# Essential real estate terms you should know By Opendoor Editorial Team | 2019-10-17 > Taking time to understand the real estate vocabulary can help you to better prepare for a swift transaction. ## Key Takeaways #### Key Takeaways - Most real estate vocabulary clusters into five buckets: **listing & status**, **financing & mortgage**, **offers & contracts**, **legal & title**, and **commercial real estate (CRE)**. - Listing-status terms describe where a home sits in the sale (active, contingent, pending, withdrawn, expired); see Opendoor's [contingent vs. pending guide](https://www.opendoor.com/articles/contingent-vs-pending) for the day-to-day usage. - An **acre** is **43,560 square feet**, and **basis points (bps)** are **1/100th of 1%** — both are baseline measurements used in residential and commercial deals \[VERIFY: confirm acre and basis-point definitions in NAR or FTC reference\]. - Federal sources you'll see referenced in real estate paperwork include [HUD](https://www.hud.gov/), [FEMA](https://www.fema.gov/) (flood zones), the [EPA](https://www.epa.gov/) (radon, lead-paint disclosure), and the GSEs: [Fannie Mae](https://www.fanniemae.com/), [Freddie Mac](https://www.freddiemac.com/), and [Ginnie Mae](https://www.ginniemae.gov/). - Commercial real estate (CRE) adds its own vocabulary built around lease structures (gross, modified gross, NNN), yield (cap rate, NOI), and 1031 exchange rules — see the [NAIOP industry-terms glossary](https://www.naiop.org/education-and-career/industry-terms-and-definitions/) for the full list. # **The Complete Real Estate Terminology Guide** Buying or selling a home means navigating a maze of unfamiliar terms — escrow, contingencies, title insurance, and dozens more. Without a clear grasp of what these words mean, you can miss important details or feel uncertain about decisions that affect your financial future. This guide walks you through the most common real estate terminology, from property types and financing basics to closing paperwork and regional variations, so you can move forward with confidence. ## **Key real estate terms to know** Real estate covers property types like houses, apartments, and commercial buildings, along with the land underneath. When you buy or sell property, you're transferring ownership rights — and that process comes with its own vocabulary. At its core, real estate means land plus anything permanently attached to it. The term also includes the legal rights to use, modify, and transfer that property. You'll hear words like mortgage, escrow, and title throughout your home journey, and knowing what they mean helps you move forward with confidence. ### **Title** Title proves you legally own a property. It's not a physical document — it's the right itself, though the deed serves as written evidence. Before closing, a title company[ searches public records](https://www.opendoor.com/articles/what-is-a-preliminary-title-report) to confirm the seller actually owns the home and can transfer it to you. Clear title means no one else has claims on the property — no unpaid liens, no boundary disputes, no hidden ownership issues. ### **Escrow** [Escrow is a neutral third party](https://www.opendoor.com/articles/what-is-escrow) holding your money and paperwork until the sale closes. Your earnest money deposit goes into an escrow account, not directly to the seller. Documents like the deed and loan papers stay with the escrow company until both sides meet every condition. Once inspections pass, financing comes through, and all signatures are collected, escrow releases the funds and records the deed. The whole process usually takes 30 to 45 days — with[ conventional purchases averaging 41 days](https://www.bankrate.com/mortgages/what-are-closing-costs/) — though some states close faster. ### **Earnest money** [Earnest money](https://www.opendoor.com/articles/earnest-money) shows the seller you're serious. When your offer gets accepted, you put down 1% to 3% of the purchase price — often $1,000 to $5,000 — into escrow. This isn't extra money you lose. It applies toward your down payment or closing costs when the sale goes through. If you back out without a valid reason spelled out in your contract, though, the seller typically keeps your deposit. ### **Equity** Equity is what you actually own in your home. Take your home's current value and subtract what you still owe on the mortgage — the difference is your equity. If your house is worth $350,000 and your loan balance sits at $200,000, you have $150,000 in equity. You build equity two ways: paying down your loan over time and watching your home's value rise — with the average homeowner holding[ approximately $302,000 in equity](https://www.bankrate.com/home-equity/homeowner-equity-data-and-statistics/) in 2025. Equity isn't just a number. You can borrow against it, use it for your next down payment, or pocket it when you sell. [Get your offer](#) Related: [real estate comps