Real Estate Certification: Different Kinds and What You NEED - UpNest Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. BB Real Estate Abbreviation. PL -Swimming Pool Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. SEW Sewer The Real Estate Terms to Know When You're Looking at Home Listings FDR/DR Dining room or a formal dining room There are often additional notes with details that don't fit into the standard listing formula. Read, An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. WDSTV Wood Burn Stove HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. Cont Contemporary Get the top BB abbreviation related to Real Estate. GRNO Ground Maintenance Not all real estate agents are REALTORS. SEC Security System One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. OFC Office CDS Cul de sac BCH Beach HDWD Hardwood Please switch to a supported browser or download one of our Mobile Apps. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. HRS Horses Allowed This abbreviation is a shorthand way of showing your affection to your partner. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Banks, savings and loans, and credit unions. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. A concrete point at which buying a home makes more financial sense than renting one. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. CLHMS Certified Luxury Home Marketing Specialist Bidding wars are common. RELATED: How to Stream U.S. Sports for Free Online. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Here are a few examples of BB in action: Do you want to learn more internet slang terms? REL Related to Seller HIST Historical District Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. 2. 147.189.141.138 MAO Maximum Allowable Offer Brkf Breakfast Area Refund Policy, U.S. STA State A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. When a home listing touts its custom features, take care. Learn more about refinancing here. Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. Usually . Step 2: Through your cost estimation, you figure out that $30,000 of investment will bring the property to a rental-ready state over the next 4 months. Clbhs Clubhouse After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. PMI Private mortgage insurance PRV, PVCY FENCE Privacy Fence JTUB Jetted Tub Multiple Listing Service (MLS): Definition, Benefits, and Fees FRBO for rent by owner Try our debt-to-income calculator to learn more. An origination fee is not a single fee. Read, A ratio that compares a home buyers expenses to gross income. NAT GS HT Natural gas heat 4/3 4 bedrooms / 3 bathrooms The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. RELO Relocation office I want to receive exclusive email updates from YourDictionary. OO Owner Occupied Fees imposed by the state, county or municipality on transfer of title. NONQ Non-Qualifying This is the escrow period, when both buyer and seller are workingtoward a closing. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. PERM Perm Attic Stairs This means that aproperty is currently on the market and available for sale. COF Cost of Funds CMA Comparative Market Analysis Each lending institution sets its own prime rate. Fp, Fpl, Fplc Fireplace In many listings, the term is used to describe to an area that's in the process of transition. LTV loan to value If you wish to report an issue or seek an accommodation, please let us know. HUD Department of Housing and Urban Development If its back on the market, theres a reason why the original sale fell through. P&S Purchase and Sale The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. POR, POR-S Porch/Screened One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. ATT Attached Garage 4B/2B: Four bedrooms and two bathrooms. Performance & security by Cloudflare. CMA:Comparative market analysis or competitive market analysis. G/A Garage, Attached The property is sold and no longer available. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. The "P" represents percent. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. It should return to active soon enough, so its certainly worth piping up if youre smitten. INGRD PL pool in ground pool Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. C-fan Ceiling Fan OWN Owner Financing FDR Formal dining room DEDRS Deed Restrictions to cover taxes and insurance. SRES Senior Real Estate Specialist, Additional Resources: The action you just performed triggered the security solution. MK Modern kitchen Cth Cathedral Ceiling Tiny houses are a trend, for sure. CREA. LPOA Limited Power of Attorney BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. This is important, as identifying a property's class can predict how the asset might perform. Privacy Policy Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. Read, more about the Buy-Rent Breakeven Horizon here, The sale of a home by an owner who owes more on the home than its worth. Click to reveal O/F Owner Finance RELATED: What Does "TMI" Mean, and How Do You Use It? WAR Warranty Plan HVAC heating, ventilation and air conditioning These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. SHNG Shingle Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. DOS Due On Sale Clause U/G SPRK Underground Sprinkler SPKLR Sprinkler BRRRR refinance example. Maximum loan amounts can vary by county. Fixtures are a frequent subject of buyer and seller disputes. This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. TRAD Traditional The. BA Bath Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013), B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. Yes! Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Farm Farmhouse NAR National Association of Realtors All Rights Reserved, Hey bb! Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. MO Month SRO Single Room Occupancy They charge dues used to maintain common areas. They charge dues used to maintain common areas. Read more about PMI here. 1. FIN LL Finished lower level MAO Maximum Allowable Offer YD Yard Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. A three-quarter bathroom has a toilet, a sink and a shower. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. A property that has come back on the marketafter a pending sale. MULTI 3+ Car Garage A minimum requirement is often dictated by the loan type. Cvga Converted Garage A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. CHMS Certified Home Marketing Specialist Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . SHOP Workshop Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. TIL Truth In Lending, A/G PL Above-ground Pool Zillow, Inc. holds real estate brokerage licenses in multiple states. