Free Real Estate Vocabulary Flashcards
Pass the real exam by knowing all of the vital real estate vocabulary terms that are crucial to passing the real estate licensing examination. Study all of the important real estate glossary terms and definitions, and pass with confidence!
“Ready, willing, and able” buyer
One who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction
“Ready, willing, and able” buyer
One who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction.
“Time is of the essence”
A phrase in a contract that requires the performance of a certain act within a stated period of time
“Time is of the essence”
A phrase in a contract that requires the performance of a certain act within a stated period of time.
1031 Exchange (1031 tax deferred exchange)
Under Section 1031 of the IRS Code, some or all of the realized gain from the exchange of one property for a like kind …
1031 Exchange (1031 tax deferred exchange)
Under Section 1031 of the IRS Code, some or all of the realized gain from the exchange of one property for a like kind property may be deferred. It is not a tax-free event; however, in order to accumulate wealth, the payment is deferred.