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Do You Know Your ABC's?

By
Real Estate Agent with ZIP Realty

It recently came to mind that not everyone knows their ABC's.  Now, I'm not speaking of the ABC letters you learn in pre-school, rather the ABC's of Real Estate.  I know all of you VETERAN agents are quite versed in the lingo, but this is for the Rookie and the first time home buyer.  Here we go!

  1. ACRE- This is not an old & achy knee, or the injury from your college sports days, rather an area of land equal to 43,560 square feet.
  2. ADJUSTABLE-RATE MORTGAGE (ARM)-  An ARM is not what you wish you had more of when parenting toddlers (been there, done that), it's a type of mortgage in which the interest rate is keyed to a certain economic index and adjusts as the index rises and falls.  Be Careful...this can go UP or DOWN. 
  3. AGENT - Don't be a SECRET Agent...inform all parties who you are and what you do.  This is a person that you should have a contract with...remember get everything in writing or it never happened!  Listing Agent = works for the Seller  Buyer's Agent = works for the buyer.

There you have it, the first 3 ABC's of real estate 101.  Next lesson letter "B".  I hope you enjoyed the lesson...CLASS DISMISSED!

Interested in the Austin, Texas market?  Give me a call or view Austin area listings @ www.ZipRealty.com   JENNIFER WRIGHT - THE "WRIGHT" AGENT FOR ALL YOUR REAL ESTATE NEEDS!

Disclaimer:  All information deemed reliable, not guaranteed.

Jennifer Wright ZipRealty REALTOR Austin, TX

Show All Comments Sort:
Bill Austin
East Valley Living - Scottsdale, AZ

There are so many - there could be hundreds of "A's"

Here are three more:

Amortization Schedule
A table showing the amount of each payment applied to principal reduction on a loan so that it is paid off (amortized) in the specified time.

Appraisal
A written valuation of the present value a property, usually based on analysis of comparable sales of similar homes nearby.

Assessed value
The value assigned to a property by a public tax assessor for purposes of taxation.

Bill Austin

Jun 21, 2008 10:26 AM
Diane Lombardino
Keller Williams Realty of Jupiter - Palm Beach Gardens, FL

Thank YOU for that Post!!  Now, just get all the rookies to read it!!  And, further more rookie agent and first home buyer in the same sentence? Excuse me, I'm running the other way.......  this market is tough enough!!  I don't want to be the educator for new agents (I don't mind once in a while, but it gets old!) and first time buyers.  Just today I had another agent's buyer client call me and try to negotiate a price with my seller.  I immediately called the other agent (a veteran agent)!!  Hey, get your client under control before we have a problem and we both lose the deal!!  He had no idea that the client was going to contact me! 

Can't wait for the next session.  I hope it will "B" soon!

 

Jun 21, 2008 10:26 AM
Jennifer Wright
ZIP Realty - Dripping Springs, TX
REALTOR, Dripping Springs, TX

Bill- Thanks for the "A" additions.  I looked up your profile, very impressive.  I now know who to contact if I get stumped on my ABC's!

Diane-  I hope your deal will "B" smooth sailing from here on...good luck!

Jun 22, 2008 06:45 AM