Real Estate Definition(s) of the Day: August 17, 2019
Terms and their meaning are important parts of the real estate transaction. Understanding terms is an important part of the pre-licensing process. Terms and understanding them are important to successfully passing the license test.
Regulation Z: Federal guidelines under the Truth-in Lending Act that require full disclosure of all credit terms for consumer loans.
Exclusive Right to Sell: Listing agreement that entitles the broker to a commission if anyone, including the seller, finds a buyer for the property during the listing term.
Flood Plain: A geographic area close to a river or stream that is subject to flooding. In some areas, flood plains are mapped by the Federal Emergency Management Agency (FEMA) so that they may be covered by the National Flood Insurance Plan.
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