The licensed real estate broker who has entered into a listing contract with an owner to assist in the selling of his or her property for which the owner agrees to pay certain identified compensation. in a multiple-listing situation from whose office a listing agreement is initiated, as opposed to the cooperating broker, from whose office negotiations leading up to a sale are initiated. The listing broker and the cooperating broker may be the same person. See Cooperating broker.
1. An employment contract between an owner and a licensed real estate broker entered into for the purpose of the broker providing services to find ready, willing and able persons to buy, rent or lease a particular property under the terms specified in the contract for an identified period of time and where the owner agrees to pay certain identified compensation. In addition, it usually authorizes the broker to be the agent of the owner/principal and to perform services for the principal in a fiduciary capacity involving the principal’s identified property. 2. The employment of a licensed real estate broker by a prospective purchaser or lessee to locate property to purchase or lease can also broadly be considered a type of listing.
An integral and relatively permanent part of a house which helps support the floors or roof.
A source of information on which a lender bases a decision about making a loan which defines the loan contract, shows the desired loan amount, the repayment terms, the name of the borrower, place of employment, salary, bank accounts, credit references and describes the real estate that is to be mortgaged.
A lender’s contractual commitment to make a loan based on the appraisal and underwriting.
A representative who negotiates or services loans for a lender.
A service charge in addition to the required interest made by a lender for granting a loan.
The life of the loan or the amount of time the loan will remain in existence until the debt is paid off such as a 30-year loan having a maturity of 30 years.
A fee charged to the borrower by the lender for the administrative costs of processing and creating a mortgage loan which is usually computed as a percentage of the loan amount and is often expressed in points.
The length of time that the mortgage loan will be in effect.
