{"id":10930,"date":"2022-05-03T14:25:06","date_gmt":"2022-05-03T18:25:06","guid":{"rendered":"https:\/\/www.koreanzip.com\/%ec%82%ac%ec%a0%84-dictionary\/"},"modified":"2024-11-19T17:46:30","modified_gmt":"2024-11-19T22:46:30","slug":"dictionary","status":"publish","type":"page","link":"https:\/\/koreanzip.com\/en\/dictionary\/","title":{"rendered":"Dictionary"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"10930\" class=\"elementor elementor-10930 elementor-3285\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4c991937 elementor-section-boxed elementor-section-height-default elementor-section-height-default row-top\" data-id=\"4c991937\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-extended\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53430476 column-style-top\" data-id=\"53430476\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2be004cc elementor-section-boxed elementor-section-height-default elementor-section-height-default row-top\" data-id=\"2be004cc\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-4dfdf854 column-style-top\" data-id=\"4dfdf854\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3118bf65 elementor-widget elementor-widget-gva-heading-block\" data-id=\"3118bf65\" data-element_type=\"widget\" data-widget_type=\"gva-heading-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"gva-element-gva-heading-block gva-element\">   <div class=\"align-left style-1 widget gsc-heading box-align-left\">\r\n      <div class=\"content-inner\">\r\n         \r\n                  \r\n           \r\n         \r\n                     <h2 class=\"title\">\r\n               <span>Real Estate Vocabulary<\/span>\r\n            <\/h2>\r\n                  \r\n         \r\n      <\/div>\r\n   <\/div>\r\n   <div class=\"clearfix\"><\/div>\r\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71d7a1f elementor-widget elementor-widget-text-editor\" data-id=\"71d7a1f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.5.5 - 03-02-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div class=\"table-responsive\">\n<table class=\"table table-seller\">\n<tbody>\n<tr>\n<td class=\"table-fee\">AGENT<\/td>\n<td>A licensed professional who arranges real estate transactions, representing buyers and sellers<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">AGREEMENT<\/td>\n<td>Legal document outlining the terms of a real estate transaction<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">AIR RIGHTS<\/td>\n<td>Property rights in the \u201cspace\u201d above a property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">APPRAISAL<\/td>\n<td>A valuation of property by the estimation of an authorized expert<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ASBESTOS<\/td>\n<td>A hazardous material that used to be used as insulating material<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">AS-IS SALE<\/td>\n<td>When the buyer agrees to buy a product in its current condition<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ASSESSED VALUE<\/td>\n<td>Value assigned to a home by a municipality for the purpose collecting taxes<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ASSESSMENT<\/td>\n<td>Measurement of value indicating how a property will be taxed by the government<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ASSET<\/td>\n<td>Anything you own that holds financial value including property, stocks, funds, etc.<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ATTORNEY<\/td>\n<td>A real estate attorney specializes in real estate law. As the representative of the buyer or seller, the attorney prepares and reviews the entire process from contract agreement to closing<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ATTORNEY REVIEW<\/td>\n<td>Stage in which the attorney reviews the contract<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">AUCTION<\/td>\n<td>Method of selling real estate to competing bidders<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BANKRUPTCY<\/td>\n<td>Legal proceeding where a borrower declares they are unable to repay outstanding debts<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BOARD OF DIRECTORS<\/td>\n<td>Group elected by owners to manage a condo or co-op<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BROKER<\/td>\n<td>Real estate professional who acts as an intermediary<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BUILDER<\/td>\n<td>State-licensed professional who can build houses<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BUILDING CODES<\/td>\n<td>Regulations that govern the design, construction, and modification of buildings<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BUYER<\/td>\n<td>The party buying the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BUYER&#8217;S AGENT<\/td>\n<td>The agent representing the buyer<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">BUYER&#8217;S MARKET<\/td>\n<td>A state of the real estate market where there are more sellers