Mastering Real Estate Jargon: Top 120 Real Estate Abbreviations Every Investor Should Know
Diving into the real estate world can be both exciting and daunting, especially when faced with a plethora of industry-specific real estate abbreviations. To help newcomers and seasoned professionals, we’ve compiled a list of the top 120 real estate abbreviations. This guide will provide clarity and insight into these essential terms, ensuring you’re well-equipped for your property ventures.
The Top 120 Real Estate Abbreviations Decoded
1. ARV: After Repair Value
The ARV is a pivotal figure for those in the property flipping business, representing the anticipated value of a property post-renovation. By understanding the ARV, investors can gauge the potential profitability of their projects, ensuring they make informed decisions on which properties to invest in.
2. BPO: Broker’s Price Opinion
A BPO offers a quick and efficient way to estimate a property’s value. Given by a real estate broker, this estimate is especially handy in situations where a full appraisal might not be necessary, such as during foreclosures or short sales. It provides a snapshot of the property’s worth in the current market.
3. CMA: Comparative Market Analysis
A CMA is a tool real estate professionals use to determine a property’s market value. Professionals can set competitive prices by comparing the property to similar ones that have recently sold. This analysis ensures that properties are neither overpriced nor underpriced, optimizing the chances of a sale.
4. COE: Close of Escrow
The COE signifies the finalization of a property transaction. It’s the moment when property ownership shifts from the seller to the buyer. Understanding the COE is crucial as it marks the culmination of the property buying process, ensuring all parties have met their obligations.
5. CRE: Commercial Real Estate
Unlike residential real estate, CRE pertains to properties used solely for business activities. This includes spaces like offices, retail shops, and industrial warehouses. Investing in CRE can be lucrative, but it’s essential to understand the market dynamics, as they can differ significantly from the residential sector.
6. DTI: Debt-to-Income Ratio
The DTI is a critical metric for lenders, offering insights into a borrower’s financial health. By comparing an individual’s total debt to their overall income, lenders can assess the risk associated with granting a loan. A lower DTI often indicates a more favorable lending scenario.
7. EMD: Earnest Money Deposit
An EMD is a sign of good faith from a potential buyer, showcasing their genuine interest in a property. This deposit is typically held in an escrow account and is applied to the purchase price upon closing. If the sale falls through due to the buyer, they risk losing this deposit.
8. FSBO: For Sale By Owner
FSBO properties bypass real estate agents, allowing owners to sell directly to buyers. This approach can save on commission fees but also demand more time and effort from the seller. Buyers and sellers should be well-informed about the process to ensure smooth transactions.
9. HOA: Homeowners Association
An HOA is an organization within residential communities that sets and enforces rules for properties and their residents. While they ensure uniformity and maintenance of shared spaces, potential buyers must be aware of any HOA fees and regulations before purchasing.
10. IRR: Internal Rate of Return
The IRR is a metric used to estimate the potential profitability of investments. In real estate, understanding the IRR can help investors determine the viability of a project, ensuring they put their money where it’s most likely to yield returns.
11. LTV: Loan-to-Value Ratio
The LTV ratio is a comparison between the amount of a loan and the value of the property in question. It’s a key factor lenders consider when determining loan approval and interest rates. A lower LTV often indicates less risk for the lender.
12. MLS: Multiple Listing Service
The MLS is a comprehensive database real estate professionals use to list and search for properties available for sale. It’s a vital tool for agents and brokers, ensuring properties get maximum exposure to potential buyers.
13. NOI: Net Operating Income
NOI represents the total income a property generates after deducting all operating expenses. It’s a crucial figure for investors, providing insights into a property’s profitability and potential return on investment.
14. PITI: Principal, Interest, Taxes, and Insurance
These are the four primary components of a monthly mortgage payment. Understanding PITI is essential for buyers to gauge the true cost of owning a property beyond just the listed price.
15. PMI: Private Mortgage Insurance
PMI is an insurance policy that protects lenders from potential losses if a borrower defaults on their loan. Typically, PMI is required for loans with an LTV ratio higher than 80%.
16. ROI: Return on Investment
ROI is a measure of the profitability of an investment. In real estate, it helps investors determine the potential returns on a property, ensuring they make sound investment decisions.
17. REO: Real Estate Owned
When properties go into foreclosure and fail to sell at auction, they become REOs owned by the bank or lender. These properties are often purchased below market value, making them attractive to investors.
18. SFH: Single Family Home
SFHs are standalone properties designed for one family. They differ from multi-family homes or apartments and are a popular choice for both homeowners and investors.
