What Does Pre-Approval Mean?
The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and...
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TOCR Real Estate School
Jan 26, 20231 min read
What is an Exclusive Listing?
An exclusive listing is when a seller commits to working with one specific broker and a designated agent on the sale of a property....
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TOCR Real Estate School
Jan 24, 20231 min read
What is Equity?
Equity is how much of a home’s value can be attributed to the owner. It’s calculated by subtracting the amount owed from the home’s...
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TOCR Real Estate School
Jan 23, 20231 min read
What is a Conventional Mortgage?
Ideal for borrowers with strong credit, a conventional mortgage is a type of loan that is not backed by a government agency like the...
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TOCR Real Estate School
Jan 22, 20231 min read
What is a Clear Title?
A clear title shows the undisputed, legal property owner. This means there are no liens or levies from creditors or other parties that...
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TOCR Real Estate School
Jan 20, 20231 min read
What is a Chain of Title?
A chain of title is a document containing all previous property owners, listed in chronological order from the first owner to the present...
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TOCR Real Estate School
Jan 19, 20231 min read
What is Due Diligence?
Due diligence is the period of time when a buyer examines a home’s condition and contract terms before becoming legally obligated to...
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TOCR Real Estate School
Jan 17, 20231 min read
What is a Title?
A title shows ownership of a property. It differs from a deed in that a deed is a physical document and a title is not. Title represents...
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TOCR Real Estate School
Jan 17, 20231 min read
What is a Blind Offer?
If you put an offer on a home without seeing it in person, you’re making a blind offer. This may happen when an out-of-state buyer is...
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TOCR Real Estate School
Jan 17, 20231 min read
What is an Appraisal?
Appraisals are an expert’s opinion of a home’s market value. Appraisers examine a home’s condition, location and similar properties...
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TOCR Real Estate School
Jan 14, 20231 min read
What is a Net Listing?
A net listing is when an agent agrees to sell an owner’s property for a set minimum price. Anything over the minimum price belongs to the...
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TOCR Real Estate School
Jan 13, 20231 min read
What is a Mortgage Lien?
A mortgage lien is a voluntary, specific lien. In fact, it’s the most common type of voluntary real estate lien. When you borrow money to...
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TOCR Real Estate School
Jan 12, 20231 min read
What is a Listing Agreement?
A listing agreement is a document in which a property owner contracts with a real estate agent to find a buyer for the owner’s property....
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TOCR Real Estate School
Jan 12, 20231 min read
What is a Land Trust?
A land trust is a legal agreement in which a property owner transfers the title to a property to a trustee. Considering a career in real...
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TOCR Real Estate School
Jan 10, 20231 min read
What is Joint Tenancy?
When a property is owned by joint tenants, the interest of a deceased owner automatically gets transferred to the remaining surviving...
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TOCR Real Estate School
Jan 9, 20231 min read
What is Non-Homogeneity?
Non-homogeneiety is when houses in a real estate development are different. If something is non-homogeneous, it indicates a lack of...
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TOCR Real Estate School
Jan 9, 20231 min read
What is an Index Lease?
A lease that determines the rental prices by evaluating the annual consumer index and determining fair rental price. Considering a career...
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TOCR Real Estate School
Jan 6, 20231 min read
What is a Deed-in-Lieu of Foreclosure?
When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...
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TOCR Real Estate School
Jan 5, 20231 min read
What is Days on Market (DOM)
Days on Market (or DOM) measures the number of days between a property being actively listed for sale and the contract being signed by...
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TOCR Real Estate School
Jan 4, 20231 min read
What is a Homeowner's Association?
HOA’s are private organizations that take charge of general maintenance and governance of areas of property, usually for condos or gated...
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