than buyers, benefitting the buyer<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CAPITAL GAIN<\/td>\n<td>Profit made sale of real estate<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CERTIFICATE OF OCCUPANCY<\/td>\n<td>A legal document that proves a structure is safe to inhabit<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CLEAR TO CLOSE<\/td>\n<td>Indicates that there are no issues with the mortgage or title and the process can proceed to closing<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CLOSING<\/td>\n<td>Final step in a real estate transaction where the final documents are signed, down payments are made, and necessary items are given from seller to buyer<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CLOSING COST<\/td>\n<td>Additional costs due at closing outside of property purchase cost<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CLOSING DOCUMENT<\/td>\n<td>Closing Disclosure or HUD-1, document that lists all charges and credits in transaction<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">COLLATERAL<\/td>\n<td>Asset that is offered by the borrower for the lender to secure the loan<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">COMMERCIAL<\/td>\n<td>Pertaining to business rather than residential purposes<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">COMMISSION<\/td>\n<td>Percentage of purchase price paid to real estate agents and brokers<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">COMPARABLES<\/td>\n<td>Properties with characteristics that are similar to the property being appraised, used to determine relative value<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CONDEMNATION<\/td>\n<td>Acquisition of a private property for public purpose<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CONDO<\/td>\n<td>Property complex comprised of individual units that are individually owned<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CONTINGENCY<\/td>\n<td>Conditions that must be met for the contract to become legally binding<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CONTRACT<\/td>\n<td>Document between the buyer and seller participating in a real estate transaction<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CONTRACTOR<\/td>\n<td>A general contractor hires subcontractors to carry out a construction or renovation project<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">COOP<\/td>\n<td>A property where the residents cooperatively own the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CO-SINGER<\/td>\n<td>A third party who agrees to pay the borrower\u2019s loan if the primary borrower can no longer make payments<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">COUNTER OFFER<\/td>\n<td>An offer made in response to the original offer<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CREDIT REPORT<\/td>\n<td>A detailed breakdown of your credit history prepared by a credit bureau<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">CUL-DE-SAC<\/td>\n<td>Area where a street comes to an end and is closed to traffic<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">DEED<\/td>\n<td>Document that transfers the title to property from one owner to another<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">DEPOSIT (Purchase)<\/td>\n<td>Money paid by the buyer at the time of signing the real estate contract<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">DEPRECIATION<\/td>\n<td>Annual decrease in value of your property over time<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">DOWN PAYMENT<\/td>\n<td>The amount the buyer pays upfront (usually 20% of the total cost)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">DUAL AGENCY<\/td>\n<td>One agent representing both the buyer and the seller<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">DUPLEX<\/td>\n<td>House that has two units in the same building, either up-and-down, or side-by-side<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">EARNEST MONEY<\/td>\n<td>Sum of money put down by the buyer representing the buyer&#8217;s seriousness about buying the home<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">EASEMENT<\/td>\n<td>The right to use someone else\u2019s property for specified reasons<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ENCUMBRANCE<\/td>\n<td>A claim against the property that impacts its transferability or use (including lien, easement, restriction, etc.)