What is radon? – David Reecher Radon is a colorless and odorless gas that is the second leading cause of lung cancer. A 2016 report by the US Environmental Protection Agency noted that approximately...Read More
What is RESPA? – David Reecher Short for Real Estate Settlement Protection Act, RESPA is a set of laws passed by Congress in 1974 to protect the rights of consumers during the closing of a real esta...Read More
What is a REALTOR®? – David Reecher A REALTOR® is a real estate agent who is a member of the National Association of REALTORS®. REALTORS® must uphold the organization’s professional standard o...Read More
What is a Purchase and Sale Agreement? – David Reecher A Purchase and Sale Agreement (PSA) is a written contract to buy and sell real estate which contains all of the agreed-upon terms for the trans...Read More
What is a Public Offering Statement (POS)? – David Reecher A Public Offering Statement is a document prepared by the attorneys representing the builder of a newly constructed condominium building. T...Read More
What is property tax? – David Reecher Property tax is a tax on property paid by owners to state or local governments. The amount of the tax is determined by an assessment. Homeowners pay this t...Read More
What is a procuring cause in real estate? – David Reecher The procuring cause of a real estate transaction is the interaction between a buyer or seller and a real estate agent that results in the pu...Read More
What is a probate sale? – David Reecher Probate is the legal process by which a court oversees the settlement of an individual’s estate after his death. If the deceased’s will doesn’t specify ...Read More
What is private mortgage insurance (PMI)? – David Reecher Mortgage insurance protects the mortgage lender against loss if a borrower defaults on a loan. Private mortgage insurance is required for bo...Read More
What is Price/Square Foot ($/Sq. Ft.)? – David Reecher This is the list or sale price of a home divided by the number of finished square feet. It determines how much a buyer will pay for a square fo...Read More
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