinitionA legal provision that reduces the property taxes for a homeowner who uses the property as their primary residence