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">EQUALIZATION<\/td>\n<td>A step in property taxation ensuring uniformity in tax assessment levels<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">EQUITY<\/td>\n<td>Market Value \u2013 Mortgage = Equity; the difference between how much your home is worth and how much you owe on your mortgage<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ESCROW<\/td>\n<td>Legal arrangement in which a third party temporarily holds money to protect parties during transaction<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ETHICS<\/td>\n<td>Code of ethics followed by real estate professionals to ensure fairness<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">EVICTION<\/td>\n<td>Court-ordered removal of a tenant from the property where they reside<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">EXCHANGE 1031<\/td>\n<td>A real estate investing tool allowing investors to swap an investment property for another and avoid paying capital gains taxes<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">FAIR MARKET VALUE<\/td>\n<td>Most probable price which a property would bring on the open market, given knowledgeable and willing buyers and sellers<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">FINAL WALK THROUGH<\/td>\n<td>Stage where the buyer inspects the property a final time before closing<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">FIXTURES<\/td>\n<td>Any object permanently attached to a property, and will be stay with the house in a real estate transaction<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">FLOOD ZONE<\/td>\n<td>A geographic area designated as having flood risk by FEMA<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">FORECLOSURE<\/td>\n<td>Process by which a lender seizes and sells a property after a borrower is unable to meet their repayment obligation<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">HOA<\/td>\n<td>Homeowners Association, a self-governing organization in condos or co-ops where homeowners collectively pay fees to maintain the units<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">HOME INSPECTION<\/td>\n<td>An expert inspector observes and reports on the condition of the property (Home, Termite, Radon)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">HOMEOWNER&#8217;S WARRANTY<\/td>\n<td>Protection for your home and possessions against damage and theft<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">IMPROVEMENT<\/td>\n<td>Any positive permanent change to land that augments the property\u2019s value (Land + Improvement = Real Estate)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">INSURANCE<\/td>\n<td>Home Insurance, Master Insurance, Condo Insurnce, Flood Insurance, etc.<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">JUDGEMENT<\/td>\n<td>Official decision rendered by the court regarding a civil matter<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LANDLORD<\/td>\n<td>The owner of real estate property that is leased or rented to a tenant<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LEAD PAINT<\/td>\n<td>Lead-based paint used in buildings before 1978. As a serious health hazard, its use is illegal now.<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LEASE<\/td>\n<td>Contract outlining the terms under which the tenant agrees to rent the property from the landlord<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LETTER OF INTENT<\/td>\n<td>In commercial real estate, acts as the document outlining the sale or lease terms and conditions<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LIEN<\/td>\n<td>A legal claim on assets that allows the holder to obtain access to the property if debts are not paid<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LIS PENDENS<\/td>\n<td>&#8220;Lawsuit pending,&#8221; a notice stating that the title or ownership is under legal dispute<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LISTING<\/td>\n<td>A contract between a property owner and a real estate broker authorizing the broker to represent the seller and find a buyer for the property, more commonly understood as a property available in the market<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LISTING AGENT<\/td>\n<td>The real estate agent representing the seller in a real estate sale, the agent making the listing<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LISTING AGREEMENT<\/td>\n<td>Contract under which the seller authorizes a real estate agent to find a buyer for the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">LOT<\/td>\n<td>A parcel of land owned or meant to be owned by some owner<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">MAINTENANCE FEE<\/td>\n<td>A charge for the upkeep of the property set by a condo association, co-ops, or HOA<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">MARKET PRICE<\/td>\n<td>The actual value of property when placed at sale on the open market<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">MULTI FAMILY<\/td>\n<td>Property with 2-4 units, 5 or more units is treated as commercial<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">MULTIPLE LISTING SERVICE<\/td>\n<td>Database maintained by real estate professionals to help their clients buy and sell property (e.g. njmls.com)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">NEGOTIATION<\/td>\n<td>Process where the buyer and seller attempt to find an agreeable middle ground in the contract