General Real Estate Terms

Listing – A home or property put up for sale, usually represented by a real estate agent.

MLS (Multiple Listing Service) – Database where agents post and search available homes.

FSBO (For Sale by Owner) – A home sold directly by the owner without an agent.

Appraisal – Professional estimate of a property’s value, usually required by lenders.

Comparables (Comps) – Recently sold similar homes used to estimate a property’s value.

CMA (Comparative Market Analysis) – Report agents prepare using comps to suggest pricing.

Market Value – What a buyer is willing to pay and a seller is willing to accept.

As-Is – Property sold in its current condition, no repairs guaranteed by seller.

Contingency – A condition that must be met for a contract to move forward.

Ratified Contract – A contract signed and agreed upon by all parties (binding).

Closing Costs – Fees paid at closing (loan fees, title fees, taxes, insurance, etc.).

Clear to Close (CTC) – Final lender approval – buyer can now schedule closing.

Closing / Settlement – The final meeting where documents are signed, money is transferred, and keys are handed over.

Earnest Money Deposit (EMD) – Good faith deposit by the buyer to show commitment.

Escrow – A neutral third party that holds funds/documents until conditions are met.

Arrears – Payments made after the fact (ex: paying property taxes at year’s end for the past year).

Short Sale – Selling a home for less than what is owed on the mortgage, with lender approval.

Foreclosure – When a lender takes back a property due to missed mortgage payments.

Contract & Legal Terms

Addendum – An additional document added to a contract.

Amendment – A change to the original contract.

Breach of Contract – Failure to meet terms of the agreement.

Deed – Legal document transferring ownership from seller to buyer.

Title – The legal right to own and use property.

Title Insurance – Protects buyers/lenders against hidden ownership claims.

Lien – Legal claim against a property until debt is paid.

Encumbrance – Any claim or restriction on a property.

Easement – Legal right for someone else to use part of your property.

Right of First Refusal – Someone’s right to match an offer before the seller can accept another buyer’s.

Due Diligence – Time period when buyer can investigate property.

Loan & Mortgage Terms

Pre-Qualification – Estimate of what a buyer might borrow (not verified).

Pre-Approval – Lender verifies income, credit, and gives a stronger approval amount.

Mortgage – Loan used to buy real estate.

Principal – The actual amount borrowed.

Interest – Cost of borrowing money from the lender.

Escrow Account – Account lender uses to pay property taxes and insurance.

Amortization – Paying off a loan gradually with scheduled payments.

Fixed-Rate Mortgage – Interest rate stays the same for the loan’s life.

Adjustable-Rate Mortgage (ARM) – Interest rate changes after a set period.

FHA Loan – Loan insured by the Federal Housing Administration.

VA Loan – Zero down loan for veterans and service members.

Conventional Loan – Standard loan not backed by the government.

Debt-to-Income Ratio (DTI) – Percentage of income that goes toward debts.

PMI (Private Mortgage Insurance) – Insurance buyers pay if they put down less than 20%.

Loan-to-Value (LTV) – Loan amount compared to property value.

Title & Closing Terms

Settlement Statement (CD / HUD-1) – Document listing final closing costs and who pays what.

Recording Fees – Fees paid to county to record the deed and mortgage.

Survey – Map of the property showing boundaries.

Clear Title – Title with no disputes, liens, or claims.

Cloud on Title – Unresolved issue that could affect ownership.

Property Management & Rental Terms

Lease Agreement – Contract between landlord and tenant.

Security Deposit – Money held to cover damages/unpaid rent.

Rent in Arrears – Rent paid at the end of the period.

Eviction – Legal process to remove a tenant.

Gross Lease – Tenant pays rent, landlord covers expenses.

Net Lease – Tenant pays rent plus some expenses.

Triple Net Lease (NNN) – Tenant pays rent plus all expenses.

Cap Rate – Rate of return on an investment property.

Cash Flow – Money left after paying expenses on rental property.

Appreciation – Increase in property value over time.

Depreciation – Tax deduction for property’s wear and tear.

Investment & Development Terms

Equity – Difference between property’s value and what is owed.

ROI (Return on Investment) – Profit compared to investment amount.

1031 Exchange – IRS rule allowing investors to re-invest property sales tax-free.

Hard Money Loan – Short-term, high-interest loan often used by investors.

REIT – Company that owns and manages real estate investments.

Zoning – Government regulations on property use.

Variance – Permission to use property differently than zoning allows.

Eminent Domain – Government’s right to take private property for public use.

The Miracle Morning for Real Estate Agents — Hal Elrod, Michael J. Maher & Michael Reese

How to Win Friends and Influence People — Dale Carnegie

The Power of Habit — Charles Duhigg

The ONE Thing — Gary Keller & Jay Papasan

The Millionaire Real Estate Agent — Gary Keller, Dave Jenks & Jay Papasan

The Millionaire Real Estate Investor — Gary Keller, Dave Jenks & Jay Papasan

The Magic of Thinking Big — David J. Schwartz

Eat That Frog! — Brian Tracy

SHIFT: How Top Real Estate Agents Tackle Tough Times — Gary Keller

Sell It Like Serhant — Ryan Serhant

The Compound Effect — Darren Hardy

The Entrepreneur Roller Coaster — Darren Hardy

Ikigai: The Japanese Secret to a Long and Happy Life — Héctor García & Francesc Miralles

Rich Dad Poor Dad — Robert T. Kiyosaki

The 7 Habits of Highly Effective People — Stephen R. Covey

Never Split the Difference - Chris Voss

The Subtle Are of not giving a F*ck - Mark Manson

Everything is F*cked - Mark Manson

Leaders Eat Last - Simon Sinek

Getting to Yes - Roger Fisher, William Ury

The 7 Levels of Communication - Michael J Maher

The Go Giver - Bob Burg and John David Martin

The E-Myth Revisited - Michael Gerber

What go you here wont get you there - Marshall Goldsmith

The 12 week year - Moran/Lennington

Beyond Referrals - Bill Cates

The Greatest Salesman in the World - OG Mandino

Atomic Habits - James Clear

Extreme Ownership - Jocko Willink and Leif Babin

The 21 Irrefutable Laws of Leadership — John C. Maxwell

Good to Great — Jim Collins

The Hard Thing About Hard Things — Ben Horowitz

Influence — Robert Cialdini

Exactly What to Say — Phil M. Jones

Fanatical Prospecting — Jeb Blount

The Conversion Code — Chris Smith

The Psychology of Selling — Brian Tracy

The Psychology of Money — Morgan Housel

The Richest Man in Babylon — George S. Clason

Man's Search for Meaning — Viktor E. Frankl

Can't Hurt Me — David Goggins