Archives: Glossary Terms

The head of a state’s Real Estate Department or Commisssion.

The channeling of monies into the production and use of real estate facilitating the production and use of real estate through borrowed or equity funds.

The body of laws relating to real estate which generally evolved from the English common law but now include governmental regulations such as zoning, building codes, etc.

The state law that regulates the practice of real estate brokers and salespersons.

All of the potential buyers and sellers for various real properties such as the housing market, office market, condominium market or land market who are all currently active and seeking the same type of real property.

(REO) A term used for property acquired through foreclosure by a lender and currently held in inventory.

A person who holds a valid real estate salesperson’s license and who for compensation or anticipated compensation has contracted to work under a real estate broker to assist people to buy, sell, rent or lease, manage, finance or value real property on a full or part time basis.

Real Estate Securities and Syndication Institute – (RESSI) Provides educational opportunities in the field of marketing securities and syndication of real estate.

(RESPA) A federal law passed in 1975 requiring the disclosure to borrowers by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development, HUD of the settlement (closing) procedures and costs.

A money charge levied upon real property to fund local government and to provide public services.