that is beneficial to both sides<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">NON-CONFORMING USE<\/td>\n<td>A use of property that was allowed under the zoning regulations at the time the use was established, but is no longer permitted due to subsequent changes<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">NOTARY PUBLIC<\/td>\n<td>A public officer responsible for witnessing and authenticating the signing of a document<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">OFFER<\/td>\n<td>A document that the buyer sends to the seller outlining a potential real estate transaction<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">OIL SWEEP<\/td>\n<td>An inspection designed to locate oil tanks in the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">OPEN HOUSE<\/td>\n<td>A public event where the seller\u2019s agent openly shows the home to potential buyers<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">PERMIT<\/td>\n<td>Document issued by a governmental agency allowing the recipient to do something (e.g. build a home)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">PLANNING BOARD<\/td>\n<td>Body of appointed members to prepare and administer a plan of development, including zoning and subdivision<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">POWER OF ATTORNEY<\/td>\n<td>A legal document transferring the legal right to the attorney or agent to manage and access the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">PROOF OF FUND<\/td>\n<td>Document demonstrating how much money a person or entity has available, required when sending an offer for paying with cash or paying a down payment of more than 30%<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">PROPERTY<\/td>\n<td>Anything owned or possessed; in real estate, this pertains to a parcel of land and everything that is attached to that land<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">PROPERTY TAX<\/td>\n<td>A tax assessed on real estate by the local government that must be paid by the property owner<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">PURCHASE<\/td>\n<td>The transfer of property from one person to another by agreement; to buy<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">QUITE ENJOYMENT<\/td>\n<td>An implied term in every lease that the tenant has the right to use and enjoy real property without disturbance<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">QUIT CLAIM DEED<\/td>\n<td>A deed transferring ownership of property from one party to another<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RADON TEST<\/td>\n<td>Inspection to ensure that the radon levels in the home are safe<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">READY, WILLING, AND ABLE<\/td>\n<td>A prospective buyer who is fully prepared legally and financially to purchase a property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">REAL ESTATE<\/td>\n<td>The physical land and any permanent structures attached to that land<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">REAL ESTATE OWNED<\/td>\n<td>A property owned by a lender or bank<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">REALTOR ASSOCIATE<\/td>\n<td>A member of the NAR (National Association of Realtors)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">REALTY TRANSFER FEE<\/td>\n<td>A one-time tax paid upon the transfer of real property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RECORDING<\/td>\n<td>The filing of the original deed \u2013 the document showing that the buyer now legally owns the property \u2013 in the appropriate government office<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RENOVATION<\/td>\n<td>Updating an existing structure with cosmetic changes<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RENT<\/td>\n<td>A contract renting property to another<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RESCISSION<\/td>\n<td>Backing out of a contract<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RESIDENTIAL<\/td>\n<td>Property used for human habitation, as opposed to commercial, or business, use<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">RIDER<\/td>\n<td>A document addressing additional details, conditions, or terms of a contract<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SECURITY DEPOSIT (Lease)<\/td>\n<td>Payment made to a landlord, lender, or seller as proof of tent to move in and care for the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SELLER<\/td>\n<td>The party selling the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SELLER&#8217;S AGENT<\/td>\n<td>The agent representing the seller<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SELLER&#8217;S MARKET<\/td>\n<td>A state of the market where there are more buyers than sellers, benefitting the seller<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SELLING AGENT<\/td>\n<td>The agent representing the buyer in a home