19. TDS: Total Debt Service
TDS encompasses an individual’s total debt payments, including all loans and mortgages. It’s a metric that lenders consider when assessing a borrower’s creditworthiness.
20. UFMIP: Upfront Mortgage Insurance Premium
This is an initial premium payment required when taking out certain types of loans, especially those backed by the Federal Housing Administration. It’s essential to factor in UFMIP when calculating the total cost of a loan.
21. ARM: Adjustable Rate Mortgage
An ARM is a type of mortgage where the interest rate can change over time, typically based on prevailing market conditions. Initially, ARMs often offer lower interest rates than fixed-rate mortgages, making them attractive to certain buyers. However, it’s crucial to understand that the rate can increase, potentially leading to higher future payments.
22. CAP: Capitalization Rate
The CAP rate is a metric used by real estate investors to assess the potential return on an investment property. It’s calculated by dividing the property’s net operating income by its current market value. A higher CAP rate typically indicates a better potential return, but it can also signal higher risk.
23. CC&R: Covenants, Conditions, and Restrictions
CC&Rs are rules governing properties, especially within homeowners’ associations (HOAs). They dictate what homeowners can and cannot do with their properties. Before purchasing a property within an HOA, it’s essential to review the CC&Rs to ensure you’re comfortable with the stipulations.
24. DSCR: Debt Service Coverage Ratio
DSCR is a measure lenders use to assess the cash flow available to pay current debt obligations. It’s calculated by dividing the net operating income by the total debt service. A DSCR greater than 1 indicates that there’s enough income to cover debt payments.
25. FMV: Fair Market Value
FMV represents the estimated value of a property based on current market conditions. It’s what a knowledgeable buyer would likely pay for the property in its current condition. Understanding FMV helps buyers and sellers set realistic price expectations.
26. GRM: Gross Rent Multiplier
GRM is a simple tool used by investors to assess the value of a rental property. It’s calculated by dividing the property’s price by its gross annual rental income. A lower GRM can indicate a potentially more profitable investment.
27. HUD: Department of Housing and Urban Development
HUD is a U.S. government agency that focuses on creating strong, sustainable, and inclusive communities. They offer various programs, including affordable housing initiatives, and oversee the Federal Housing Administration (FHA).
28. JV: Joint Venture
A JV in real estate refers to a business arrangement where two or more parties collaborate on a specific property project. This partnership allows participants to pool resources, share risks, and divide profits based on the agreed-upon terms.
29. L/O: Lease Option
A lease option is an agreement where a tenant leases a property with the option to purchase it later. It’s a way for individuals to “test” a property before committing to buy, and a portion of the rent may even go towards the purchase price.
30. MIP: Mortgage Insurance Premium
MIP is an insurance payment typically required for government-backed loans when the down payment is less than 20%. It protects lenders against losses if the borrower defaults. MIP is similar to PMI but specifically for FHA loans.
31. NNN: Triple Net Lease
In a triple net lease, tenants are responsible for paying the property’s real estate taxes, building insurance, and maintenance costs, in addition to rent. This type of lease is common for commercial properties.
32. O/O: Owner Occupied
An O/O property is one where the owner resides in the property they own, as opposed to renting it out. Lenders often offer better mortgage rates for O/O properties since owners are more likely to maintain and care for their primary residence.
33. PUD: Planned Unit Development
A PUD is a type of building development and a regulatory process. It can consist of both residential and commercial properties, and it offers more flexibility in design compared to traditional zoning methods.
34. QM: Qualified Mortgage
A QM is a home loan that meets specific standards set by the federal government. These standards are designed to ensure that borrowers are given loans they can realistically repay.
35. RFI: Request for Information
In real estate, an RFI is a formal request for more information about a particular property or project. It’s a way for potential buyers or investors to gather all necessary details before making a decision.
36. SFR: Single Family Residence
An SFR is a standalone property designed to house one family. Unlike multi-family homes or apartments, SFRs offer more privacy and typically come with their plot of land.
37. T/B: Tenant Buyer
A tenant buyer is someone who rents a property with the intention or option of purchasing it in the future. This arrangement can be beneficial for both the property owner and the tenant.
38. UAD: Uniform Appraisal Dataset
UAD standards were established to improve the quality and consistency of appraisal data on loans delivered to secondary market investors. It ensures appraisals adhere to a consistent format and nomenclature.