explained](https://www.opendoor.com/articles/home-sellers-why-you-should-care-about-comps). ## **Property types and listing vocabulary** ### **Residential properties** Residential properties are built for people to live in. Single-family homes stand alone on their own piece of land. Townhouses share one or two walls with neighbors but usually come with their own entrance and small yard. Condos are individual units inside a larger building, and when you buy one, you own your specific unit plus a percentage of shared spaces like lobbies, pools, and parking areas. ### **Commercial properties** Commercial properties house businesses instead of families. Office buildings, retail stores, restaurants, warehouses, and shopping centers all count as commercial real estate. The big difference? Commercial properties make money through business operations or by leasing space to tenants, and banks evaluate them based on income potential rather than comparable home sales. ### **Industrial properties** Industrial properties support manufacturing, storage, and distribution. Factories, distribution centers, and large warehouses fall into this category. You'll often find them near highways, rail lines, or shipping ports — anywhere that makes moving products easier. ### **Multiple listing service** The Multiple Listing Service, or MLS, is where real estate agents post homes for sale. When an agent lists a property, all the details — price, photos, square footage, number of bedrooms — get entered into the local MLS database. Other agents can search the MLS and show those homes to their buyers. You won't have direct access to the MLS, but public sites like Zillow and Realtor.com pull much of their data from it. ### **Days on market** Days on market — often shortened to DOM — counts how long a home has been listed. The timer starts when the listing goes live and stops when a seller accepts an offer. Low DOM, like under 20 days, usually means strong demand or smart pricing — compared to the[ median 58 days](https://www.homelight.com/blog/how-long-does-it-take-to-sell-a-house/) homes spent on market in September 2025. High DOM can signal the home is overpriced, has issues, or sits in a slower market. Either way, DOM gives you a quick read on how a property is performing. ### **As-is sales** As-is means the seller won't fix anything before you close. You're buying the home exactly as it sits today, cracks in the foundation and all. Sellers choose as-is when they can't afford repairs, want a faster sale, or simply don't want the hassle of contractor bids and project management. As a buyer, get a thorough inspection — you'll own every problem the moment you sign. ### **Probate sales** Probate sales happen when a homeowner dies without a clear estate plan. The court steps in, appoints someone to handle the estate, and authorizes the home sale. Proceeds get distributed according to state law or the deceased's will. Probate sales take longer than typical transactions — sometimes four to six months — because the court has to approve major decisions along the way. ### **Real-estate owned properties** Real-estate owned properties, or REO homes, belong to the bank. When a foreclosed home doesn't sell at auction, ownership reverts to the lender. Banks want these properties off their books, so REO homes often come with lower prices. However, they're almost always sold as-is, and you may face financing challenges if the property doesn't meet minimum lending standards. [Get your offer](#) ## **Financing and mortgage terminology** ### **Mortgage basics** A mortgage is a loan you take out to buy a home, and the home itself backs the loan. If you stop paying, the lender can foreclose and take the property. Your monthly payment usually includes four parts: principal (the actual loan amount you're paying down), interest (what the lender charges to loan you money), property taxes, and[ homeowners insurance](https://www.opendoor.com/articles/what-is-homeowners-insurance). Lenders often call this PITI. ### **Down payment requirements** Your down payment is the cash you bring to the table upfront. Conventional loans typically ask for 5% to 20% down. FHA loans accept as little as 3.5%. VA and USDA loans let eligible buyers put zero down. The more you pay upfront, the smaller your loan and the lower your monthly payment — but coming up with a large down payment can delay your purchase timeline. ### **Adjustable-rate mortgage** An adjustable-rate mortgage — an ARM — gives you a fixed rate for an introductory period, often three, five, or seven years. After that, your rate adjusts annually based on market indexes. ARMs usually start with lower rates than fixed mortgages, which can save you money early on. However, your payment can increase significantly once adjustments begin. ### **Fixed-rate mortgage** A fixed-rate mortgage locks your interest rate for the life of the loan. Whether you choose a 15-year or 30-year term, your principal and interest payment never changes. Market rates could double, and your