Definition: A meeting of the minds; a mutual assent of the parties to the formation of the contract
Pronunciation: \ˈmyü-chə-wəl\ \ə-ˈsent, a-\
Used in a Sentence: The buyer and seller reached mutual assent on the sale/purchase of the property and were able to execute a contract.
Definition: a transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education.
Pronunciation: \ˈmyü-chə-wəl\ \ˌre-kig-ˈni-shən\ \ə-ˈgrē-mənt\
Used in a Sentence: Florida and Connecticut have a mutual recognition agreement for real estate licensing.
Definition: a service arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of a sale will result.
Used in a Sentence: Our realtor used the MLS to find several houses for us to look at over the weekend.
Definition: licenses held by a broker in two or more real estate brokerage firms
Used in a Sentence: Because Jane was the broker for two separate brokerage entities she was required to have multiple licenses.
Definition: a person who borrows money for buying property; a person who takes out a mortgage in order to buy property
Used in a Sentence: The mortgagor gave the mortgage as security along with a note as a promise to repay the loan.
Definition: fee paid by FHA borrowers to obtain a loan (up front and annual)
Pronunciation: \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\ \ˈprē-mē-əm\
Used in a Sentence: The MIP payment was calculated into our monthly mortgage payments.
Definition: a lender who holds a mortgage on specific property as security for the money loaned to the borrower
Used in a Sentence: We used our local bank as the mortgagee for our home loan.
Definition: person who solicits or offers to solicit mortgage loans, accepts or offers to accept mortgage loan applications, negotiates the terms or conditions of new or existing loans, processes loan applications or negotiates the sale of existing loans to noninstitutional investors
Used in a Sentence: The mortgage loan originator negotiated the terms of our new loan.
Definition: a business entity that originates, sells and then services mortgage loans. They are not depository institutions. They originate loans and then package the loans together and sell the entire package.
Used in a Sentence: Mortgage lenders are the largest originators of residential real estate loans.
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