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Real Estate Jargon

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Date: 

Instructions: How well do you know the language of property buying, selling, and real estate transactions?

  1. 1.

    What does 'escrow' mean in real estate?

    A
    A real estate agent's commission
    B
    A neutral third party holding funds or documents until conditions are met
    C
    The final walkthrough of a property
    D
    A type of mortgage
  2. 2.

    What is a 'lien' on a property?

    A
    A property's official boundary line
    B
    A permit to build
    C
    A type of fence
    D
    A legal claim against a property as security for a debt
  3. 3.

    In real estate, what does 'closing' refer to?

    A
    Shutting down a business
    B
    The final step where ownership officially transfers to the buyer
    C
    Ending a listing agreement
    D
    Locking the doors after an open house
  4. 4.

    What is an 'appraisal' in real estate?

    A
    A type of insurance policy
    B
    A home inspection for defects
    C
    A government tax assessment
    D
    A professional estimate of a property's market value
  5. 5.

    What does 'contingency' mean in a real estate contract?

    A
    A backup offer from another buyer
    B
    A condition that must be met for the sale to proceed
    C
    An emergency exit plan
    D
    A penalty for breaking the contract
  6. 6.

    What is 'earnest money'?

    A
    A deposit showing the buyer's serious intent to purchase
    B
    The final payment at closing
    C
    Money set aside for home repairs
    D
    The agent's commission
  7. 7.

    What does 'MLS' stand for in real estate?

    A
    Market Loan System
    B
    Municipal Land Survey
    C
    Multiple Listing Service
    D
    Major Listing Service
  8. 8.

    What is a 'title search'?

    A
    Searching for the property's address
    B
    An examination of public records to confirm legal ownership and find any claims on the property
    C
    Looking for the name of the builder
    D
    A survey of the land boundaries
  9. 9.

    What does 'amortization' mean in the context of a mortgage?

    A
    The transfer of a mortgage to another lender
    B
    The process of refinancing
    C
    The gradual repayment of a loan through scheduled installments
    D
    The appreciation of property value
  10. 10.

    What is a 'deed' in real estate?

    A
    A building permit
    B
    A type of home loan
    C
    A property inspection report
    D
    A legal document transferring property ownership
  11. 11.

    What does 'curb appeal' refer to?

    A
    A zoning restriction
    B
    The cost of installing a new curb
    C
    The slope of the driveway
    D
    The attractiveness of a property as seen from the street
  12. 12.

    What is a 'fixture' in real estate terms?

    A
    A type of door lock
    B
    An item permanently attached to the property that conveys with the sale
    C
    A temporary decoration
    D
    A light that can be easily removed
  13. 13.

    What does 'pre-approval' mean for a mortgage?

    A
    A lender's conditional commitment to lend a specific amount based on verified financial information
    B
    A guarantee that the loan will close
    C
    A credit check only
    D
    An automatic approval for any property
  14. 14.

    What is an 'easement'?

    A
    A discount on the purchase price
    B
    A type of home warranty
    C
    A right to use another person's land for a specific purpose
    D
    An insurance deductible
  15. 15.

    What does 'under contract' mean in real estate?

    A
    A buyer and seller have agreed to terms but the sale has not yet closed
    B
    The property has been foreclosed
    C
    The property is being rented out
    D
    The house is under construction

Answer Key

Question 1
B. A neutral third party holding funds or documents until conditions are met
Question 2
D. A legal claim against a property as security for a debt
Question 3
B. The final step where ownership officially transfers to the buyer
Question 4
D. A professional estimate of a property's market value
Question 5
B. A condition that must be met for the sale to proceed
Question 6
A. A deposit showing the buyer's serious intent to purchase
Question 7
C. Multiple Listing Service
Question 8
B. An examination of public records to confirm legal ownership and find any claims on the property
Question 9
C. The gradual repayment of a loan through scheduled installments
Question 10
D. A legal document transferring property ownership
Question 11
D. The attractiveness of a property as seen from the street
Question 12
B. An item permanently attached to the property that conveys with the sale
Question 13
A. A lender's conditional commitment to lend a specific amount based on verified financial information
Question 14
C. A right to use another person's land for a specific purpose
Question 15
A. A buyer and seller have agreed to terms but the sale has not yet closed

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