What is a Planned Unit Development?
A planned unit development (PUD) is a housing community made up of single family residences, townhomes, and condominiums -- as well as...
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TOCR Real Estate School
- Nov 30, 2022
- 1 min
What is a Conventional Mortgage?
Conventional mortgages are among the industry’s most common loan offerings. In fact, many homebuyers choose a traditional 30-year...
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TOCR Real Estate School
- Nov 17, 2022
- 1 min
What is a Probate Sale?
Probate sales occur whenever a homeowner passes away without writing a will or leaving the property to someone else. The probate court...
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TOCR Real Estate School
- Oct 31, 2022
- 1 min
What is a Deed-in-Lieu of Foreclosure?
When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...
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TOCR Real Estate School
- Oct 26, 2022
- 1 min
Acceleration Clause
A provision in a mortgage or deed of trust that permits the lender to declare the entire principal balance of the debt immediately due...
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TOCR Real Estate School
- Oct 12, 2022
- 1 min
What is a Seller's Disclosure?
A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...
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TOCR Real Estate School
- Oct 7, 2022
- 1 min
What Does "Loan-to-Value" Mean?
The loan-to-value (LTV) ratio is the mortgage loan balance divided by the home’s value. It shows how much you’re borrowing from a lender...
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TOCR Real Estate School
- Oct 3, 2022
- 1 min
What is Fair Market Value?
A property’s fair market value is its accurate valuation in a free and open market under the condition that buyers and sellers are...
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TOCR Real Estate School
- Sep 27, 2022
- 1 min
What is an Acceleration Clause?
Also known as an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a...
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TOCR Real Estate School
- Sep 19, 2022
- 1 min
What is an Earnest Money Deposit?
Earnest money is one of the most critical real estate terms every home buyer and seller should understand—the earnest money an agent...
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TOCR Real Estate School
- Sep 16, 2022
- 1 min
What is a For Sale By Owner (FSBO)?
Homes listed as for sales by owner (FSBO) are being sold without the help of a real estate agent. The biggest benefit to the seller is...
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TOCR Real Estate School
- Sep 12, 2022
- 1 min
What is an Assessor?
An assessor is a public official who establishes the value of a property for taxation purposes. Considering a career in real estate?...
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TOCR Real Estate School
- Sep 9, 2022
- 1 min
What is a Blind Offer?
If you put an offer on a home without seeing it in person, you’re making a blind offer. This may happen when an out-of-state buyer is...
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TOCR Real Estate School
- Sep 7, 2022
- 1 min
What is Eminent Domain?
The government retains the right to take private property and convert it for public use if it compensates the owner fairly. This right is...
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TOCR Real Estate School
- Sep 6, 2022
- 1 min
What is a Home Inspection?
A home inspection examines a home’s condition to find any major safety or structural issues. Inspections usually look at a home’s...
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TOCR Real Estate School
- Aug 25, 2022
- 1 min
Home Appreciation
Appreciation is a home’s increased value over time. Historically, real estate appreciates from 3% – 5% each year nationally Considering...
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TOCR Real Estate School
- Aug 22, 2022
- 1 min
What is a Purchase Agreement?
A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...
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TOCR Real Estate School
- Aug 17, 2022
- 1 min
What is a Bridge Loan?
A bridge loan is a temporary loan used while permanent financing is being secured. Bridge loans often have higher interest rates. They...
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TOCR Real Estate School
- Aug 15, 2022
- 1 min
What is Amortization?
Amortization refers to a payment schedule outlining what goes toward principal and interest balances. Typically, payment goes toward...
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TOCR Real Estate School
- Aug 9, 2022
- 1 min
What is a Blanket Mortgage?
Blanket mortgages cover more than one plot of land financed by the same borrower. This can help save time and money. For example, a...
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