11 Common Real Estate Terms and Their Meanings

  • Assessed Value- An assessed value is the dollar value assigned to a property for to measure applicable taxes. Assessed value determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. 
  • Buyers Agent- (Often referred to as “Selling Agent”) The buyer's agent is the individual who represents buyers when they purchase a home. This agent negotiates with the seller's agent (the listing agent) to come to a final price agreed upon by the buyer and seller. The buyer's agent is paid once the deal goes through. 
  • Contingency- A clause in an agreement that keeps things from being legally binding unless a condition is met. 
  • Comparative Market Analysis (CMA)- Comparative market analysis is an examination of the prices at which similar properties in the same area recently sold. Real estate agents perform a comparative market analysis for their clients to help them determine a price to list when selling a home or a price to offer when buying a home. 
  • Equity- The difference between the home’s fair market value and the unpaid balance of the mortgage 
  • Home inspection- An inspection of a prospective home done by a paid professional, soon after an offer is made, to establish the structural and mechanical integrity of the house. 
  • Listing Agent- A listing agent is a real estate agent that helps homeowners sell their home. Listing agents list client homes on the MLS and negotiate the best possible price and terms for the home seller. 
  • MLS- Multiple Listing Service is an organization that collects and distributes home sale information to real estate agents 
  • Title- A legal document evidencing a person's right to or ownership of a property 


It can be difficult to navigate through the Real Estate process, but we can help! This is what we do. 

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