REA-FC15 2025

The closing of a transaction through a third party called an escrow agent, or escrowee, who receives certain funds and documents to be delivered on the performance of certain conditions in the escrow agreement.

• Escrow

• Deposit

• Trust

• Bailment

Carrying costs, loss on sale, repairs and improvements, commission, closing costs, principal, interest, taxes and insurance, interest on equity loans, and utilities.

• Direct home-selling costs (DHSC)

• Indirect home-selling costs (IHSC)

• Home maintenance expenses

• Real estate agent fees

An interest for a certain, exact period of time in property leased for a specified consideration.

• Estate for years

• Periodic tenancy

• Tenancy at will

• Joint tenancy

A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called the secondary money market.

• Primary mortgage market

• Tertiary mortgage market

• Secondary mortgage market

• Mortgage-backed securities market

A transfer of real estate by will or last testament. The donor is the devisor and the recipient is the devisee.

• Bequest

• Devise

• Gift

• Inheritance

A provision in a contract providing for periodic proportional upward or downward adjustment of price or consideration.

• Escalation Clause

• Termination Clause

• Indemnity Clause

• Confidentiality Clause

A will that is written, dated, and signed in the handwriting of the maker.

• Holographic will

• Notarized will

• Living will

• Joint will

An added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans.

• Discount points

• Loan origination fee

• Prepayment penalty

• Closing costs

A tenancy by which a lessee retains possession of a leased property after her or his lease has expired and the landlord, by continuing to accept rent from the tenant, agrees to the tenant’s continued occupancy as defined by state law.

• Holdover tenancy

• Periodic tenancy

• Tenancy at will

• Tenancy in common

The owner of a property who has signed a listing agreement or a potential listing agreement.

• Buyer (owner)

• Seller (owner)

• Agent (owner)

• Tenant (owner)