America's Real Estate Academy, Inc.

An agreement between the owner and a management firm or individual that shows what the owner expects of the property manager and how the property manager will satisfy those expectations.

This plan includes the owner's goals of the property. This document is detailed and states what the manager wants to accomplish, how and when. They analyze three different factors while putting this plant together: owner goals, regional and neighborhood market, and the specific property. It also has a section on revenue and anticipated expenses.

or economic rent, is described as the rent paid by the typical tenant to an owner where:

• the parties are dealing at arms-length, and
• the parties are well-informed or well-advised as to the usefulness of the property, and
• the parties are typically motivated, and
• where the rent paid is unaffected by special concessions.

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1. buyer and seller are typically motivated; 
2. both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

is a narrowly defined tool in contact law that recognizes parties have not reached mutual agreement or meeting of the minds if they are mistaken about a material aspect of the transaction. The mistake must be unintentional and not due to negligence or ignorance. A contract based on mistake would be void. A party cannot claim "mistake" to get out of a contract he or she signed.

Example: A seller has a piece of land for sale. A potential buyer visits the area but views the wrong lot. After entering into the contract the mistake is discovered and the contract is considered void. Neither party could be forced to perform as there was no ‘meeting of the minds’.

Effective date of July 31, 2009 changed how buyers and sellers, lenders, mortgage brokers, title agents, and real estate licensees prepare for closing. Lenders and licensees should consider the following:

• three business days from loan application to provide the Loan Estimate (LE).
• seven business days are required after receipt of the original LE, or a revised LE, before the loan can be consummated.
• three business days must be allotted before the signing of loan documents, after the borrower receives the final closing disclosure
• three business days will be added to the closing date if there has been a change to the CD resulting an increase to the APR.
• in the event that the closing required corrections to the CD, the creditor must provide a corrected CD no later than 30 calendar days after receiving the corrected information.

FHA program is funded by borrowers through a mortgage insurance premium which amounts to an annual fee of .5 percent to 1.5 percent of the loan balance.

insurance policies that cover multiple possible perils.

For example: fire, hazard, public liability, and casualty

a marketing organization whose broker members make their own exclusive listings available through other brokers and gain access to other brokers' listed properties as well.