Real Estate and Mortgage Terms Glossary, Quizzes of Marketing Business-to-business (B2B)

Download Real Estate and Mortgage Terms Glossary and more Quizzes Marketing Business-to-business (B2B) in PDF only on Docsity! TERM 1 Acceleration Clause DEFINITION 1 Stipulation in a mortgage agreement that allows the lender to demand immediate payment of the entire loan balance if any scheduled payment is missed TERM 2 Adjustable Rate Mortgage (ARM) DEFINITION 2 Mortgage loan on which the interest rate falls and rises with changes in prevailing rates. The mortgage rate is tied to a selected index and may be adjusted annually. also called a variable rate mortgage TERM 3 Agent DEFINITION 3 Person authorized to act by and on behalf of another TERM 4 Air Rights DEFINITION 4 Right to occupy and use the open space above a parcel of land or property, such as in the leasing of air space existing highways or buildings TERM 5 Amortize DEFINITION 5 Pay a debt in monthly or other periodic installment until the total amount, along with the interest, if any, is paid TERM 6 Amortization Schedule DEFINITION 6 A table which shows how much of each payment will be applied towards principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan until the balance reaches zero TERM 7 Annual Percentage Rate (RPR) DEFINITION 7 Combines the interest rate with other loan costs, such as points and loan fees, into a single figure that shows the true annual cost of borrowing TERM 8 Appraisal DEFINITION 8 A formal estimate of property value conducted by a professional qualified to make such an opinion TERM 9 Appraised Value DEFINITION 9 An opinion of a property's fair market value, based on an appraiser's knowledge,experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out of the purchase price TERM 10 Appraiser DEFINITION 10 An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers workdirectly for mortgage lenders, most are independent