Ten Common Real Estate Abbreviations Explained

Reblogger
Real Estate Agent with ProStead Realty

Here is a great post on common terms that we all understand.  It is easy to forget and assume that our clients understand these terms when we are using them.  Be mindful and share the meaning as you speak with your clients.  Never assume.  Thank you Debbie for this great post.  Please stop by and give your feedback to Debbie.

Original content by Debbie Laity

Ten Common Real Estate Abbreviations Explained. As a real estate professional I deal with the terminology and language of my business everyday. I work with terms and language that people outside of the industry aren't familiar with. Here are the definitions for ten commonly used real estate abbreviations.

Ten Common Real Estate Abbreviations ExplainedHOA...This stand for home owners association, or common interest community as our Colorado State contracts call it.

MLS...Multiple listing service. This is where your agent will submit your listing so other real estate professionals in the same MLS can see your property pictures and details such as bedroom and bathroom count.

CMA...Comparative market analysis. Your agent will do this for you to help you determine a price for your home.

PUD...Planned unit development. A type of ownership where the homeowner owns the building he/she lives in and also jointly owns the common areas of the development with the other homeowners in the development.

FSBO...This stands for For Sale by Owner.

REO...A common term used to describe a foreclosure property. The abbreviation means real estate owned by the bank.

SFR...Single family residence. This is a stand alone house where one family lives.

ARM...Adjustable rate mortgage.

POA...Power of Attorney.

OMG ASS...Oh my gosh another Sunday showing. This term came from frantic sellers working to clean up Sunday Brunch dishes for an early afternoon Sunday showing.

Ok so the last one I made up. In all seriousness, though, there are many terms in the real estate industry that are foreign to most people. Here's a list of more real estate related terms and if you click on the word you will get the definition for each one. I hope you find this helpful. I would be happy to answer any real estate related questions you might have. Please feel free to contact me. My information is below.

By Debbie Laity

 

 

I've lived on Colorado's Western Slope for over 22 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a real estate broker, I also love to share my expertise in this area as well. If you need any real estate information for Montrose County, or Delta County, Colorado...please give me a call.

Debbie Laity

GRI, SFR, REO Specialist, CNE, AHWD, BPOR, e-Pro

Broker Associate, Cedaredge Land Company

970-589-2886 Cell

For a complete list of Delta County and Montrose County property for sale click here.

For more information on local events and happenings click here.

 

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Comments (7)

John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Judith and thanks for re-posting Debbie's blog I would have missed this one and it's good!  It's true as REALTORS we some times forget and use the Common Real Estate Abbreviations with our clients instead of talking in their terms.  Like going to a Dr. and having them talk over our heads... Not cool.

May 22, 2013 01:23 AM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I love these....and so very true that we forget others don't speak the same language as we do!  

ps....missed you lately...glad to see you back! 

May 22, 2013 01:29 AM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

I was laughing on a few of these!  PUD and OMG ASS made me laugh out loud!                                                                   

May 22, 2013 01:31 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Hi, Judith...thanks so much for the re blog. I enjoyed our conversation this morning. I'm looking forward to hearing from you again.

May 22, 2013 01:39 AM
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

I was LOL on the OMG ASS abbreviation.  How clever.  I am gonna have to use that one.  Great one to re-blog.

May 22, 2013 02:04 AM
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

What a nice re-blog and I love the last abbreviation ... so true!  Yes we do try to cram as much into small spaces so we abbreviate any and everything even in the MLS system, I hope the general public has their list of explanations for our terms like brand new HWH, remote GDO, LA is large, etc.  Alphabet soup.  Take care and nice to read your post, it's been some time since I got my toe back into the Rain.

May 22, 2013 08:15 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Every business has its own jargon and we take it for granted that the public understands the language. I am very care not to speak in jargon terms.

May 22, 2013 10:01 PM