Real estate glossary

Plain-language definitions of terms agents and clients use every day. General information, not legal or financial advice.

An appraisal is a licensed appraiser's opinion of a property's value, usually ordered by the lender before approving a mortgage.

A buyer representation agreement is a written contract between a homebuyer and a brokerage that sets the services, the term and how the...

Cap rate (capitalization rate) is a property's net operating income for a year divided by its price or value. It is a quick way to...

Closing costs are the fees and expenses, beyond the price and down payment, paid to complete a real estate purchase or refinance.

A coming soon listing is a property marketed before it is available for showings, to build interest ahead of the active date.

A comparative market analysis (CMA) is an agent's estimate of a home's market value based on similar nearby homes that recently sold,...

Comps (comparables) are recently sold properties similar to the subject property in location, size, age and features, used to estimate...

A contingency is a condition in a purchase contract that must be met for the sale to go forward, such as an inspection, appraisal or...

Days on market (DOM) is the number of days a listing has been active, usually counted from listing to an accepted contract.

Dual agency is when one agent or brokerage represents both the buyer and the seller in the same transaction.

Earnest money is a deposit a buyer makes after an offer is accepted to show good faith. It is usually held by a third party and applied...

Escrow is an arrangement where a neutral third party holds money or documents until the conditions of a deal are met.

An HOA (homeowners association) is an organization that manages a community's common areas and enforces its rules, funded by dues paid...

A listing agreement is a contract between a property owner and a brokerage that authorizes the brokerage to market and sell the property...

An MLS (multiple listing service) is a database run by real estate professionals where member brokers share listings and offer...

An open house is a scheduled time when a property for sale is open for buyers to walk through without a private appointment.

A mortgage pre-approval is a lender's conditional statement of how much it may lend a buyer, after reviewing credit, income and assets.

Private mortgage insurance (PMI) protects the lender on a conventional loan when the buyer puts down less than 20% of the price.

Title insurance protects against losses from problems with a property's ownership history, such as liens, errors in public records or...

Zoning is local law that divides land into districts and sets how property in each district may be used and built on, such as...

Put your listings online.

A fast listing page, an agent site and a QR code. Free plan, no card.