payment stays the same — offering predictability and protection against rising rates. ### **Debt-to-income ratio** Debt-to-income ratio, or DTI, measures how much of your monthly income goes toward debt. Lenders add up your future mortgage payment, car loans, student loans, credit cards, and any other monthly obligations, then divide by your gross monthly income. A DTI of 36% means 36% of your income covers debt. Most lenders want to see DTI below 43%, though some allow higher with strong credit or large cash reserves. ### **FHA loans** FHA loans are backed by the Federal Housing Administration and designed for buyers with smaller down payments or less-than-perfect credit. You can qualify with a down payment as low as 3.5% and a credit score around 580. The catch is[ mortgage insurance](https://www.opendoor.com/articles/what-is-pmi) — you'll pay an upfront premium plus monthly insurance for the life of the loan, unless you refinance later. ### **VA loans** VA loans are a benefit for military service members, veterans, and some surviving spouses. The Department of Veterans Affairs guarantees the loan, so lenders offer zero down payment, no monthly mortgage insurance, and competitive rates. You'll pay a one-time funding fee, but it can be rolled into your loan amount. ## **Offers, contingencies, and closing language** ### **Purchase agreements** The purchase agreement is the contract between buyer and seller. It spells out the price, closing date, what stays with the house, and any conditions that have to be met. Both sides sign, and you're legally bound — unless a contingency gives you an exit. ### **Appraisal contingency** An appraisal contingency protects you if the home's value comes in low. Lenders hire an independent appraiser to confirm the property is worth the loan amount. If the appraisal falls below your offer price, you can renegotiate, ask the seller to drop the price, or walk away and get your earnest money back. ### **Inspection contingency** The inspection contingency gives you time to hire a professional inspector. Most contracts include seven to 10 days for this. If the inspector finds major problems — foundation cracks, roof damage, outdated electrical — you can ask the seller to fix them, request a price reduction, or[ cancel the deal](https://www.opendoor.com/articles/contingent-vs-pending). ### **Loan contingency** A loan contingency, sometimes called a financing contingency, lets you cancel if your mortgage falls through. Even with pre-approval, final underwriting can reveal issues. You typically have 30 to 45 days to secure financing. If the loan doesn't close, you get your deposit back. ### **Closing costs breakdown** Closing costs are the fees you pay to finalize the sale, separate from your down payment. Buyers usually pay 2% to 5% of the purchase price covering loan fees, appraisal, title insurance, and escrow services. Sellers typically cover[ agent commissions and transfer taxes](https://www.opendoor.com/articles/how-much-are-closing-costs-for-seller). **Common buyer costs:** Loan origination fee Appraisal Credit report Title insurance (lender's policy) Escrow or attorney fees Prepaid property taxes and insurance Home inspection **Common seller costs:** Agent commissions Title insurance (owner's policy) Transfer taxes Mortgage payoff Prorated property taxes Home warranty (if offered) ### **Rent-back agreements** A rent-back lets the seller stay in the home after closing. You own it, but they rent it from you for a set period — anywhere from a few days to 60 days. Both sides agree on a daily rate and move-out date, and everything gets written into a separate agreement. Rent-backs help sellers who haven't found their next home yet or who need extra time to relocate. Related: [contingent vs. pending guide](https://www.opendoor.com/articles/contingent-vs-pending) · [earnest money explained](https://www.opendoor.com/articles/earnest-money) · [seller concessions overview](https://www.opendoor.com/articles/what-are-seller-concessions). ## **Cash offers and iBuyer terminology explained** ### **iBuyer definition** An iBuyer is a company that buys homes directly using technology and data. Instead of listing your home and waiting for buyers, you request an offer online. The iBuyer evaluates your property, sends you a cash offer within 24 to 48 hours, and lets you pick your closing date. Companies like Opendoor pioneered this model in 2014, giving sellers a faster, more predictable alternative to the traditional market. ### **Instant cash offers** Instant cash offers skip the listing process entirely. You answer questions about your home's condition, location, and features online. The company's pricing algorithm analyzes comparable sales and market trends, then generates an offer. If you accept, you close on your timeline — often in as little as 10 days or as long as 60 days out. ### **Backup offers** A[ backup offer](https://www.opendoor.com/articles/how-to-choose-the-best-offer-on-your-house) is your