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3d render of a house formed by words related to real estate
ymgerman - stock.adobe.com
The mortgage market shift to purchase lending has arrived. Test your knowledge of these key real estate industry terms.

Take a look at the category and clue when making your guess before flipping to the next slide to see the answer.
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CMA

The real estate agent performs this type of study using a recent home sale to establish a listing price for a seller or the amount a buyer should offer.
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CMA

Comparative Market Analysis
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FSBO

In these transactions, there isn't a seller's real estate agent for the buyer or the mortgage originator to communicate with.
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FSBO

For Sale by Owner
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BTSA

This is a payment made to a real estate agent that brings a buyer to a transaction that closes. It is technically offered by the agent that listed the property.
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BTSA

Bonus to Selling Agent
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COE

This is the last step in the home sales process, when the deed transfer is recorded with the local government, the seller gets his or her money and the buyer takes possession.
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COE

Close of Escrow
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HOA

This entity makes and enforces rules for the properties in its boundaries and collects dues. Lenders need to monitor if a property is in one of these because some states have a superlien for arrears that goes in front of the mortgage.
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HOA

Home Owners Association
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MLS

This marketing database, set up by a group of cooperating brokers, provides property information to the buyer's agent. Certain public property information is available to consumers.
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MLS

Multiple Listing Service
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FMV

This is the price a property would change hands between a willing buyer and a willing seller, free of any compulsion and both having reasonable knowledge of any relevant facts.
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FMV

Fair Market Value
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TIC

A form of property ownership where each person has a separate and undivided interest in the home, but one party may hold a larger equity stake than the other or others. Mortgage originators could use the different equity stakes to adjust how much they are willing to lend.
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TIC

Tenants in Common
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EMD

This is payment a buyer includes with an accepted offer that will be applied to the down payment and closing costs if the sale closes.
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EMD

Earnest Money Deposit
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PID

This is a defined geographical area established with the consent of a municipality to provide specific types of improvements or maintenance financed by assessments against the property owners.
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