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