The sale is turned over to a third-party relocation company for closing, and the guaranteed offer is amended or changed.Īnnual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. Typical ARM periods are one, three, five, and seven years.Īgent: The licensed real estate salesperson or broker who represents buyers or sellers.Īmended value: The actual sale price after the seller successfully markets and sells his or her home through the broker of his or her choice. 1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.ġ099: The statement of income reported to the IRS for an independent contractor.Ģ4-hour notice: Allowed by law, tenants must be informed of showing 24 hours before you arrive.Ī/I: A contract that is pending with attorney and inspection contingencies.Īccompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.Īdjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market.

Update in real estate lingo