39. VA: Veterans Affairs
The VA is a government agency that offers various benefits to U.S. veterans, including home loan programs. VA loans often come with favorable terms, such as zero down payment.
40. WO: Write Off
In real estate, a write-off refers to a reduction in the recognized value of an asset. It can be due to a decrease in the property’s market value or as a tax deduction for property-related expenses.
41. YOY: Year Over Year
YOY is a commonly used metric in real estate to compare data from one year to the same period in the previous year. This comparison provides insights into market trends, helping investors make informed decisions based on historical performance.
42. ZC: Zoning Code
Zoning codes dictate how specific geographic zones can be used. They can determine the type of structures allowed, their purposes, and even their designs. Understanding zoning codes is crucial for developers and investors to ensure their projects comply with local regulations.
43. BRRRR: Buy, Rehab, Rent, Refinance, Repeat
BRRRR is a popular real estate investment strategy. It involves purchasing a property, renovating it, renting it out, refinancing the investment, and then repeating the process. This approach allows investors to leverage their capital and grow their portfolios rapidly.
44. CLUE: Comprehensive Loss Underwriting Exchange
A CLUE report provides a history of insurance claims on a property for the past seven years. It’s a valuable tool for potential buyers to assess any previous damages or issues with a property, ensuring they’re making a well-informed purchase.
45. DTIR: Debt-to-Income Ratio
Similar to DTI, the DTIR is a measure used by lenders to evaluate a borrower’s ability to manage monthly payments and repay loans. It’s calculated by dividing total monthly debt payments by gross monthly income. A lower DTIR is often seen as favorable by lenders.
46. EIK: Eat-In Kitchen
An EIK refers to a kitchen spacious enough to accommodate a dining area. Properties with EIKs are often more appealing to buyers and renters who value the convenience and coziness of dining near where food is prepared.
47. FMR: Fair Market Rent
FMR represents the estimated monthly rent a property could fetch in the current market. It’s a benchmark set by the Department of Housing and Urban Development (HUD) and is used to determine rental voucher amounts for government assistance programs.
48. GSI: Gross Scheduled Income
GSI is the total annual income a property would generate if all units were rented and all rents collected. It’s a useful metric for investors to gauge a property’s potential profitability.
49. HELOC: Home Equity Line of Credit
A HELOC is a revolving line of credit that allows homeowners to borrow against the equity in their homes. It’s a flexible financial tool that can be used for various purposes, including home improvements or consolidating debt.
50. ITIN: Individual Taxpayer Identification Number
An ITIN is a tax processing number issued by the IRS for individuals who aren’t eligible for a Social Security Number. In real estate, ITINs can be used by foreign investors to report taxes on U.S. property transactions.
51. JTWROS: Joint Tenancy with Right of Survivorship
JTWROS is a form of property ownership where two or more parties co-own a property. If one owner dies, their share of the property automatically transfers to the surviving owners, bypassing the probate process.
52. LURA: Land Use Restriction Agreement
A LURA is a binding agreement that places specific restrictions on how a property can be used. It’s often used in affordable housing projects to ensure the property remains affordable for a predetermined period.
53. MFH: Multi-Family Home
An MFH is a single building designed to house multiple families in separate units. Examples include duplexes, triplexes, and apartment buildings. Investing in MFHs can offer steady rental income and diversification.
54. NOI: Net Operating Income
NOI is a property’s total income after deducting operating expenses but before deducting taxes and loan payments. It provides a clear picture of a property’s profitability and is a key investor metric.
55. OPEX: Operating Expenses
OPEX includes all costs associated with running and maintaining a property, excluding mortgage payments. Examples are utilities, property management fees, and maintenance costs. Keeping OPEX in check is crucial for maximizing profitability.
56. PFS: Personal Financial Statement
A PFS is a document detailing an individual’s financial status, including assets, liabilities, and monthly expenses. Lenders often require a PFS from borrowers to assess their creditworthiness.
57. QOF: Qualified Opportunity Fund
A QOF is an investment vehicle designed to invest in Qualified Opportunity Zones. Investors can benefit from tax advantages by investing in these funds, including deferring capital gains taxes. The goal of QOFs is to spur economic development in underdeveloped areas, making them an attractive option for socially conscious investors.
58. RTO: Rent-to-Own
RTO is an agreement where a tenant rents a property with the option to purchase it later. It offers a pathway to homeownership for those who might not be ready to buy immediately. A portion of the rent often goes towards the purchase price, making it a win-win for both parties.
