| Term | Definition |
|---|
| quitclaim deed | A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, including an actual ownership interest. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property. A quit claim deed may also be used to clear up a cloud on the title to the property in cases where there is a question of a possible ownership claim. Compare with grant deed. |
| ready, willing and able | A buyer who is prepared to buy on the seller's terms and has the financial capacity to do so. |
| real estate | Refers to land and improvements and the rights to own or use them. In popular usage, Real Estate is used interchangeably with real property and realty. |
| real estate agent | A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. |
| Real Estate Appraiser, licensed | A person licensed to legally appraise real estate property for a fee. |
| real estate board | A non profit organization representing local real estate agents/brokers and salespeople, which provides services to its members and maintains and operates the Multiple Listing Service in the community. |
| Real Estate Broker, licensed | A person licensed to handle real estate transactions for 3rd parties and supervise other licensees doing the same. |
| Real Estate Salesperson, licensed | Person who is licensed to handle real estate transactions for third parties; must be supervised by a licensed Real Estate Broker. |
| real property | Refers to the right to own land and improvements. Commonly used interchangeably with Real Estate and Realty. Contrast with personal property. |
| REALTOR | A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS. |
