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  • A real estate licensee prepares a report for a seller based on recent sales of similar houses in the area. This is called a ________________.

    comparative market analysis

    The price at which a willing buyer and a willing seller would strike a deal given normal market conditions

    Market value

    An opinion of value using totally objective criteria

    Valuation, appraisal

    A study of a property that does not necessarily return a price or value


    The cost of replacing a building in case of a total loss

    Insured value

    The return of funds invested

    Investment value

    The price a lender believes the property will bring at a foreclosure sale

    Mortgage value

    An accounting of the debits and credits to the buyer and seller at the close of a transaction

    Closing statement

    Money to be received by buyer or seller (or conversely, reimbursed) as listed on a closing statement


    Money to be paid by buyer or seller as listed on a closing statement


    The calculation of shared costs between buyer and seller and based on amounts actually owed


    The balancing of credits and debits on a closing statement


    A brief history of the title and its current statu

    abstract of title

    A levy against a property, often used with condominiums


    The history of ownership of a property

    chain of title

    Notice by matter of fact which binds the parties, even if the parties have not been specifically notified of the fact

    constructive notice

    Knowledge of a fact given to a person by being presented with notice

    actual notice

    A title that is free from reasonable doubt as to property ownership

    marketable title, clear title

    Federal law regulating mortgage lending which prohibits kickbacks and undisclosed fees.

    RESPA (Real Estate Settlement Procedures Act)

    The measurement of the boundaries and size of a property


    A document granting right of ownership and possession


    The meeting in which title changes hands from seller to buyer

    title closing

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