59. SBA: Small Business Administration
The SBA is a U.S. government agency that provides support to entrepreneurs and small businesses. In the realm of real estate, the SBA offers loan programs, like the 504 loan, designed to help businesses purchase commercial properties.
60. TIL: Truth in Lending
TIL is a federal law designed to protect consumers when dealing with lenders and creditors. It mandates that lenders disclose all loan terms, including interest rates and other charges, ensuring transparency and fairness in lending practices.
61. UAR: Usable Area Ratio
The UAR calculates the percentage of a property that can be used or rented out. It’s especially relevant in commercial real estate, where common areas like lobbies or hallways aren’t included in the usable square footage.
62. VRM: Variable Rate Mortgage
Similar to an ARM, a VRM is a mortgage with an interest rate that can change based on market conditions. The primary difference is that a VRM’s changes are often tied directly to a specific benchmark interest rate.
63. WDI: Wood Destroying Insect
In real estate transactions, a WDI report might be required. This report checks for the presence of pests like termites that can cause significant damage to properties. It’s a crucial step to ensure a property’s structural integrity.
64. XRF: X-Ray Fluorescence
XRF is a non-destructive testing method used to detect lead-based paint in homes. Given the health risks associated with lead, homes built before 1978 in the U.S. often undergo XRF testing during the sale process.
65. YSP: Yield Spread Premium
YSP is a fee or commission paid by a lender to a mortgage broker for offering a borrower a higher interest rate on a loan. While YSP can sometimes benefit the borrower by reducing upfront costs, it’s essential to understand the long-term implications.
66. ZE: Zero Energy
A Zero Energy building produces as much energy as it consumes, typically through renewable energy sources like solar panels. Investing in ZE properties can lead to significant savings on energy bills and reduce a property’s carbon footprint.
67. ADU: Accessory Dwelling Unit
An ADU is a secondary housing unit on a single-family residential lot. Examples include basement apartments or guesthouses. ADUs can provide additional rental income for homeowners.
68. BOMA: Building Owners and Managers Association
BOMA is an international organization that offers information, education, advocacy, and research for property professionals. It sets industry standards for measuring buildings and promotes best practices in property management.
69. CCIM: Certified Commercial Investment Member
A CCIM designation is awarded to commercial real estate professionals upon completion of a recognized advanced coursework in financial and market analysis. It signifies expertise in the commercial property sector.
70. DRE: Department of Real Estate
The DRE is a state-specific regulatory body responsible for issuing real estate licenses and ensuring ethical and legal practices in the real estate profession.
71. ECOA: Equal Credit Opportunity Act
ECOA is a federal law prohibiting lenders from discriminating against borrowers based on race, color, religion, national origin, sex, marital status, or age.
72. FIRPTA: Foreign Investment in Real Property Tax Act
FIRPTA requires foreign persons to pay U.S. income tax on gains made from selling U.S. real estate. It ensures that foreign and domestic investors are treated similarly regarding taxes.
73. GFE: Good Faith Estimate
A GFE is a document lenders provide to borrowers outlining the estimated costs associated with a mortgage loan. It offers transparency, allowing borrowers to understand and compare loan terms.
74. HERS: Home Energy Rating System
HERS is a nationally recognized system for inspecting and calculating a home’s energy performance. A lower HERS index score indicates a more energy-efficient home, which can be a selling point.
75. IVR: Interactive Voice Response
In real estate, IVR systems allow potential buyers to receive property information via telephone. It’s an automated system that provides details like price and square footage based on a property code.
76. JOR: Joint Ownership Right
JOR refers to a property ownership structure where two or more parties share ownership rights. It’s similar to joint tenancy but can have different implications for property transfer and inheritance.
77. LSE: Leasehold Estate
A Leasehold Estate gives individuals the right to use and occupy a property for a specified lease term, but they don’t own the property. At the end of the lease term, the property reverts back to the owner.
78. MUD: Municipal Utility District
A MUD is a special governmental entity that provides public utilities like water, sewage, and drainage services to district residents. Property owners within a MUD might pay additional taxes to fund these services.
79. NAR: National Association of Realtors
The NAR is a major organization in the U.S. real estate industry. It represents over a million members, including residential and commercial brokers, salespeople, property managers, and appraisers. Being a member of NAR signifies adherence to a strict code of ethics and professional standards.
80. OLR: Off-MLS Listing or Office Exclusive
An OLR is a property listing not publicly advertised on the Multiple Listing Service (MLS). Instead, it’s marketed directly by the listing brokerage to a select group of buyers. While OLRs can offer exclusivity, they might not get the same broad exposure as MLS listings.
