Active:
Property available and for sale.
Appreciation:
An increase in the value of an asset, such as property.
Borrower:
A person or entity who borrows monies from a lending source such as banks, credit unions, or other small mortgage brokerages.
Broker:
An individual with at least 2 years of real estate experience, a high school diploma or its equivalent, and has taken and passed the broker's exams and educational requirements.
CMA or Market Report:
Comparative Market Report or Market Report is a list of comparable properties similar to the property of interest (whether to buy or to sell). The purpose of this report is to give the buyer and the seller an understanding of present market conditions.
Contingency:
These are conditional addendumsm or additional agreements to a purchase and sale contract, i.e. inspection contingency, financing contingency, title review, or neighborhood review. Example: The purchse of this property is conditioned on or contingent to being able to obtain a home loan (financing contingency) by a set time. The condition has to be met for the buyer to follow through with the purchase of the house.
Credit Enhancement Provider:
Securitization transactions may include credit enhancement, a method designed to improve debt or credit worthiness by decreasing credit risk, provided by an independent third party in the form of letters of credit or guarantees.
Depreciation:
A decrease in the value of an asset, such as a house.
DOM:
Days on Market refers to the number of days a property has been listed or for sale.
Dual Agency:
When a broker has a written agreement to represent both buyer and seller in a transaction for the same property. Dual agency is often in reference to a broker representing both parties. Although sales associates or real estate agents are the faces the public interacts with, they are only the extension of that broker--representatives of their real estate firms or brokerages.
Due Diligence:
Refers to a standard of care to provide a reasonable amount of care to sellers and/or buyers by a real estate agent to avoid potential harm either through disclosures, education, and referring them to field experts.
Equity or Home Equity:
The difference between the mortgage owing on the property and the market value of the property. There is a positive equity if the property value is greater than the remaining balance on the loan. There is no equity or a short if the property's current market value is less than the remaining loan balance
Escrow:
Is a third disinterested party which means they have no loyalty to buyer or seller but acts to coordinate or facilitate the interchange of monies and or properties between buyer and seller, their creditiors and any billing obligations.
Fair Market Value or Market Value:
The dollar amount or value which a willing buyer would pay for a particular property from a willing seller.Fiduciary:
The legal relationship of confidence or trust between two or more parties.
Form 17:
Seller disclosure of property condition and any defect to their best knowledge.
HOA:
Home Owners Association.
Investors:
They are the purchasers of various securities, i.e. mortage-backed security (MBS). Investors provide funding for the loans and assume varying decrees of credit risk, based on the terms of the securities they purchase.
Issuer:
An entity that facilitates and securitizes loans or rate loan's risk levels and then issues these securities to investors. The issuer can be foreign or domestic governments, investment trusts, or corporations.
Legal Description:
Legal words to detail the description of a particular piece of real estate or real property, i.e. metes and bounds, lot and block.
Lender:
An entity that underwrites and funds loans and may turn around to sell it to the Issuer or services that loan themselves. They are the retail front for loans and can be banks or non-banks, i.e. credit unions, or small mortgage brokerages. They are paid by cash for the purchase of the loan and by fees.
Listing Agent:
A real estate agent who represents the Seller.
Mortgage Broker:
Puts together loan between a borrower and the lender. The mortgage broker is paid a fee upon closing of the loan.
Mutual Acceptance:
When both parties have signed and agreed to terms. 
OSS:
Onsite Sewage System or septic system.
Pending:
Property is awaiting buyer's loan approval.
Rating Agency:
This agency assigns intitial ratings to the various securities issued by the issuer and updates these ratings based on subsequent performance and perceived risk. Rating agency criteria influence the initial structure of the securities.
Securitization:
The process of taking a non-liquidated asset or groups of assets, like a bundle of loans and transforming them into securities, secured by a mortgage, a collection of mortgages, leases, credit card debt, royalties, etc.
Seller Financing:
Private loan and loan term offered by a Seller to a homebuyer.
Selling Agent:
A real estate agent who represents the Buyer.
Servicer:
The entity, i.e. banks, credit unions, or small mortgage brokerages, responsible for collecting loan payments from borrowers and then for remitting these payments to the issuer for distribution to the investors. Thus they act as a middleman between the investment markets and the homebuyers. The servicer is typically paid based on the volume of loans serviced. They are generally obligated to maximize the payments from the borrowers to the issuer, and are responsible for handling delinquent loans and foreclosures.
Sold:
It is when the monies have been dispersed to the Seller and transfer of ownership has been recorded.
Title Insurance:
Insurance which covers against financial loss from defects in the property title and from invalid or unenforceable liens. While Lender's Title Insurance protects the lenders from monetary loss in cases of foreclosure.
Trustee:
A third party appointed to represent the investors' interests in a securitization. The trustees ensure that the securitized loans are in compliance with established servicing criteria.
Underwriter:
Administers the issuance of the securities to investors.