second-position bid on a home already under contract. If the first buyer's financing fails or their inspection uncovers deal-breaking issues, your offer automatically moves to first place. Sellers sometimes accept backup offers for security, knowing another buyer is ready if the primary deal collapses. ### **Seller concessions** Seller concessions are closing costs the seller agrees to cover for you. Common concessions include paying part of your loan fees, buying a home warranty, or giving you credit for repairs. Buyers often request concessions when cash is tight or when inspection reveals problems. Lenders cap concessions at 3% to 6% of the purchase price, depending on your loan type. Related: [what is a cash offer in real estate](https://www.opendoor.com/articles/what-is-a-cash-offer-in-real-estate-and-why-consider-it). ## Commercial real estate (CRE) terms you'll see in 2026 Commercial real estate has its own vocabulary built around investment math, lease structures, and tenant economics. The [NAIOP industry-terms glossary](https://www.naiop.org/education-and-career/industry-terms-and-definitions/) is the most-used reference list in the CRE industry, and most everyday conversations stay anchored to yield, lease type, and square-footage measurements. The terms below are the ones residential agents most often need to translate when a client crosses over. - **Cap rate (capitalization rate).** Net operating income divided by purchase price, expressed as a percentage. A 6% cap rate on a property generating $60,000 NOI implies a $1 million purchase price. Cap rates run higher in secondary markets and lower in prime urban cores. - **NOI (net operating income).** Gross rental income minus operating expenses, before debt service and income tax. It is the single most-cited number in CRE underwriting. - **Gross, modified gross, and triple-net (NNN) leases.** A gross lease bundles taxes, insurance, and maintenance into rent; a modified gross splits some of those expenses; an [NNN lease](https://www.naiop.org/education-and-career/industry-terms-and-definitions/) passes all three through to the tenant. NNN deals are common in single-tenant retail (drugstores, fast-food chains, banks). - **CAM (common area maintenance) charges.** The tenant's pro-rata share of upkeep on shared spaces (lobbies, parking, hallways, landscaping). In a multi-tenant retail or office building, CAM reconciliations happen annually. - **Floor area ratio (FAR).** Total building floor area divided by lot area. A 2.0 FAR on a 10,000-square-foot lot allows up to 20,000 square feet of building, subject to zoning. - **1031 exchange.** A tax-deferral mechanism under [IRS Section 1031](https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips) that lets investors swap one investment property for another and defer capital gains, provided they identify the replacement within 45 days and close within 180 days of the sale. - **Offering memorandum (OM).** The marketing package a CRE broker prepares for a listed property, with financials, rent roll, photos, market data, and offering terms. - **Load factor.** The ratio of rentable square feet to usable square feet in office leasing. A 15% load factor means the tenant pays for 15% more space than they can actually occupy (counting their share of common areas). - **Class A / B / C.** Quality tiers for office and industrial buildings; Class A rents above market, Class C is older value-add stock. For unit conversions: one **acre** = **43,560 sq ft**, one **hectare** ≈ **2.471 acres**. **Basis points (bps)** are **1/100th of 1%**. ## **Legal and documentation real estate terms** ### **Deed types** A deed transfers property ownership from one person to another. Warranty deeds guarantee the seller has legal ownership and will defend your title against future claims — the safest option. Quitclaim deeds transfer whatever interest the seller has, if any, with zero guarantees. Family members often use quitclaim deeds, but they carry more risk in arm's-length sales. ### **Title insurance** Title insurance protects you from ownership disputes and hidden claims. The lender's policy protects the bank. The owner's policy protects you. If an old lien surfaces or someone challenges your ownership, title insurance covers legal costs and potential losses. You pay once at closing, and coverage lasts as long as you own the home. ### **Homeowner association rules** A homeowner association, or HOA, manages shared spaces and enforces community rules. When you buy into an HOA, you agree to follow regulations on everything from lawn care to exterior paint colors. You'll pay monthly or annual fees covering amenities like pools, landscaping, and snow removal. HOAs can also fine you for violations or, in extreme cases, place a lien on your property. ### **Zoning regulations** Zoning laws dictate how you can use your property. Residential zones allow homes but typically ban commercial businesses. Commercial zones permit retail, office, or