81. PFS: Pre-Foreclosure Sale
A PFS allows homeowners to sell their property before it goes into foreclosure, typically when they can no longer meet their mortgage obligations. This process can benefit both the homeowner, who avoids the ramifications of a foreclosure, and the lender, who might receive more from a PFS than a foreclosure auction.
82. QDS: Quitclaim Deed Sale
A Quitclaim Deed transfers property ownership without warranties about the title’s clarity. It’s often used between family members or in divorce settlements. While it’s a quick way to transfer property, it doesn’t protect the buyer against potential title issues.
83. ROI: Return on Investment
ROI is a crucial metric for real estate investors. It calculates the percentage of return on an investment relative to its cost. A high ROI indicates a successful investment, but it’s essential to consider other factors like property location and market trends.
84. SS: Short Sale
A short sale occurs when a property is sold for less than the amount owed on its mortgage. Lenders might agree to a short sale if they believe it will result in a smaller financial loss than foreclosing. For buyers, short sales can offer properties at below-market prices, but the process can be lengthy.
85. TDS: Total Debt Service
TDS ratio is a tool lenders use to assess a borrower’s ability to manage their debts. It includes all monthly debt payments, not just those related to housing. A lower TDS ratio indicates that a borrower is less likely to face financial strain.
86. UFMIP: Upfront Mortgage Insurance Premium
UFMIP is a one-time payment made at the start of an FHA loan. It’s a type of mortgage insurance that protects lenders if a borrower defaults. While it adds to the initial cost of a loan, it allows borrowers to access loans they might not qualify for otherwise.
87. VOD: Verification of Deposit
VOD is a document that lenders use to verify a borrower’s bank account balance and history. It ensures that borrowers have the necessary funds for a down payment and closing costs, and it provides a snapshot of their financial stability.
88. WAC: Weighted Average Coupon
WAC represents the average interest rate of the mortgages in a mortgage-backed security (MBS). It’s weighted based on the size of each loan. Investors use WAC to assess potential yields and risks associated with MBS.
89. X-Dates: Expiration Dates
In real estate, X-Dates often refer to the expiration dates of property listings or contracts. Keeping track of X-Dates is crucial for agents and brokers to manage their listings effectively and ensure timely renewals or necessary actions.
90. YTD: Year-to-Date
YTD is a term that refers to the period starting from the beginning of the current year up to the present day. In real estate, YTD figures can provide insights into market performance, sales volume, or other metrics over the current year.
91. ZA: Zoning Amendment
A Zoning Amendment is a change or modification to the existing zoning regulations of a property or area. Property owners or developers might seek zoning amendments to allow for different property uses or developments that don’t align with current zoning.
92. REO: Real Estate Owned
REO properties are those that have been foreclosed on and are now owned by the bank or lender. These properties can often be purchased below market value, but they might require significant repairs or come with additional challenges.
93. PITI: Principal, Interest, Taxes, and Insurance
PITI encompasses the four main components of a monthly mortgage payment. Understanding PITI is essential for buyers to budget accurately for homeownership costs and for investors to assess potential rental property cash flows.
94. MLS: Multiple Listing Service
MLS is a database used by real estate professionals to list and find properties for sale. It offers comprehensive property details, ensuring that agents and brokers have access to accurate and up-to-date information.
95. CMA: Comparative Market Analysis
A CMA is a report that real estate professionals use to determine a property’s value. It compares the property to similar ones that have recently sold, providing a price range that can guide sellers in setting a listing price.
96. LTV: Loan-to-Value
LTV ratio represents the amount of a mortgage loan compared to the property’s appraised value. A higher LTV might indicate a riskier loan, as the borrower has less equity in the property.
97. FSBO: For Sale By Owner
FSBO properties are those sold directly by the owner without the assistance of a real estate agent. While this can save on commission fees, selling a property without professional help can be challenging.
98. HOA: Homeowners Association
An HOA is an organization that oversees a residential community, ensuring that properties adhere to specific rules and standards. While they can offer benefits like maintaining common areas, they also come with fees and regulations.
99. PMI: Private Mortgage Insurance
PMI is insurance that borrowers might be required to pay if their down payment is less than 20%. It protects lenders against potential losses if the borrower defaults on the loan.
100. ARV: After Repair Value
ARV estimates a property’s value after all repairs and renovations are completed. It’s a crucial metric for investors, especially those in the fix-and-flip business, to assess potential profits.
