26.   Homeowners Association (HOA): An organization responsible for managing and maintaining common areas and amenities in a residential community, funded by dues paid by homeowners.

27.   Interest: The cost of borrowing money, typically expressed as an annual percentage rate (APR), paid by the borrower to the lender in addition to the principal amount.

28.   Landlord: The owner of a property who rents or leases it to another party (tenant) in exchange for rent.

29.   Lease: A legal agreement between a property owner (landlord) and a tenant, granting the tenant the right to use the property for a specified period in exchange for rent.

30.  Lien: A legal claim or right against a property as security for the repayment of a debt or obligation, typically recorded in public records and must be satisfied before the property can be sold or transferred.

31.  Loan Term: The period over which a loan must be repaid, typically expressed in years (e.g., 15-year or 30-year term).

32.  Mortgage: A loan provided by a lender to help finance the purchase of real estate, with the property serving as collateral for the loan.

33.   PITI: An acronym representing the components of a mortgage payment: Principal, Interest, Taxes, and Insurance.

34.   Pre-Approval: A preliminary assessment of a borrower’s creditworthiness and ability to qualify for a mortgage loan, based on income, assets, and credit history.

35.  Pre-Qualification: An informal assessment of a borrower’s financial situation to determine the maximum amount they may be eligible to borrow.

36. Principal: The original amount of money borrowed in a mortgage, excluding interest and other charges.

37.  Private Mortgage Insurance (PMI): Insurance required by lenders for borrowers who make a down payment of less than 20% of the home’s purchase price, protecting the lender in case of default.

38.   Property Taxes: Taxes levied by local governments based on the assessed value of a property, used to fund public services and infrastructure.

39.  Refinance: The process of obtaining a new mortgage loan to replace an existing loan, often to take advantage of lower interest rates or adjust the loan term.

40.  Short Sale: A real estate transaction in which the lender agrees to accept less than the full amount owed on the mortgage loan, typically to avoid foreclosure.

41.   Survey: A detailed map or drawing showing the boundaries, dimensions, and physical features of a property, typically prepared by a licensed surveyor.

42.   Tax Assessment: The process of determining the value of a property for taxation purposes by a local government authority.

43.   Tenant: A person or entity that rents or leases a property from a landlord in exchange for periodic payments of rent.

44.   Title: Legal ownership of a property, often evidenced by a deed or title certificate.

45.   Title Insurance: Insurance that protects the buyer and lender against any losses resulting from defects in the title or ownership of a property.

46.   Title Search: An examination of public records to verify the legal ownership of a property and identify any existing liens, encumbrances, or other issues that could affect the title.

47.   Underwriting: The process by which a lender evaluates a borrower’s creditworthiness and determines whether to approve or deny a mortgage loan application.

48.   USDA Loan: A mortgage loan offered by the U.S. Department of Agriculture (USDA) to eligible rural and suburban homebuyers, with low or no down payment options and favorable terms.

49.   VA Loan: A mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA), available to eligible veterans, active-duty service members, and certain spouses, with favorable terms and no down payment requirement.

50. Warranty Deed: A legal document used when a piece of real estate is sold and the ownership is transferred from the grantor (seller) to the grantee (buyer). This is a legal real estate document that protects the buyer against future claims to the title of the property.