Spokane, WA Real Estate: Glossary of Terms

Jeannette Karis "The REALTOR with the English accent!"

HOME - BUYERS - SELLERS - RELOCATION - PCS - SENIORS
ABR, Accredited Buyer Representative
The Accredited Buyer Representative designation, conferred by the Real Estate Buyer's Agent Council (REBAC), confirms an agent's mastery of buyer representation. Agents who have earned the ABR designation have demonstrated experience in buyer representation. Two key areas emphasized in ABR training are how to identify potential problems with a property and how to negotiate the best price on behalf of the buyer. REBAC is an affiliate of the National Association of Realtors. www.rebac.net A professional designation gained by a member of the National Associaiton of REALTORS who has successfully completed extensive training on buyer agency practices and submitted practical experience as a buyer representative.www.rebac.net
Appraisal
An opinion of value by a licensed appraiser, commonly done to obtain a mortgage on a home at point of sale.
ARM, Adjustable Rate Mortgage
A mortgage with an interest rate that changes over time according to movements in an index.
At Home With Diversity
National Asociation of REALTORS has developed and the US Department of Housing (HUD) has approved a certification program for real estate professioanls who are educated about and committed to the concept of One America, an America free of discrimination, open to cultural diversity, with equal opportunity for all. The Licensee has successfully completed the At Home With Diversity coursework and has attested to the truth and correctness of the declarations contained in the Member Affidavit.
Cap
The limit on how much an interest rate or monthly payment can change, either at each adjustment or over the life of the mortgage.
CC&R's - Covenants, Conditions and Restrictions.
A document that controls the use requirementsd restrictions of a property. Usually available from a Title company.
CRS, Certified Residential Specialist
The Certified Residential Specialist designation, conferred by the Council of Residential Specialists, recognizes real estate agents for proven experience in marketing residential property. To earn the designation, agents must complete a program of advanced study covering areas such as investment real estate and real estate-related taxes. The Council of Residential Specialists is an affiliate of the National Association of Realtors. Less than 5 percent of all Realtors hold the CRS designation. RE/MAX has the highest percentage of CRS affiliates in the industry www.getacrs.com
Designations
Designations demonstrate an expertise and commitment that goes beyond the minimum of earning and maintaining a real estate license.
Earnest Money
A buyers payment held by the selling broker or the closing agent as evidence of good faith when making an offer.
FHA, Federal Fair Housing Administration
As part of HUD, the primary function is to provide mortgage insurance for lenders.
Federal Fair Housing Law
It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin
- in the sale or rental of housing or residential lots
- in advertising the sale or rental of housing
- in the financing of housing
- in the provision of real estate brokerage services
- in the appraisal of housing
- blockbusting is also illegal
FSBO
For Sale By Owner, owner advertises property for sale without the help of a professional.
GRI, Graduate REALTOR Institute
A professional designation granted to a member of the National Association of REALTORS who has successfully completed courses covering law, finance, sales and marketing, professional development, investments and taxation. Like a college degree or other professional designations the GRI designation shows that recipients have quality real estate credentials and training.
Home Inspection Report
A qualified inspector's report on the overall condition of a property. The report usually includes an evaluation of the of the structure and the mechanical systems.
Home Warranty Plan
Protection against failure of mechanical systems within a property. May include plumbing, electrical, heating systems, dish washer, garbage disposal and range. Can be purchased by seller or buyer.
HUD
United States Department of Housing and Urban Development
HUD home
May be a single family or any other type of residence which has been deeded back to HUD/FHA by mortgage companies who had foreclosed on FHA-insured mortgages in return for mortgage benefits.
MLS, Multiple Listing Service
A computer database where details on listings by ALL the realty companies (who are members of the Spokane Association of REALTORS) is held. In Spokane my guess would be that includes 95% of all residential and residential acreage properties that are for sale.
One America Principles
Dr. Martin Luther King Jr. left us a leagacy which reminds us that in a multiracial, multicultural society no one group can make it alone. We must become One America. Housing plays a decisive role in the achievement of One America, and home ownership remains at the center of the American Dream. I am personally committed to helping create One America, a nation free of housing discrimination, welcoming cultural diversity, with equal opportunity for all.
I welcome you and want to do business with you.
I will base my decision and opinions of you on who you are, not on any preconceived stereotypes or ingrained value judgements.
I subscribe to the federal Fair Housing Act and its principles.
I embrace and celebrate the strength that diversity brings to our communities and the nation.
I will help you find opportunities to buy the home you choose.
I will market homeownership to the public and reach out to people who may not know that homeownership is a real option.
I will make sure you know there is a full range of housing choices available to you and encourage you to consider all communities and neighborhoods.
I will make every effort so that we can communicate with each other. If we do not share a common language, I will work with you to find someone who can interpret.
I have incorporated these principles in my daily operations and my overall business plan. I would be proud to share it with you.
I am here to help you meet your real estate needs, because you are the reason I am in business.
PITI
Principal, Interest, Taxes and Insurance.
Point
An amount equal to 1% of the loan.
REALTOR
Not every agent is a REALTOR The terms are not interchangeable. A REALTOR is a member of the National Association of REALTORS (NAR) and as such is bound by a strict code of ethics. Within the national organization are state associations eg. Washington Association of REALTORS (WAR) and local associations eg. Spokane Association of REALTORS (SAR).
SRES, SENIORS Real Estate Specialist
The relatively new Seniors Real Estate Specialist designation, conferred by Senior Advantage Real Estate Services, was created to show an agentís commitment to and interest in senior housing issues. www.seniorsrealestate.com
sf
The sf figure most quoted in Spokane real estate info is the taxable sf ie the footprint of the building excluding the garage NOT the total liveable sf. So depending on the design the liveable sf may be twice that or more.

jkaris@spokanehomes4u.com

Jeannette Karis,ABR,CRS,GRI,SRES - "The REALTOR with the English accent!"
509-994-8246 // 800-490-4378 // licensed in WA state
RE/MAX of Spokane, 12810 E Nora, Suite E, Washington, Spokane WA 99216, (each office independently owned & operated)