industrial use. Mixed-use zones allow both. Your local planning department enforces zoning, and violating it can result in fines or orders to cease the non-conforming use. Related: [what is encroachment in real estate](https://www.opendoor.com/articles/what-is-encroachment). ## Federal agencies and entities you'll see referenced Most real estate paperwork — disclosures, loan documents, inspections, insurance — references a handful of federal agencies and government-sponsored enterprises (GSEs). Knowing which agency owns which rule saves time when something on a disclosure or contract feels unfamiliar. The [Consumer Financial Protection Bureau's homebuyer resources](https://www.consumerfinance.gov/owning-a-home/) are a useful starting point that ties many of these acronyms together in plain English. - **HUD — U.S. Department of Housing and Urban Development.** Oversees [FHA loans](https://www.hud.gov/program_offices/housing/fhahistory), public housing, and the Fair Housing Act. You'll see HUD on the closing disclosure (the form replaced the legacy HUD-1) and on FHA appraisal addenda. - **FEMA — Federal Emergency Management Agency.** Publishes the flood-zone maps that drive whether a lender requires flood insurance. The [FEMA Flood Map Service Center](https://msc.fema.gov/portal/home) is where you check a property's flood zone before closing. - **EPA — Environmental Protection Agency.** Source for [lead-paint disclosure rules](https://www.epa.gov/lead/real-estate-disclosure) on pre-1978 homes, radon guidance, and asbestos protocols. Both buyer and seller see EPA-mandated forms in transactions on older homes. - **CFPB — Consumer Financial Protection Bureau.** Owns the [Loan Estimate and Closing Disclosure forms](https://www.consumerfinance.gov/owning-a-home/loan-estimate/) buyers receive during a mortgage transaction. - **Fannie Mae (FNMA).** Government-sponsored enterprise that buys conventional mortgages from lenders, providing liquidity to the residential mortgage market. Fannie's underwriting standards set most of the rules conventional borrowers see. - **Freddie Mac (FHLMC).** A second GSE that, like Fannie Mae, purchases mortgages on the secondary market. Together they back most conventional conforming loans in the U.S. - **Ginnie Mae (GNMA).** A wholly owned government corporation that guarantees mortgage-backed securities containing FHA, VA, and USDA loans. Ginnie does not buy loans directly the way Fannie and Freddie do. - **VA — U.S. Department of Veterans Affairs.** Backs the [VA home-loan program](https://www.va.gov/housing-assistance/home-loans/) for eligible service members and veterans, including the Notice of Value used on VA appraisals. - **USDA — U.S. Department of Agriculture.** Runs the [USDA Rural Development single-family loan program](https://www.rd.usda.gov/programs-services/single-family-housing-programs) for eligible rural and small-town buyers. When a term on your paperwork comes back to one of these agencies, the .gov site is usually the most current source of truth, ahead of any third-party explanation. ## **Regional and state-specific terminology** ### **Option periods** In Texas, the option period gives buyers an unrestricted out. For a small fee — usually $100 to $500 — buyers get seven to 10 days to inspect, reconsider, or simply change their mind. During this window, they can terminate for any reason and get their earnest money back. Once the option period expires, walking away becomes much harder. ### **Natural hazards disclosures** Some states, including California, require sellers to disclose natural hazard risks. The natural hazards disclosure report flags whether your property sits in an earthquake zone, flood plain, fire hazard area, or landslide region. Buyers receive this report early, giving them time to research risks, adjust their insurance, or reconsider the purchase. ### **Tenancy in common** Tenancy in common lets two or more people own a property together with separate, distinct shares. One person might own 70% while another owns 30%. Each owner can sell or transfer their share independently. When an owner dies, their portion passes to their heirs — not automatically to the other co-owners. ## Common abbreviations and acronyms (the cheat sheet) Real estate paperwork is acronym-heavy, and many of the abbreviations are interchangeable between residential and commercial contexts. Below is a quick reference for the most common ones, organized by category. For deeper coverage on the residential abbreviations, the [Consumer Financial Protection Bureau's mortgage glossary](https://www.consumerfinance.gov/owning-a-home/) is an authoritative source. **Listing and offer abbreviations.** **MLS** (Multiple Listing Service) is the agent-only database of for-sale properties; **DOM** (days on market) measures how long a listing has been active; **CTGS** flags a contingent-status listing that is still allowing showings; **REO** (real estate owned) is a bank-owned foreclosure; **FSBO** (for sale by owner) is a listing the seller is marketing without an agent. **Mortgage abbreviations.