How Will You Score in this Memphis Area Real Estate Quiz?

Every profession creates them—an ever-expanding vocabulary of specialized terms, followed by the list of acronyms they spawn. Memphis area real estate is certainly no exception

Fortunately for the numerous house-hunters who have been out prospecting for Memphis area homes this fall—and for the homeowners whose properties are their quarry—there’s really no need to memorize them all. Your Realtor® (ideally, that’s me) will acquaint you with all the definitions you need to know, if and when they crop up.

Even so, since some of the most common ones do occasionally creep into blogs, ads, and various other Memphis area real estate communications, here is an abbreviated list of some common ones. Anyone with personal home buying and selling experience will recognize many of them, but may not remember the literal definitions. You can make this into a quiz by covering up the column on the right—if you get more than half of them, consider yourself a REV (Real Estate Virtuoso):

ARM ………………………………...          Adjustable-Rate Mortgage

ASP ………………………………...           Accredited Staging Professional

COE………………………………....           Realtors® Code of Ethics

CMA ………………………………...          Comparative Market Analysis (aka, a “comp”)

CPM ………………………………...          Certified Property Manager

DR ………………………………......          Designated Realtor® (a member of the NAR)

DTI ……………………………….....           Debt-to-Income Ratio

FHA ………………………………...           Federal Housing Administration

FICO ………………………………...          Fair Isaac Corporation’s creditworthiness rating

FMV ………………………………...          Fair Market Value

FSBO ………………………………..         For Sale By Owner

GAA ………………………………...          General Accredited Appraiser

HOA ………………………………...          Homeowners Association

HUD ………………………………...          Federal Dept. of Housing and Urban Development

L/O ………………………………...            Lease Option

LTV ………………………………...            Loan-to-Value ratio

MFH ………………………………...          Multi-Family Home

MLS ………………………………...           Multiple Listing Service

NAR ………………………………...           National Association of Realtors®

NOO ………………………………...          Non-Owner Occupied

OO ………………………………...             Owner-Occupied

PMI ………………………………...            Private Mortgage Insurance

REO ………………………………...           Real Estate Owned (a property owned by the lender)

RTO ………………………………...            Rent-to-Own

 

The difference between REO and RTO is only significant when they are fixtures in your everyday professional life. Call me whenever it’s time for you to capitalize on my extensive Memphis area real estate experience!

About Author
Tim OHare

Tim O'Hare has over 15 years experience working with executive leadership as a digital marketing and technology specialist. Tim relocated to Collierville, TN where he began his real estate career with a sphere of less than 10. In his first 18 months, he was Rookie of the Year at his brokerage and a member of the Multi Million Dollar Club. Tim realized the best way he could give back was to help others unlock their potential, so that they feel empowered to accomplish their personal and professional goals. His passion to learn, coach and give back to the community is what shapes him as a leader. He brings a strong competitive mindset and understands the commitment necessary to accomplish even the most audacious goals. Tim currently lives in Collierville with his wife Anna and 2 boys. He's a member of the Collierville Rotary and serves on the Board of Zoning Appeals for Collierville. Tim also sits on multiple committees at the Memphis Area Association of Realtors.

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