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Real Estate Terms

There are 5 entries in this glossary.
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Glossaries

  • Real Estate Terms
Term Definition
Market

The potential buyers and sellers of real property at the current time, and the current transaction activity for real property. It includes markets for various property types, such as housing market, office market, condominium market, land market. Example: The local real estate market is very active. There have been a record number of sales and there still are many properties on the market.

MLS

The MLS is a local or regional service that compiles available real estate for sale by member brokers along with detailed information brokers and agents can access online. Local MLS organizations have their own rules and systems for providing listing information. Over half of the MLSs in the United States are affiliated with the National Association of Realtors(NAR); in other cases, MLSs operate as private businesses but with oversight from major local brokers. Some MLSs publish their own websites for consumers to access listing data directly from the MLS, but mostly MLSs share data by offering a data feed for member brokerages to build their own websites. The most common feed for an MLS to share data with a brokerage website is an Internet Data Exchange (IDX) feed, designed to publish a limited set of information that all consumers can see without registration.

Mortgage

A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds. SC uses mortgages. Mortgages are typically accompanied by a deed and promissory note.

Multi Family

A type of home or building with multiple units owned by one or more parties. Condo buildings and duplexes can be considered multi-family residences, but with a duplex, both the property and the land are recorded on one deed. With a condo, the owners only own their individual units, not the common space or land, and each have their own deed.

Multiple Listing Service

The MLS is a local or regional service that compiles available real estate for sale by member brokers along with detailed information brokers and agents can access online. Local MLS organizations have their own rules and systems for providing listing information. Over half of the MLSs in the United States are affiliated with the National Association of Realtors(NAR); in other cases, MLSs operate as private businesses but with oversight from major local brokers. Some MLSs publish their own websites for consumers to access listing data directly from the MLS, but mostly MLSs share data by offering a data feed for member brokerages to build their own websites. The most common feed for an MLS to share data with a brokerage website is an Internet Data Exchange (IDX) feed, designed to publish a limited set of information that all consumers can see without registration.

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