Career Resource Center Archive


PITI

Saturday, December 15th, 2007
Acronym for "principal, interest, taxes, and insurance." Frequently used to describe a loan payment that combines all four items.


Origination fee

Saturday, December 15th, 2007
A charge by the lender for granting and processing a new mortgage loan.


Option

Saturday, December 15th, 2007
The exclusive right to purchase or lease a property at a predetermined price or rent at some future time.


Open listing

Saturday, December 15th, 2007
Listing that gives a broker a nonexclusive right to find a buyer; the owner can still find a buyer himself and avoid a commission.


Offer

Saturday, December 15th, 2007
Oral or written proposal to buy a piece of property at a specified price.


Nonconforming use

Saturday, December 15th, 2007
Use of property that is permitted to continue after a zoning ordinance prohibiting it has been passed.


Net lease

Saturday, December 15th, 2007
Lease requiring the tenant to pay all the costs incurred in maintaining a property, including taxes, insurance, repairs, and other expenses normally required of the owner.


Multiple listing

Saturday, December 15th, 2007
Agreement that allows real estate brokers to distribute information on the properties they have listed for sale to other members of a local real estate organization. Allows the widest possible marketing of those properties. Commissions are split by mutual agreement between the listing broker and the selling broker.


Mortgagor

Saturday, December 15th, 2007
Party or person that borrows money, giving a lien on the property as security for the loan; the borrower.


Mortgagee

Saturday, December 15th, 2007
Party or institution that lends money; the creditor.


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