What Does It Mean

What Does It Mean

Contingency, Days on market, Curb appeal… Real Estate has a language all its own. Don’t worry, over my next few blogs I will have you up to speed with a list of common terms you’re likely to encounter.

: The licensed real estate salesperson or broker who represents buyers or sellers.

Appraisal: A document of opinion of property value at a specific point in time.

: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.

Back on market (BOM)
: When a property or listing is placed back on the market after being removed from the market recently.

Back-up agent
: A licensed agent who works with clients when their agent is unavailable.

Back-up offer
: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.

Board of REALTORS® (local)
: An association of REALTORS® in a specific geographic area.

: A state licensed individual who acts as the agent for the seller or buyer.

Broker’s market analysis (BMA)
: The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.

Broker’s price opinion (BPO)
: The real estate broker’s opinion of the expected final net sale price, determined prior to the acquisition of the property.

Buyer agency
: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.

: The compensation paid to the listing brokerage by the seller for selling the property. A buyer agency agreement may require the buyer to pay a commission to his or her agent.

Commission split
: The percentage split of commission compensation between the real estate sales brokerage and the real estate sales agent or broker.

Competitive market analysis (CMA)
: The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.

Condominium declarations: 
A document that legally establishes a condominium.

Condominium right of first refusal
: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.

: A provision in a contract requiring certain acts to be completed before the contract is binding.

Contract of sale
: An agreement between the third-party relocation company and the seller (transferee) whereby the third-party company purchases property owned by the seller.

: The response to an offer or a bid by the seller or buyer after the original offer or bid.

Curb appeal
: The visual impact a property projects from the street.

Stay tuned for more great Real Estate lingo!Image title

Janene Johnson Headshot
Phone: 970-531-2284
Dated: January 10th 2019
Views: 478
About Janene: Raised on the east coast, Janene moved to Colorado after falling in love with the area while here on...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Real Estate of Winter Park
PO Box 58
Winter Park, CO