** **APR** (annual percentage rate) is the total cost of a loan including interest plus fees; **LTV** (loan-to-value) is the loan amount divided by the home's value; **DTI** (debt-to-income) is total monthly debt divided by gross monthly income; **PITI** is the four parts of a monthly mortgage payment — principal, interest, taxes, and insurance; **PMI** (private mortgage insurance) applies to conventional loans under 20% down; **MIP** (mortgage insurance premium) is the equivalent on FHA loans; **GFE/LE** referred to the legacy Good Faith Estimate, now replaced by the **Loan Estimate**. **Inspection and appraisal abbreviations.** **CMA** (comparative market analysis) is an agent-prepared pricing report; see Opendoor's article on [how comps drive value](https://www.opendoor.com/articles/home-sellers-why-you-should-care-about-comps) for the residential workflow. **CRA** (comparable rental analysis) is the rental-side analog. **NOV** (Notice of Value) is the VA's version of an appraisal. **Commercial real estate abbreviations.** **NOI** (net operating income), **GRM** (gross rent multiplier), **DSCR** (debt service coverage ratio), **CRE** (commercial real estate), **CAM** (common area maintenance), **NNN** (triple-net lease), **OM** (offering memorandum), **TI** (tenant improvement allowance), and **FAR** (floor area ratio) are the workhorses in CRE underwriting and leasing conversations. **Legal abbreviations.** **HOA** (homeowners association), **CC&Rs** (covenants, conditions, and restrictions), **PUD** (planned unit development), **TIC** (tenancy in common), and **JTWROS** (joint tenancy with right of survivorship) come up in title and homeowner-governance documents. ## **Move forward with your real estate knowledge** Knowing the language of real estate removes confusion and puts you in control. When you understand terms like contingencies, equity, and title insurance, you can ask the right questions and make decisions that align with your goals. The traditional home sale can feel overwhelming — showings, repairs, uncertain timelines. Opendoor offers a different path: request a cash offer, review it on your schedule, and pick a closing date that works for you. **Ready to sell with certainty?**[ Get a free, no-obligation cash offer](https://www.opendoor.com/address-entry) and see what your home is worth today. ## A-to-Z real estate glossary index Use this A-to-Z index to jump to the term you want. The glossary that follows covers residential, commercial, mortgage, and legal vocabulary in one place. For technical terms that have their own dedicated Opendoor article (earnest money, escrow, contingent vs. pending, closing costs), the entry links straight through so you can read the long-form coverage rather than a one-line summary. Industry-standard glossaries from [NAIOP](https://www.naiop.org/education-and-career/industry-terms-and-definitions/) and federal agencies like [HUD](https://www.hud.gov/) are the references we lean on for terms that span both residential and commercial usage. - **A:** Acre, Adjustable-rate mortgage (ARM), Amortization, Appraisal, As-is, Assignment, Assumption - **B:** Basis points (bps), Bird dog, Blockbusting (illegal), Bridge loan, Broker, Buyer agency agreement - **C:** Cap rate, Cash to close, CC&Rs, Closing costs, CMA (Comparative Market Analysis), Comps, Conventional loan, Contingent - **D:** Days on market (DOM), Deed, Deed of trust, Down payment, Due diligence - **E:** Earnest money deposit (EMD), Easement, Encroachment, Equity, Escrow, Exclusive right to sell - **F:** Fair Housing Act, Fannie Mae, FHA loan, Fixture, Floor area ratio (FAR), Foreclosure, FSBO - **G:** Ginnie Mae, Grant deed, Gross lease - **H:** Hectare, HOA, Home inspection, HUD - **I:** iBuyer (model), Inspection contingency, Investor - **J:** Joint tenancy, Judgment lien - **K:** Kick-out clause - **L:** Lease, Lien, Listing agent, Loan estimate, Loan-to-value (LTV) - **M:** MLS, Mortgage, Mortgage insurance (MIP/PMI), Multiple listing - **N:** NAR (National Association of Realtors), Net operating income (NOI), NNN lease, Notary - **O:** Offer, Offering memorandum (OM), Origination fee - **P:** PITI, PMI, Pending, Points, Pre-approval, PUD (planned unit development) - **Q:** Qualified mortgage, Quitclaim deed - **R:** Realtor (vs. real estate agent), REO (real estate owned), Reserves, Right of first refusal - **S:** Seller concession, Short sale, Steering (illegal), Survey - **T:** Title insurance, Tenancy in common, Transfer tax, Triple net (NNN) - **U:** Under contract, Underwriting, Useful life - **V:** VA loan, Variance, Vesting - **W:** Walkthrough, Warranty deed, Wholesaling - **X-Y-Z:** 1031 exchange (numerical), Zoning **Frequently asked questions** --- *Originally published at [https://www.opendoor.com/articles/real-estate-terms-you-should-know](https://www.opendoor.com/articles/real-estate-terms-you-should-know)*