Frequently Asked Questions

FAQ

What does BR and BA mean in real estate?

Br/Ba = Bedroom/Bathroom.

What is the abbreviation for bedroom and bathroom?

– Apartment • BR – Bedroom. You will usually see this preceded by the number of bedrooms, e.g. 3BR which is an apartment with 3 bedrooms. BA – Bathroom. You will usually see this preceded by the number of bedrooms, e.g. 2BA which is an apartment with 2 bathrooms.

What are the terms in real estate?

General real estate terms

• As-is.
• Buyer's agent/listing agent.
• Closing.
• Closing costs.
• Days on market (DOM)
• Due diligence.
• Escrow holder.
• Homeowner's association (HOA)

What is a short form in real estate?

The short form policy was introduced to improve efficiency in issuing title insurance policies on smaller real estate transactions. It's only applicable to one-to-four family homes and condominiums (on fewer than 25 acres of property)—those that tend to have fewer title issues arise.

Why is real estate two words?

The term “real estate” is first recorded in the 1660s, so we find its etymological origins in Early Modern English. The word “real” is derived from Latin, meaning existing, actual, or genuine. The word “estate” is an English translation of the Old French word “estat,” meaning status.

What do they call it real estate?

Real estate is a term that refers to the physical land, structures, and resources attached to it. Real property includes the physical property of the real estate, but it expands its definition to include a bundle of ownership and usage rights.

What is P and L in real estate?

Also known as an income statement or P&L, a rental property profit and loss statement reports the current financial performance of a property over a specific amount of time.

What does CA mean real estate?

Real Estate Abbreviations

Abbreviation	Description
CA	Commission Agreement
CBC	Cooperating Broker Compensation Agreement and Escrow Instruction
CDA	Commission Disbursement Authorization
CLUE	Comprehensive Loss Underwriting Exchange

What does CA abbreviation mean?

California

California, US state by postal abbreviation.

What is CF in real estate?

Using a 5 unit multi family apartment building as our example, you'll learn the 7 basic commercial real estate terms which are used to determine the Net Operating Income (NOI) and Cash Flow (CF).

What does CA stand for building?

CA Construction Administration. CAD Computer-Aided Design. CAFM Computer-Aided Facility Management.

What is the abbreviation for Master of real estate Development?

Program: Dollinger Master of Real Estate Development (MRED) - University of Southern California - Acalog ACMS™

What is another name for real estate?

Synonyms of real estate (noun property and buildings for sale)

• Land.
• Chattels real.
• Freehold.
• Immoveables.
• Land and buildings.
• Landed property.
• Landholdings.
• Lot.

What does buyer to do own due diligence mean?

Quick Answer. In real estate, due diligence is the period of time between an accepted offer and closing. It gives you, the buyer, time to get an appraisal, a title search, perform property inspections and more, so you know you're getting what you're paying for.

What purpose is served by recording a deed?

Making sure that your property deed is properly recorded is one of the single most important actions you can take to protect your legal rights and assets. This is because your deed is the only way to prove that you are the true legal owner of your own house or investment property.

What is the mean in real estate?

Real Estate Mean, Median and Mode. Before we get to the real estate specific examples, let's quickly review the definition of each term: Mean - The sum of values divided by the number of values. Median - The middle value when the values are ranked. Mode - The most frequently occurring value.

What is the acronym for real estate owned?

Understanding Real Estate Owned (REO) Properties As Investment Opportunities.

What are the abbreviations used in agreement?

There are three common abbreviations of agreement: AG., agrmt., and AGT.

What are the initials for real estate?

So, let's spell out exactly what these common real estate lingo and acronyms mean and why they are important.

• MLS or Multiple Listing Service.
• FSBO or For Sale by Owner.
• PITI or Principal, Interest, Taxes, and Insurance.
• ROI or Return on Investment.
• GRI or Gross Rental Income.
• FMV or Fair Market Value.
• LTV or Loan-to-Value.

