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MA Real Estate Acronym Study Guide (Solved)
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MA Real Estate Acronym Study Guide (Solved)SAM - Acronym for a Shared-Appreciation Mortgage, which is a
mortgage in which the lender extends a favorable interest rate to the buyer
now in exchange for a portion of the profits received when the property is
sold again later.
RAM - Acronym for a Reverse-Annuity Mortgage, which is a loan under
which the homeowner receives monthly payments, a lump sum, or a line of
credit based on the accumulated equity in the property. The loan must be
repaid at a prearranged date, upon the death of the owner, or upon the sale of
the property.
SFHA - Acronym for a Special Flood Hazard Area, which is an area
identified by FEMA to be at right risk of flooding. These areas must have flood
insurance in order to qualify for federally-backed loans.
FEMA - Acronym for the Federal Emergency Management Agency,
which among other things, designates flood zones requiring flood insurance.
FDIC - Acronym for the Federal Deposit Insurance Corporation, which
insures deposits in banks and in savings associations.
ALTA - Acronym for the American Land Title Association, which is a
title insurance policy that protects the interest in collateral property of a
mortgage lender who originates a new real estate loan.
ARM - Acronym for an Adjustable-Rate Mortgage, which is a loan
characterized by a fluctuating interest rate.
ADA - Acronym for the Americans with Disabilities Act, which makes it
illegal to discriminate against anyone with a disability for purposes of
employment, access to governmental offices, telecommunications, or
transportation.
ARELLO - Acronym for the Association of Real Estate License Law
Officials, which is a group of licensing regulators.
, APR - Acronym for an Annual Percentage Rate, which discloses the total
amount being received by a lender, including interest, points, and other fees.
CERCLA - Acronym for the Comprehensive Environmental Response,
Compensation, and Liability Act, which is a law that established Superfund to
clean up hazardous waste sites and to collect the costs from certain defined
responsible persons (PRPs) associated with the sites.
CO - Acronym for Carbon Monoxide, an odorless and colorless gas that
can be harmful and sometimes fatal.
BPO - Acronym for a Broker Price Opinion, an estimate of value
prepared by a real estate licensee. It is most often requested by a lender to
determine that the property actually exists. It is not an appraisal.
CMA - Acronym for a Competitive Market Analysis, a report often
compiled by a real estate licensee that compares the prices of recently sold
homes that are similar to a listing seller's home in terms of location, style, and
amenities.
HUD - Acronym for the Department of Housing and Urban Development
ECOA - Acronym for the Equal Credit Opportunity Act, a federal law
that prohibits discrimination in the extending of credit due to race, color,
nationality, religion, sex, age, or marital status.
EMF - Acronym for electromagnetic fields that are generated by the
movement of electrical currents in appliances, electronics, and transmission
lines.
FIRREA - Acronym for the Financial Institutions Reform, Recovery, and
Enforcement Act, which provides guidelines for regulation of savings
associations (thrifts).
FHFA - Acronym for the Federal Housing Finance Agency, which
supervises and regulates Fannie Mae, Freddie Mac, and Federal Home Loan
Banks.
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