So many people may struggle with verbage in real estate as a new agent or even a seasoned agent that might stump us! So here is a quick Amy Tip on the synonyms for studying for your Sales Candidate real estate exam or Broker license exam in Texas. 

• Blockbusting=Panic Peddling

• Steering=Channeling

• Breach=Default

• Joint Tenancy = Tenancy by the Entirety (Married)

• Loan Buydown=Discount Points

• Lot and Block= Recorded Map=Recorded Plat

• Government Survey System (GSS)= Rectangular Survey System (RSS)

• Market Data Approach= Sales Comparison Approach

• Income Approach = Capitalization Method

• Economic Obsolescence = External Obsolescence =Environmental Obsolescence

• Special Agency= Limited Agency

• Homeowner’s Association (HOA) = Property Owner’s Association (POA) = Condominium Association

• Client= Principal

• Non-conforming use = grandfathered use

• Buyer’s Agent = Selling Agent

• Buyer’s Broker= Selling Broker

• Escrow Account= Trust Account=Impound Account=Reserve Account

• Mortgage=Deed of Trust

• Lender=Creditor=Lienholder=Beneficiary (in a deed of trust)=Mortgage

• Note=Promissory Note

• Take Back= Carry Back=Owner Financing =Seller Financing

• Water’s Edge=Vegetation Line – High Tide line

• Alienation =Transfer = Due on Sale of Clause

• Devise=real property inherited by will

• Devisee=beneficiary=heir-recipient of real property by will

• Personal Property=Personalty=Chattel

• Forcible Entry and Detainer=Eviction

• Recording=Filing

• Closing=Consummation

• Fixture=Improvement (not an accessory)

• Contract for Deed=Installment Contract=Land Contract=Real Estate Contract-mortgagee’s executory contract- REMEMBER THIS IS NOT THE SAME AS AN INSTALLMENT CONTRACT