#RealEstate

Mar 13
1 min

What is Pre-Approval?

The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and credit history, to determine how much money can likely be borrowed. Considering a career in real estate? Check out our upcoming real estate pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 13
1 min

What is a Home Equity Line of Credit?

Home equity line of credit (also referred to as a HELOC) is a second mortgage that allows a homeowner to borrow money against their home's value. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 13
1 min

What is an Exclusive Listing?

An exclusive listing is when a seller commits to working with one specific broker and a designated agent on the sale of a property. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 13
1 min

What is Escrow?

During the home buying process, your money will be placed "in escrow" and is protected by a third party until the real estate transaction is closed. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 13
1 min

What is a Down Payment?

The down payment is the amount of money a buyer has saved in order to purchase a property. This can typically range from 5 - 20% of the home's cost. Considering a career in real estate? Sign up for one of our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 13
1 min

What is a Conventional Mortgage?

A conventional mortgage is Ideal for borrowers with strong credit, this type of loan is not backed by a government agency like the Federal Housing Administration (FHA). Considering a career in real estate? Sign up for one of our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 6
1 min

What is a Blind Offer?

When a buyer makes an offer on a property they haven’t seen, even when it was possible to see it, that offer is considered a “blind offer”. It is most commonly used in a highly competitive area and/or circumstance, and used as an attempt to be first and win quickly. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 6
1 min

Days on Market (DOM)

DOM is defined as the number of days from the date on which the property is listed for sale on the local real estate brokers’ multiple listing service (MLS) to the date when the seller has signed a contract for the sale of the property with the buyer. A related metric is the average DOM for homes sold in a market during a specified period. A low average DOM indicates a strong market that favors sellers. A high average DOM signals a weak market that favors buyers. Seasonality

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TOCR Real Estate School

Mar 6
1 min

What is a Home Sale Contingency?

A home sale contingency is for a buyer to indicate to a seller that part of their condition to purchase the seller’s property relies on the buyer’s ability to finalize a close on their current property. This is often negotiated with a clause in a contract or with an addendum to a contract. An example of how such a contingency can be used would be if a buyer needs to sell their property in order to have the down payment required on the purchase of the new property, or would ra

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TOCR Real Estate School

Mar 6
1 min

What is an Inspection Contingency?

Also known as a “due diligence contingency,” the inspection contingency is a clause sometimes offered in a purchase agreement that grants buyers a predetermined amount of time during escrow to perform any necessary inspections. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 6
1 min

What is a Title Search?

A title search examines public records for the history of the home, including sales, purchases, and tax and other types of liens. Generally, a title examiner will conduct a search using title plants, and sometimes the county records, to see who is listed as the record owner of the property. Such information, along with any liens or encumbrances that are recorded against the property, will be listed in the Preliminary Report for the parties to review prior to the close of escr

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TOCR Real Estate School

Mar 6
1 min

What is a Short Sale?

In a short sale, the property is being sold for less than the debt secured by the property. Short sales will require the approval of the seller’s lender(s) as the proceeds of the sale will be just “short” of the amount owed; most lenders’ processes of approving short sales are long and drawn out, requiring more time to close than a traditional sale. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCar

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TOCR Real Estate School

Mar 1
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 price, what appliances will stay in the home and when the buyer will move in. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 1
1 min

What is Private Mortgage Insurance?

Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less than 20% on a conventional loan, you will also need to pay for PMI. Considering a career in real estate? Check out our upcoming real estate pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 1
1 min

What is Escrow?

Escrow is a legal arrangement where a third party holds large funds until terms of an agreement are met. In real estate, you’ll set up an escrow account to hold funds for taxes or insurance throughout the life of your mortgage. Considering a career in real estate? Check out our upcoming real estate pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 1
1 min

What is Earnest Money?

Earnest money is part of your down payment paid before closing to show you are serious about purchasing a home. It is also known as a good faith deposit. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Mar 1
1 min

What is a Conventional Mortgage?

Conventional mortgages are funded by private lenders rather than government-backed agencies. Most often, these loans are then sold to government-sponsored enterprises like Fannie Mae or Freddie Mac to provide liquidity to the nation’s mortgage market. Considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Feb 21
1 min

What is Right of First Refusal?

A right of first refusal clause is a valuable tool for sellers who find themselves dealing with a home sale contingency. This clause allows a party to submit the first offer when an owner decides to sell. Are you considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Feb 21
1 min

What is Dual Agency?

Dual Agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides. Are you considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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TOCR Real Estate School

Feb 21
1 min

What is an Escrow Holdback?

An escrow holdback agreement lets the buyer hold back a portion of the seller’s proceeds in escrow. There are various reasons you may want an escrow holdback, like if the seller has not finished repairs to the home by the time of closing and you still want to close on time. Are you considering a career in real estate? Check out our upcoming pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer

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