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Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

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Balance: "Balance" in real estate, from a supply and demand perspective, refers to the equilibrium between the number of properties available for sale (supply) and the number of buyers interested in purchasing those properties (demand). A balanced market... (Read more)
Balloon Payment: "Balloon Payment" in real estate is a large payment that you make at the end of a loan, after making smaller payments for a while. It's like saving the biggest slice of cake for last, after eating... (Read more)
Band of Investment Method: The "Band of Investment Method" is a technique used in real estate to figure out a property's value by considering the income it generates through rent and the costs associated with the loans taken to purchase the property. It's like weighing... (Read more)
Banks: In the real estate world, "banks" are financial institutions that lend money to people to help them buy property, like houses and buildings. They offer different types of loans and mortgages, which people pay back with interest over time. Banks... (Read more)
Base Line: "Base Line" is a term in real estate that means an imaginary line on a map, used as a starting point to help measure land. It's like a giant grid that helps people know where land is located. (rectangular survey system)/bb/ The base line runs... (Read more)
Beginning Basis: "Beginning Basis" is a term in real estate that means the starting value of a property when you first get it. This can include the purchase price and any extra costs you had to pay, like closing costs or fixing things in... (Read more)
Benchmark: A "Benchmark" in real estate is a fixed reference point that's used to measure the elevation or location of a piece of land. It helps surveyors and other professionals know where a property is and how high it is above... (Read more)
Beneficiary: A "Beneficiary" is a person who gets some kind of benefit or advantage from something, like a trust or a contract. In real estate, it often refers to the person who will receive money from a mortgage or other loan when it is... (Read more)
Bilateral Contract: A "Bilateral Contract" is an agreement where two parties make promises to each other. In this type of contract, both sides have something they need to do or give in exchange for the other side's action... (Read more)
Binder: A "Binder" is a short document that shows the buyer and seller of a property have agreed on a deal. It's like a promise that both sides will move forward with the sale. The binder includes important information about the agreement, like the... (Read more)
Blind Ad: A "Blind Ad" is an advertisement that doesn't give you all the information about who's behind it. In real estate, this usually means an ad for a property that doesn't tell you the name or contact details of the person selling it or their real... (Read more)
Blockbusting: Blockbusting is a sneaky and illegal way some people used to make money in real estate. They would scare homeowners into thinking that their neighborhood was going to change in a bad way because people of a different race, religion, or... (Read more)
Broker: A broker is like the boss of real estate agents. They have more experience and education, and they're responsible for making sure agents follow the rules when helping people buy or sell homes. Real estate agents work under brokers, who guide... (Read more)
Brokerage: A brokerage is like a real estate team's clubhouse, where brokers and agents work together to help people buy and sell homes. It's a business that provides all the services needed to complete a real estate transaction, like marketing,... (Read more)
Broker's Opinion of Value (BOV): A Broker's Opinion of Value, or BOV, is when a real estate broker gives their professional opinion on how much a property is worth. It's like a less formal version of an appraisal, and it helps people get a good idea of a property's value... (Read more)
Building code: A building code is a set of rules and guidelines that builders and architects must follow when constructing or renovating buildings. These rules make sure that the buildings are safe, sturdy, and healthy for people to live or... (Read more)
Bundle of Rights: A "bundle of rights" is a way to describe all the different things you can do with a property when you own it. It's like having a bunch of keys that let you do different things, like live in the house, rent it out, or sell it to someone else.... (Read more)
Business brokerage: "Business brokerage" is when a person helps others buy and sell businesses, kind of like how real estate agents help people buy and sell houses. These business brokers make sure that the buyer and seller can agree on a price and the terms of... (Read more)
Business Trust: A "Business Trust" is when a group of people pool their money together to invest in a big project, like buying a building or a piece of land. Each person in the group owns a part of the project, and they share the profits or losses. This is... (Read more)
Buydown: A "Buydown" is when someone pays extra money upfront to lower their monthly payments on a loan, like a home loan. It's like paying more now so you can pay... (Read more)
Buyer Representation Agreement: A "Buyer Representation Agreement" is a contract between a home buyer and a real estate agent. It says the agent will help the buyer find a house, and the buyer promises to work only with that agent during... (Read more)
Buyer's Market: A "Buyer's Market" is when there are more houses for sale than there are people who want to buy them. This means that buyers have more choices and can often get a better deal on a house because sellers have to compete for... (Read more)

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