real estate agency disclosure
For every residential property transaction of one to four units, the
law
requires that an agent supply this written document
explaining the nature
of agency to a seller before listing a
property or to a buyer before writing
an offer
buyer’s broker
An agent who represents only buyers and has a fiduciary duty to get
the
best house for the least money at the terms most favorable
to his or her
principal (the buyer
Baby Boomers
Individuals born between 1946 and 1964 who make up the largest generation in the history of the United State
buyer’s profile
Information regarding the buyer’s financial resources
preapproval letter
A written commitment from a lender to loan a certain amount based on
a
written application by the buyer
prequalification
A written commitment from a lender to loan a certain amount based on
a
buyer’s verbal information
Homebuyer’s Checklist
A detailed questionnaire about what a buyer is looking for in a home
scorecard
Verbal and nonverbal communication to determine if a buyer is ready
to
make an offer
Millennials
A group of homebuyers born between 1982 and 2000
due diligence
To exercise reasonable effort in providing accurate and complete
information about a property
buying signs
will help you recognize when buyers are seriously considering a property or questions
Generation X
was born between 1961 and 1981
NAR Code of Ethics
set of guidelines and standards that real estate professionals who are members of the National Association of Realtors are expected to adhere to in their professional conduct