Real Estate Glossary
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Detailed cash accounting of a real estate transaction made by a broker, escrow officer, attorney or other person designated to process the mechanics of the sale, showing all cash received, all charges and credits made, and all cash paid out in the transaction. May also be called a settlement statement.
payment to a broker for services rendered, such as in a sale or purchase of real property.
Community Reinvestment Act of 1977 (CRA)
under the act, financial institutions are expected to meet the deposit and credit needs of their communities, participate and invest in local community developement and rehabilitation projects; and participate in loan programs for housing, small businesses, and small farms.
refers to a suitable substitute that has similar attributes and characteristics of the subject that can be used to help determine the market value of the subject.
a person who can legally enter a contract. This means that the person must be of legal age and of sound mind. If it is a business entity they must have authority to bind the business.
competitive market analysis (CMA)
A comparison of the prices of recently sold homes that are similar to listing seller's home in terms of location, style, and amenities.
A person who makes a complaint or instigates legal action against another.