1.6: Vocabulary Terms - Module 1
- Page ID
- 35878
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Vocabulary Term |
Definition |
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Appraiser |
A real estate appraiser is responsible for market research and conducting a property analysis to determine the value of a property. |
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Broker |
The broker is responsible for ensuring that the licensee is equipped with the tools necessary to become successful. |
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Compensation |
Compensation is what a real estate agent typically receives at the close of escrow. |
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DRE |
Department of Real Estate Department of Real Estate |
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Home inspectors |
Hired to provide a non-invasive property inspection. |
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Independent contractors |
Perform specialized skills and are in business for themselves. |
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Real Estate License |
A license required to conduct real estate business. |
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Mortgage Banker |
A mortgage banker works for a bank (or credit union) that directly loans borrowers their banking funds. |
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Mortgage brokers |
A mortgage broker works independently and offers loans to borrowers from many lending institutions, including insurance companies. |
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Mortgage loan originator |
A mortgage loan originator (MLO) is responsible for finding the best loan that meets the needs of a prospective borrower. |
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NMLS (National Mortgage Licensing System) |
A nationwide database used by licensed mortgage lenders to originate loans. |
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Onsite manager |
The onsite manager resides on the property and oversees the day-to-day operations. |
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Property management |
Property managers manage real estate on behalf of property owners. |
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S.A.F.E. Act |
The SAFE Act is designed to enhance consumer protection and reduce fraud by setting minimum standards for the licensing and registration of state-licensed mortgage loan originators. |