Real Estate Appraisal License,

HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.

SETTLEMENT COSTS
Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees.

REFINANCE
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

OPERATING EXPENSES
Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property.

ACKNOWLEDGEMENT
A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document.

LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan.

ASSUMPTION
A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property.

INSTITUTIONAL LENDER
Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law.

COOPERATING BROKER
A broker who joins with another broker in the sale of real property.

GRANTEE
The person who receives from the grantor a grant of real property.

COOPERATIVE OWNERSHIP
Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

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