sale<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SETBACK<\/td>\n<td>Zoning requirements that limits where buildings and other structures can be placed on a property to avoid overcrowding (ex. Distance from sidewalk to house)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SEWER INSPECTION<\/td>\n<td>Inspection of the property\u2019s underground sewer line<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SHORT SALE<\/td>\n<td>An offer of a property at an asking price that is less than the amount due on the current owner\u2019s mortgage<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SHOWING<\/td>\n<td>A scheduled appointment where a potential buyer can tour the property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SINGLE FAMILY<\/td>\n<td>A freestanding home designed to be used by one family, with one owner, no shared walls, on its own land<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SPECIAL ASSESSMENT TAX<\/td>\n<td>An additional property tax that is assessed when the property would benefit from a project within that area (e.g. street paving, streetlights, parking structures)<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">STEERING<\/td>\n<td>Illegal practice of influencing a buyer\u2019s choice of communities based upon one of the protected characteristics, race, color, religion, gender, disability, familial status, or national origin<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SUBLEASE<\/td>\n<td>A lease by the lessee of an estate to a third person for a specified period of time<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SUMP PUMP<\/td>\n<td>A pump that redirects water and moisture from the basement away from the home<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">SURVEY<\/td>\n<td>Determination and confirmation of a property\u2019s boundary lines<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TAX ASSESSOR<\/td>\n<td>A government official who determines the value of a property for local real estate taxation purposes<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TENANT<\/td>\n<td>An individual who leases, or temporarily occupies or possesses, real estate that belongs to a landlord<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TERMITE INSPECTION<\/td>\n<td>An inspection done to make sure the home is free of termites<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TITLE<\/td>\n<td>A document showing legal ownership to a property<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TITLE INSURANCE<\/td>\n<td>Insurance that protects lenders and homebuyers from financial loss sustained from defects in a title, required by the mortgage company<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TITLE SEARCH<\/td>\n<td>Examination of public records to determine and confirm a property\u2019s legal ownership<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TOWNHOUSE<\/td>\n<td>A single-family home with at least two floors that share a wall with another house<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">TWO FAMILY<\/td>\n<td>A home that is divided to accommodate two families living separately, usually split up-and-down with separate entrances<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">UNDER CONTRACT<\/td>\n<td>Stage when the seller has accepted the buyer\u2019s offer, but the sale is not final until all contingencies are met<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">VACANCY<\/td>\n<td>Rental property that is not occupied<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">VARIANCE<\/td>\n<td>A request to deviate from a zoning law, permitting the owner to use their property in a manner that is normally not allowed<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ZONING<\/td>\n<td>Municipal or local laws that govern how real property can and cannot be used<\/td>\n<\/tr>\n<tr>\n<td class=\"table-fee\">ZONING OFFICER<\/td>\n<td>Also known as zoning inspectors, interpret and enforce property zoning regulaitons<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4a8c774f elementor-section-boxed elementor-section-height-default elementor-section-height-default row-top\" data-id=\"4a8c774f\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-190acb93 column-style-top\" data-id=\"190acb93\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3af966c9 elementor-widget elementor-widget-gva-heading-block\" data-id=\"3af966c9\" data-element_type=\"widget\" data-widget_type=\"gva-heading-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"gva-element-gva-heading-block gva-element\">   <div class=\"align-left style-1 widget gsc-heading box-align-left\">\r\n      <div class=\"content-inner\">\r\n         \r\n                  \r\n           \r\n         \r\n                     <h2 class=\"title\">\r\n               <span>Mortgage Vocabulary<\/span>\r\n            <\/h2>\r\n                  \r\n         \r\n      <\/div>\r\n   <\/div>\r\n   <div class=\"clearfix\"><\/div>\r\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4aa99e5 