101. CAP Rate: Capitalization Rate
The CAP rate is a metric that real estate investors use to assess the potential return on an investment property. It’s calculated by dividing the property’s net operating income by its current market value. A higher CAP rate typically indicates a better potential return, but it’s essential to consider other factors like property location and condition.
102. BPO: Broker’s Price Opinion
A BPO is an estimate of a property’s value as determined by a real estate broker or agent. While not as comprehensive as a full appraisal, BPOs are quicker and less expensive, often used by banks and lenders in situations like foreclosures or short sales.
103. COE: Close of Escrow
COE refers to the date when a real estate transaction is finalized and ownership is officially transferred from the seller to the buyer. It’s a significant milestone in the buying process, marking the culmination of all negotiations, inspections, and paperwork.
104. DSCR: Debt Service Coverage Ratio
DSCR is a measure used by lenders to assess the cash flow of income-producing properties. It’s calculated by dividing the property’s net operating income by its total debt service. A DSCR greater than 1 indicates that the property generates enough income to cover its debts.
105. EMD: Earnest Money Deposit
An EMD is a deposit made by a buyer to demonstrate their serious intent to purchase a property. It’s typically held in an escrow account and can be applied to the purchase price at closing. If the buyer backs out without a valid reason, the seller might keep the EMD as compensation.
106. FRM: Fixed-Rate Mortgage
An FRM is a mortgage with a fixed interest rate for the entire loan term. It offers predictability for borrowers, as their monthly payments remain constant, regardless of market fluctuations. FRMs are popular among those planning to stay in their homes long-term.
107. GRM: Gross Rent Multiplier
GRM is a valuation metric used to assess the value of rental properties. It’s calculated by dividing the property’s price by its gross annual rental income. A lower GRM can indicate a potentially more profitable investment.
108. HUD: Department of Housing and Urban Development
HUD is a U.S. government agency responsible for national housing policies and programs. They oversee federal housing agencies and initiatives, ensuring access to affordable housing and promoting homeownership.
109. IRR: Internal Rate of Return
IRR is a metric used to estimate the profitability of potential investments. In real estate, IRR provides investors with an annualized rate of return, taking into account factors like cash flow, property appreciation, and the time value of money.
110. JV: Joint Venture
A JV is a business arrangement where two or more parties collaborate on a specific project or investment. In real estate, JVs are common for large projects or developments, allowing parties to pool resources and share risks.
111. LNR: Loan-to-Value Ratio
Similar to LTV, the LNR is a metric used by lenders to assess the risk of a loan. It’s calculated by dividing the loan amount by the property’s appraised value. A higher LNR can indicate a riskier loan, as the borrower has less equity in the property.
112. MIP: Mortgage Insurance Premium
MIP is an insurance premium paid by borrowers on certain FHA loans. It protects lenders against losses if the borrower defaults. MIP can be either an upfront cost or a recurring monthly fee, depending on the loan’s terms.
113. NOI: Net Operating Income
NOI represents a property’s total income after deducting operating expenses, excluding mortgage payments. It’s a key metric for investors to assess a property’s profitability and potential return on investment.
114. OZ: Opportunity Zone
Opportunity Zones are designated areas where investors can receive tax benefits for investing in real estate or businesses. Established by the Tax Cuts and Jobs Act of 2017, OZs aim to spur economic development in underprivileged areas.
115. PUD: Planned Unit Development
A PUD is a type of community development that integrates residential, commercial, and recreational spaces. PUDs offer a mix of property types and amenities, often governed by a homeowners association.
116. QM: Qualified Mortgage
A QM is a type of mortgage that meets specific borrower and lender standards set by the Consumer Financial Protection Bureau. QMs are designed to reduce risky lending practices and ensure borrowers can afford their loans.
117. RFI: Request for Information
In real estate development, an RFI is a formal request for information regarding a specific project or proposal. It’s used to gather details, clarify uncertainties, and ensure all parties are informed.
118. SFR: Single-Family Residence
An SFR is a standalone property designed to house one family. It’s the most common type of residential property and is often sought after for its privacy and autonomy compared to multi-family units.
119. TRID: TILA-RESPA Integrated Disclosure
TRID refers to new regulations and forms introduced to integrate the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). It aims to simplify and clarify loan disclosures for borrowers.
120. UAD: Uniform Appraisal Dataset
UAD standards were introduced to improve the quality and consistency of appraisal data for loans sold to government-sponsored enterprises. It ensures appraisals adhere to a standardized format, making them more transparent and comparable.
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