Glossary

The NAICS code for real estate is 531210 for agents and brokers, but the full real estate sector covers a range of codes under Sector 53, Real Estate and Rental…

Novation is a legal process that replaces one party in a contract with a new party, while the original agreement's terms stay largely the same. In real estate, this tool…

A PUD, or planned unit development, is a housing community where homeowners own their house and the land it sits on, but also share ownership or use of common areas…

A legal description of property is the written, surveyed language that identifies a specific parcel of land. It appears in a deed, mortgage, or title document. It is not the…

When a home listing shows "under contract," it means the seller has accepted an offer from a buyer, and both parties have signed a purchase agreement. The property is not…

A cap rate in real estate is a property's net operating income divided by its current market value or purchase price, shown as a percentage. It tells you the return…

A short sale is when a homeowner sells a property for less than the amount owed on the mortgage, with the lender's written approval. It happens when a homeowner owes…

An easement in real estate is a legal right that lets someone else use part of your land for a specific purpose, without giving them ownership of it. A utility…

The Idaho real estate commission usually means one of two things: the percentage fee an agent earns on a home sale, or the Idaho Real Estate Commission, the state agency…

What is contingent in real estate? It means a seller has accepted a buyer's offer, but the deal is not final yet. One or more conditions, called contingencies, still have…