REA-FC8 2025

The amount of money a buyer borrows.

• Principal

• Interest

• Equity

• Collateral

The effort that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.

• Procuring cause

• Listing agreement

• Sales commission

• Brokerage fee

The legal right or interest recognized in some states that a wife acquires in the property her husband held or acquired during their marriage. During the lifetime of the husband, the right is only a possibility of an interest; on his death it can become an interest in land.

• Dower

• Curtesy

• Tenancy by the entirety

• Life estate

A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.

• Community property

• Separate property

• Joint tenancy

• Tenancy in common

The parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium, or that are normally in common use by all of the condominium residents. All condominium owners have an undivided ownership interest in the common elements.

• Common elements

• Private elements

• Exclusive areas

• Individual units

The sold properties, listed in an appraisal report, which are substantially equivalent to the subject property.

• Comparables

• Appraisals

• Assessments

• Valuations

A property that includes in its ownership the appurtenant right to use an easement over another’s property for a specific purpose.

• Dominant tenement

• Servient tenement

• Easement in gross

• License

Days on market.

• DOM

• DOL

• DOP

• DOV

The payment made to a broker for services rendered, such as in the sale or purchase of real property; this is usually a percentage of the selling price of the property.

• Fee

• Commission

• Retainer

• Salary

The amount of cash put toward a purchase by the borrower.

• Down payment

• Loan amount

• Interest rate

• Closing costs