elementor-widget elementor-widget-text-editor\" data-id=\"4aa99e5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"table-responsive\">\n<table class=\"table table-seller\">\n<tbody>\n<tr>\n<td>ADJUSTABLE RATE MORTGAGE<\/td>\n<td>A mortgage loan that allows the interest rate to be changed at specific intervals over its term<\/td>\n<\/tr>\n<tr>\n<td>AMORTIZATION<\/td>\n<td>The gradual paying off of debt on an installment basis<\/td>\n<\/tr>\n<tr>\n<td>ANNUAL PERCENTAGE RATE<\/td>\n<td>The cost paid each year to borrow money, including not just interest rate, but all other fees and charges<\/td>\n<\/tr>\n<tr>\n<td>BALLOON MORTGAGE<\/td>\n<td>A mortgage loan that is not amortized, usually paid in a lump sum at the end of 5 or 7 years<\/td>\n<\/tr>\n<tr>\n<td>CONVENTIONAL LOAN<\/td>\n<td>A mortgage loan that is not insured or guaranteed by government agencies<\/td>\n<\/tr>\n<tr>\n<td>DISCOUNT POINT<\/td>\n<td>A fee paid by the borrower to a lender to reduce the interest rate (1 Point = Pay 1% of Loan = Decrease rate by 1\/8%<\/td>\n<\/tr>\n<tr>\n<td>FANNIE MAE<\/td>\n<td>A part public, part private corporation that buys and sells mortgages in the secondary money market<\/td>\n<\/tr>\n<tr>\n<td>FHA LOAN<\/td>\n<td>A real estate loan that is insured by the Federal Housing Administration; 3.5% Down Payment<\/td>\n<\/tr>\n<tr>\n<td>FIXED RATE MORTGAGE<\/td>\n<td>A mortgage loan with an interest rate that does not change during the entire term of the loan<\/td>\n<\/tr>\n<tr>\n<td>FREDDIE MAC<\/td>\n<td>A federal agency that buys mortgages in the secondary money market from commercial banks<\/td>\n<\/tr>\n<tr>\n<td>GINNIE MAE<\/td>\n<td>A federal agency that provides special assistance for federally aided housing programs in the secondary money market<\/td>\n<\/tr>\n<tr>\n<td>INTEREST<\/td>\n<td>The cost to borrow money, usually expressed as a percentage of the amount borrowed<\/td>\n<\/tr>\n<tr>\n<td>JUMBO LOAN<\/td>\n<td>A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae ($765,600 in Bergen County, as of 2020)<\/td>\n<\/tr>\n<tr>\n<td>LENDER<\/td>\n<td>The financial institution providing funds for the mortgage<\/td>\n<\/tr>\n<tr>\n<td>LOAN ORIGINATION FEE<\/td>\n<td>Fees paid to the mortgage lender for processing the mortgage application<\/td>\n<\/tr>\n<tr>\n<td>LOAN TO VALUE RATIO<\/td>\n<td>The relationship between the loan amount and the total value of the property (e.g. A $100,000 home with a down payment of $20,000 has a LTV of 80% or $80,000)<\/td>\n<\/tr>\n<tr>\n<td>LOCK IN RATE<\/td>\n<td>A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time<\/td>\n<\/tr>\n<tr>\n<td>MATURITY DATE<\/td>\n<td>The date on which a mortgage loan is scheduled to be paid in full<\/td>\n<\/tr>\n<tr>\n<td>MORTGAGE<\/td>\n<td>A loan for purchasing a home taking the property as collateral<\/td>\n<\/tr>\n<tr>\n<td>MORTGAGE BROKER<\/td>\n<td>An individual or firm that brings borrowers and lenders together for loan origination<\/td>\n<\/tr>\n<tr>\n<td>MORTGAGE COMMITMENT<\/td>\n<td>A commitment by a lender outlining the amount they will loan to a qualified borrower on a particular piece of real estate<\/td>\n<\/tr>\n<tr>\n<td>MORTGAGE RATE<\/td>\n<td>The interest rate you pay to borrow money to buy your property<\/td>\n<\/tr>\n<tr>\n<td>PRE-APPROVAL<\/td>\n<td>Indication from the lender to a prospective borrower regarding how much money they will be eligible to borrow when applying for a mortgage loan; necessary when submitting an offer<\/td>\n<\/tr>\n<tr>\n<td>PRINCIPAL<\/td>\n<td>The amount borrowed that must be paid back, not including accrued interest<\/td>\n<\/tr>\n<tr>\n<td>PRIVATE MORTGAGE INSURANCE<\/td>\n<td>Insurance for a mortgage loan that protects the lender from loss in the event of default by the borrower, usually applies to a loan with a down payment of less than 20%<\/td>\n<\/tr>\n<tr>\n<td>REFINANCE<\/td>\n<td>Getting a new mortgage, where the current mortgage is replaced, usually for changes to interest rate<\/td>\n<\/tr>\n<tr>\n<td>SECONDARY MORTGAGE<\/td>\n<td>The marketplace for the sale and purchase of existing mortgages (Fannie Mae, Freddie Mac, Ginnie Mae)<\/td>\n<\/tr>\n<tr>\n<td>UNDERWRITING<\/td>\n<td>The process used to determine loan approval including reviewing the borrower\u2019s credit score and ability to pay the mortgage<\/td>\n<\/tr>\n<tr>\n<td>VA MORTGAGE<\/td>\n<td>A mortgage loan guaranteed by the U.S. Department of Veteran Affairs<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Real Estate Vocabulary AGENT A licensed professional who arranges real estate transactions, representing buyers and sellers AGREEMENT Legal document outlining the terms of a real estate transaction AIR RIGHTS Property [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ngg_post_thumbnail":0},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dictionary - Koreanzip<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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