Do realtors have letters after their name?

Many Realtors have letters after their name. They are called designations and each one is earned through education and experience.

What does f stand for in real estate sale

What does R mean in real estate?	According to the National Association of REALTORS® (NAR), the word REALTOR® is a registered mark that applies only to members who ascribe to its Code of Ethics and Standards of Practice.
What does AE stand for in real estate?	Share. Share. Below is a sample job description for a local association Chief Staff Executive or Executive Vice President. *Note: NAR considers the term AE to encompass Chief Staff Executives and REALTOR® association staff specialists.
What is the professional name for a real estate agent?	A realtor is a real estate professional who is a member of the National Association of Realtors (NAR), a professional association. Professionals who may hold the title of realtor include agents who work as residential and commercial real estate brokers, salespeople, and property managers.
What does RO stand for in real estate?	R/O: Resident Occupied.
What are elfs in a house?	ELFS -> Electrical Light Fixtures It is not unheard of that a seller may want to keep some of them, so make sure you know what does or does not come with the house when you're buying it.
What is another name for closing in real estate?	The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is transferred from the seller to the buyer.
What is the meaning of HWT in a house?	HWT – Hot water tank.
Can you abbreviate property?	I use Prop. to abbreviate property or properties according to this website.
Why do they call it real estate?	Real estate became a legal term to identify a royal grant of estate land. The term “real estate” is first recorded in the 1660s, so we find its etymological origins in Early Modern English. The word “real” is derived from Latin, meaning existing, actual, or genuine.
What is the abbreviation for a detached house?	RD = Residential Detached. This is the most common type of house, the one most people think of when looking at homes.
What is the abbreviation for basement?	Brk: Brick. bsmt: Basement. d/d: Dishwasher and Disposal. d/w: Dishwasher.
What does P mean in real estate?	Pending P (Pending) – The property is still under contract. The buyers are in the process of closing on the property. Title work, insurance, survey, HOA information, appraisal, finalizing financing are all being performed and completed during the pending status.
What does pending P mean in real estate?	PENDING (P) The fundamental meaning of Pending is the period where the funds being used to purchase the property are in process of being released to the seller.
What does under contract P mean on a house?	What Does “Under Contract” Mean In Real Estate? Under contract means that a seller has accepted an offer on the property, but the sale isn't final until all contingencies are met. It typically takes 4 – 8 weeks from the date the offer is accepted until the sale is complete.
What does PS stand for in property status?	Pending Continue to Show PS(Pending Continue to Show). The seller is waiting on the buyers financing to complete.
What does active P mean?	Active is when a property is available for sale (not under contract) and Pending (OP, P, PS) is when the property is under contract.
What does FA mean in housing?	FA – Floor Area. FAR – Floor Area Ratio. FFE – Furniture, Fixtures, and Equipment. FMV – Fair Market Value. FSBO – For Sale by Owner.
What is a C in real estate?	Higher-quality properties that present lower risk are considered Class A properties, while lower-quality properties that present higher risk are classified as Class C. Sitting between these two property classes is Class B, providing a functional space without the frills of Class A or the downsides of Class C.
What does FA area mean?	An Area Forecast (FA) is a forecast of Visual Meteorological Conditions (VMC), clouds, and general weather conditions over an area the size of several states. FAs cover ten areas throughout the United States whose validity times allow for advanced planning for regional flights.
What does the abbreviation NIA stand for in real estate?	Net Internal Area (NIA) NIA is the usable area within a building measured to the internal face of the perimeter walls at each floor level. NIA covers all areas which are used for a specific purpose.

• How do I report to L&I in Philadelphia?
  • Use 311 to ask questions or report issues around Philadelphia.

• How do I contact the L&I in Philadelphia?

  • 311

    For all other licensing questions, submit an online request to the Department of Licenses and Inspections (L&I) . You will receive a response within 2 business days. For general questions, call 311 or (215) 686-8686 if outside Philadelphia.