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. Read more about FHA loans here. CRS Certified Residential Specialist At Truist, our purpose is to inspire and build better lives and communities. WINDT Window Treatment Is A House Considered Real Estate? - Ascent Law DOS Due On Sale Clause During this time, the home is inspected and appraised, and the title searched for liens, etc. HPWA Water/Air Ht Pump The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Keep reading to learn more about this unique abbreviation. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. CAC Central air conditioning That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. Related:18 Big Storage Ideas to Steal from Tiny Homes. REIA Real Estate Investors Association FLR Floor Furnace Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. to see how much house you might be able to afford. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. These structures can be both above and under the ground. KIT, KT Kitchen DCR, DSCR, DSR Debt Service Coverage Ratio Often, the listing will indicate which rooms have hardwood flooring. INT Intercom SUN Sun Room FR Family room Read more about closing costs here. The Real Estate Commission: How Much Are Realtor Fees? Refinancing is generally done to secure better loan terms, such as a lower interest rate. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Related:7 Features That Define the New American Home. What Does BB Mean, and How Do I Use It? MTG Mortgage COO or C of O Certificate of Occupancy Be sure to read the fine print carefully. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. GRI Graduate Realtor Institute NGS Natural Gas UTLVL Utility Room Level A security deposit made by the buyer to assure the seller of his or her intent to purchase. I havent seen you in forever. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Homes can sit on the market for a long time, and prices tend to drop. PGS Propane REALTOR Member of the National Association of Realtors An encumbrance can create a cloud on the title of a real property. Clap Clapboard Siding So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Translation: This home is small. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. FML Formal How to use real estate in a sentence. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. SKY Skylights 27. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. LOI Letter of Intent This means the propertys ownersare actively taking backup offers in case the first one falls through. Sub2 Subject to existing financing The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Lenders reward lower LTV ratios. Personal property is movable property. is part of the U.S. Department of Housing and Urban Development. The fascinating story behind . A not-for-profit professional association that sets and promotes standards for property inspections. Anne Miller lives in New York and writes real estate news and advice stories. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. BB. You can email the site owner to let them know you were blocked. HB Half Bath (toilet + sink) Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders BKPORCH Back Porch What Does "BB" Mean, and How Do I Use It? - How-To Geek Back Bay. Cldsc Cul-de-sac HOA Homeowners Association FHA Federal Housing Administration REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. WLKIN Walk-in Closet Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Both words imply motion, but the difference may b. Defenestration. 1. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 1 /8. An FDR with a DK? FCRA Fair Credit Reporting Act TRSH Trash Pickup OA Owner Agent AEK All electric kitchen The ratio compares the borrowers monthly debt payments to gross income. MLSs are local or regional. DBA Doing Business As Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). WIN Window/Wall Unit Class A, B, C, D Real Estate: A Guide to Property Class Types MAR Marble PICK Picket Fence 2-LV : Two living levels. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. SMB Split Master Bedroom RTO Rent To Own You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. You can email the site owner to let them know you were blocked. This claim belongs to a third party, who can either be an organization or an individual. FDIC Federal Deposit Insurance Corporation SD/W Storm Doors & Windows CP Carport In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. WBFP Wood Burning Fireplace The number of days a property listing is considered active. CVAC Central Vacuum There is no MLS covering the whole country. Crystal R. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. Real property is immovable property - its land and anything attached to the land. You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. The meaning of REAL ESTATE is property in buildings and land. L/O Lease Option Your IP: AC Acre HML Hard Money Lender This website is using a security service to protect itself from online attacks. APR Annual Percentage Rate Suggest. Crk Creek Powered by webmasterWP.com. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Maximum loan amounts can vary by county. MEIK Modern eat-in kitchen NBHD Neighborhood FFE furniture, fixture, and equipment BR Bedroom Even though a sale is highly likely, some pending properties may still accept backups. MYOB Mind Your Own Business American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Back Bay + 1 1. WTR Water It is for information purposes only, and any links provided are for the users convenience. OFC Office/Study PCF Price to Cash Flow (ratio) All Rights Reserved. Individuals could include neighbors or other people who have a right of way. About Truist | Truist Learn more. G-RNG Gas Range Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. CFan Ceiling Fan Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. F/A Ht, FAH Forced Air Heat ASG Assessment Assessment. CBR Certified Buyer Representative . CCR Conditions, Covenants, and Restrictions INLW In-Law Suite A fee charged to borrowers who make a down payment that is less than 20% of the homes value. SMP Sump Pump This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Active This means that a property is currently on the market and available for sale.