A real estate agent, broker, or agent, is a person licensed by the state to act on behalf of his client, the buyer, or the seller of a property. A Real Estate agent who does not have a broker’s license must work for a licensed broker.

Realtor is a registered trademark of the National Association of Realtors (NAR) used only by its members, which means that only Real Estate agents who are members of NAR may call themselves Realtors.

A broker’s market analysis is his/hers opinion of the expected final net sales value after the third party acquires the property.

A Credit Score is a score assigned to a borrower’s credit report, based on the information contained therein. It gives creditors and others a general idea of the health of a person’s credit.

An appraisal documents the value of a property at a particular point in time and is made by a professional appraiser during the process of applying for a mortgage.

A contract for deed is a contract of sale in which the buyer takes possession of the property, but the seller retains ownership until the loan is paid. This is also known as an installment sales contract.

It is an alternative offer, in case an initial offer for a property is not accepted or canceled.

The listing date is the actual date a property was listed for sale with the current broker.

A public open house is a date when a property that is on the market is available to the public for viewing.

A payoff letter is a written document from a seller’s mortgage company stating the amount of money needed to repay the loan.

With prequalification, the mortgage company tells the buyer how much money they can afford to borrow before they formally apply for that. Some prequalifications have conditions that the borrower must accord.