• Who is the Commissioner of the Philadelphia Licenses and Inspections?

  • Ralph DiPietro

    Leadership

    Name	Job title	Email
    Name: Ralph DiPietro	Job title: Commissioner	Email:
    Name: Stephen Gallagher	Job title: Director, Emergency Services	Email:
    Name: John P. Lech	Job title: Director, Construction Services	Email:
    Name: Brett Martin	Job title: Director, Technical Training & Development Unit	Email:

• How do I complain about license and inspection in Philadelphia?

  • Complaints. To make a complaint or report unlicensed contractors or unpermitted work, use 311's online form or call 311. If you're outside Philadelphia, call (215) 686-8686.

• What is the Philadelphia code?

  • The Philadelphia Code is the compilation of all general ordinances adopted by the Philadelphia City Council. It is divided into 22 titles: Title 1: General Provisions. Title 2: City-County Consolidation.

• What are the three main types of listing agreements?

  • A listing agreement is a contract between a property owner and a real estate broker that authorizes the broker to represent the seller and find a buyer for the property. The three types of real estate listing agreements are open listing, exclusive agency listing, and exclusive right-to-sell listing.

• What are the different types of listing?
  • The Four Common Types of Listing Agreements
    • Open Listing Agreement. An open listing is a non-exclusive contract.
    • Exclusive Right to Sell Listing Agreement. An exclusive right to sell listing is the most widely-used listing agreement.
    • Exclusive Agency Listing Agreement.
    • Net Listing in Real Estate.
• What MLS means?

  • Multiple listing service

    A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another's listings of properties for sale with the goal of connecting homebuyers to sellers.

• How does an MLS work?

  • Multiple listing services (MLS databases) are created and maintained by cooperating real estate professionals to share information about properties on the market. This data usually includes details such as the listing price, bedrooms, bathrooms, square footage and other similar data points relevant to potential buyers.

• How do I get MLS access in Ohio?

  • Eligibility: You must hold a current, valid real estate broker's license and are capable of offering and accepting cooperation and compensation to and from other Participants or are licensed or certified by an appropriate state regulatory agency to engage in the appraisal of real property.

• What is a multiple listing quizlet?

  • Multiple Listing Service. A service among firms that facilitates cooperation and compensation between listing firms, subagents and buyer's firms. MLS will often have standard compensation sharing policies for all members.

• What does MLS mean on Zillow?

  • Multiple listing service

    MLS stands for multiple listing service. An MLS is a network for agents and brokers that grants them access to exchange property listing information and share compensation for a sale.

• What does re mean housing?

  • Other definitions for R.E. (10 of 10)

    R.E. abbreviation. real estate.

• What is R stands for in real estate?

  • REALTOR®

    The trademarked "R" design denoting REALTOR®, with specific requirements for its placement and use. BOD. Board of Directors. CAE. Certified Association Executive, a designation awarded by ASAE.

• What is the abbreviation re in construction?

  • RE – Resident Engineer – In construction, an RE is an engineer who supervises fieldwork on behalf of an owner, client, or design consultant.

• What does rea stand for?

  • Requests for Equitable Adjustment (REA) and Claims are similar by definition; however, the purposes for filing either a REA or a Claim are quite different.

• What does re zoned mean?

  • : to change the zoning of (an area) : to designate (a zone or zones of a city, town, or borough) for a new purpose or use through a change in the applicable zoning regulations.

• What does comp mean in real estate?

  • Real estate comparables

    Simply put, real estate comparables – or “comps” – are comparable properties in a specific area that you're looking to buy or sell in. Comps are used to determine the value of a home by comparing it to similar properties sold in the same neighborhood or in an area as close as possible to the house being valued.

• What does CAC stand for in real estate?

  • Central air conditioning

    CAC: In real estate listings, CAC stands for “central air conditioning,” which means that the listed property has a whole-home air-cooling system.