Career Resource Center Archive
Tuesday, December 11th, 2007
Minimum construction standards set by state or local laws for public safety and health. Includes the design, construction, repair, and quality of building materials, as well as the use and occupancy of structures.
Tuesday, December 11th, 2007
Written statement by a builder assuring that a dwelling was completed according to a stipulated set of standards. It protects the buyer from any latent defects.
Tuesday, December 11th, 2007
Business of a broker. Also, the amount charged for a broker's service.
Tuesday, December 11th, 2007
Licensed individual who acts independently in conducting a real estate brokerage business; also a person who buys and sells for another for a commission.
Tuesday, December 11th, 2007
When one party fails to live up to the terms and conditions of a contract, without a valid, legal excuse.
Tuesday, December 11th, 2007
Illegal practice of creating panic selling in a neighborhood for financial gain. Typically exploits racial and religious bias to get homeowners to sell low so the properties can be resold at a mark up.
Tuesday, December 11th, 2007
Single mortgage that covers more than one real property, i.e. - a house plus the vacant lot next door.
Tuesday, December 11th, 2007
Short purchase contract used in some areas to secure a real estate transaction until a more formal contract can be signed at a later date; usually accompanied by an earnest money deposit.
Tuesday, December 11th, 2007
Mortgage loan in which a larger final payment becomes due because the loan amount was not fully amortized.
Tuesday, December 11th, 2007
Taking title to property that has an existing mortgage, and being personally liable for its payment as a condition of the sale.
