Residential Real Estate Listings Key Terms

Use residential real estate listing key terms to increase property management efficiency

By Kelley Keith

Whether you want to locate undervalued property or sell existing homes, residential real estate listings is an excellent resource. Residential listings provide the pertinent details of the home for sale and the listing price of the property. These listings provide all the basic information you need to compare one home with another. However, the explosion of the Internet makes the process of locating a residential real estate listing anywhere in the world just a few clicks away. To understand the basics of residential real estate listings, you can learn key terms that will establish a solid knowledge base on which to build industry expertise.

Seller's agent

In a residential real estate listing, the seller's agent works on behalf of the person or company selling the property to obtain the most favorable deal possible.
Try: Check out About.com to learn about the job responsibilities of a seller's agent.

Buyer's agent and listing agent

A buyer's agent works on behalf of the person buying the home to attain the best terms possible. Listing agent is another residential real estate listing term that means almost the same thing as seller's agent. The difference is a listing agent can be a dual agent and represent the buyer and the seller. This option isn't usually recommended from a buyer's perspective, because their primary responsibility is to the seller.
Try: Evaluate the information available at Great Georgia Properties to read further about buyer's and listing agents.

Multiple listing service

A multiple listing service is a local or regional database of available real estate property in the areas.
Try: Examine the article at Investor Words for more details on a multiple listing service.

Closing costs

Closing costs are the expenses and fees a person or company incurs during the sale of residential real estate.
Try: Assess the comprehensive list of closing costs from Brentwood Mortgage Services.

Loan prequalification

A loan pre-qualification is qualifying for a mortgage prior to making an offer on any residential real estate. This makes the process much easier since the buyer knows the price range of residential housing they can afford before looking at the real estate listings.
Try: Study the loan prequalification definition from HJ Ventures.

Earnest money

Earnest money is the amount of currency a buyer pays to a seller to demonstrate their interest in purchasing a residential real estate listing. If accepted, the offer becomes part of the down payment, or the buyer forfeits if they cancel the purchase.
Try: Read the earnest money explanation at Teach Me Finance for more information.