This article was intended for Real Estate Agents, but I think many buyers and sellers will find this information useful.

Real Estate Glossary
By Anirban Bhattacharya

Real estate industry is one of the most growing industries in the world, providing more opportunities by opening new avenues of success. If you want to accomplish a name in real estate market, it is important to know about the basic glossary used in this particular industry. Brushing up the glossary knowledge will help you to understand the real estate news in a better manner. Let us take up a look on the following important terms:

• Amenity: It is an additional feature of the home or that may benefit the buyer such as its natural location, woods, swimming pool or garden.

• Amortization: It is process of repayment of a mortgage loan in monthly installments that include principal and interest.

• Annual Percentage Rate (APR): It is calculated by using a formula. Usually, the APR defines the cost of a loan; taking the yearly interest rate, insurance cost and other fees in consideration.

• Application: Application signifies the initial official step in the loan approval process. In application, an applicant needs to disclose the necessary information to get the desired loan money.

• Appraisal: It is a kind of document that reveals the estimated price of a property in current market scenario.

• Appraiser: a professional and qualified person who estimate the market value of the proposed property through his or her experience and knowledge.

• ARM: Also known as Adjustable Rate Mortgage; it is a kind of a flexible mortgage loan the interest rate of which is subject to change with rate changes.

• Assessor: An assessor is a government official who determines the market value of the proposed property.

• Assumable mortgage: It is a type of mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer. A buyer no longer is responsible for repaying the loan amount after assumable mortgage.

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