Learning Center

What Is A Condominium?

A condominium, often shortened to "condo," is a type of residential property in a larger building or complex where each unit is individually owned,…

What is a Warrantable Condominium?

A warrantable condominium is a condo unit or building that meets specific financing and operations standards required for a government-backed…

What is a Non-Warrantable Condominium?

A non-warrantable condominium is a condo unit or building that fails to meet the minimum financing standards of government-backed mortgage groups.…

2 min read

What is Existing Home Inventory?

Existing Home Inventory is the total number of previously owned homes available for sale at a given…

What is Existing Home Supply?

Existing Home Supply measures the months it would take to sell the complete inventory of existing homes at the current pace of…

What is Existing Home Sales?

Existing Home Sales is a monthly report that counts the number of previously constructed homes, condos, and co-ops sold in the United…

What is a Multi-Unit Home?

A multi-unit home is a residential building divided into multiple housing units, each with a living space, kitchen, and…

Under Contract

What is a Due on Sale Clause?

Due on sale is a mortgage contract clause that requires the full loan balance to be paid when the property is…

What is For Sale By Owner?

For Sale By Owner (FSBO) is a method of property sale where a homeowner sell their home directly, without the services of a real estate agent or…

What is Flood Insurance?

Flood insurance is a specific type of homeowners insurance that covers losses and damage due to overflowing bodies of…

What is Household Income?

Household income is the combined gross income of all members of a household who are 15 years or older, regardless of whether they are…

What is a Contingency Clause?

A contingency clause is an addition to a real estate contract to let parties back out without penaltyunder certain…

What is Listing Price?

Listing price refers to the amount of money a seller sets as the asking price for their property when it is put up for…

Under Contract

5 min read

What is a Mortgage Rate Lock?

A mortgage rate lock is a mortgage lender's commitment to honor a quoted mortgage through closing to a home…

What is PITI?

PITI is an acronym in mortgage lending that stands for Principal, Interest, Taxes, and Insurance, the four components of a monthly mortgage…

What is Personal Liability Insurance?

Personal liability insurance is a component of homeowners insurance that provides coverage for legal responsibility for bodily injury or property…

What is Dual Agency?

Dual agency is when the same real estate agent represents the buyer and the seller in the same home purchase…