January 3rd, 2010 Categories: Book Report
In this edition of the BERGIN BOOK REPORT, we are going to take a look at Barron’s Dictionary of Real Estate Terms (7th edition). Compact and dense with 500+ pages, the Dictionary of Real Estate Terms is a must for new agents, lenders and developers AND those looking to buy or sell a house for the first time.
There are approximately 3,000 terms with concise definitions and examples covering real estate topics from A-Z.
There are also more than 200 line illustrations, graphs, charts, tables and an extensive list of abbreviations. Many of the terms are things we might take for granted like “Tudor style” or “California ranch” or “duplex”.
But delve a bit further and you are sure to find any number of words/phrases/acronyms that might just trip you up. For instance, do you know what the following mean?
- Bridal Registry Mortgage
- Imperative Necessity
Ready for the answers?
Bridal Registry Mortgage – an innovation, sponsored by the Federal Housing Administration, in which a couple who plan to be married may establish a registry through which friends and relatives may contribute to a fund that can be used as a down payment on a home. The portion of the down payment coming from the fund is considered a substitute for cash contributed by borrowers, when application is made for a mortgage insured by the FHA.
NLA – Net leasable area
Imperative Necessity – the ability of an agent to take initiative in times of emergency, including disregarding instructions from the principal, when it is clearly in the interest of that principal.
Greenbelt – an area of undeveloped land around a residential area, intended to preserve open space and a natural environment. Often enforced by covenant, deed restriction, or city zoning.
FPM – flexible payment mortgage.
I hope you’ve learned something new from the Dictionary of Real Estate Terms, I know I have.
That’s a wrap for this edition of the BERGIN BOOK REPORT. And if you want to put some of your new found knowledge to work, give me a call at 703.927.455 and let’s talk houses.