Real Estate Agent
A real estate professional who is a member of the National Association of Realtors.
Real estate broker
An agent representing a buyer or seller in a real estate transaction.
Real Estate Settlement Procedures Act
A law that governs acceptable practices and fees in real estate transactions.
Land and everything that is permanently affixed to it.
The right of the person with title to a property to recover it from the debtor in case of a bankruptcy.
The transfer of property back to the owner when a mortgage is fully repaid.
The act of entering documents concerning title to a property into public records.
Money paid to an agent for entering the sale of a property into the public records.
The process of paying off one loan with the proceeds from a new loan secured by the same property.
Rent with option to buy
See Lease-purchase mortgage loan.
Repossession (or foreclosure)
Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms.
The cancellation of a contract, permitted by law within three days of signing a mortgage not used to purchase a home.
See Real Estate Settlement Procedures Act.