21. CRB

Certified Residential Broker. To be certified, a broker must be a member of the National Association of Realtors,® have five years experience as a licensed broker and have completed required Residential Division courses.

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22. CRS

Certified Residential Specialist.

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23. Debt Ratios

The comparison of a buyer's housing costs to his or her gross or net effective income, and the comparison of a buyer's total long-term debt to his or her gross or net effective income. The first ratio is housing ratio; the second ratio is total debt...

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24. Due-On-Sale Clause

A clause that requires a full payment of a mortgage or deed of trust when the secured property changes ownership.

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25. Earnest Money

The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.

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26. Equity

The difference between what is owed and what the property could be sold for.

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27. Escrow

A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties' instructions and assuming responsibility for handling all of the paperwork and distribution funds.

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28. Federal Home Loan Mortgage Corporation (FHLMC)

Called Freddie Mac; a part of the secondary market, particularly used to purchase loans from savings and loan lenders within the Federal Home Loan Bank Board.

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29. Federal National Mortgage Association (FNMA)

Popularly known as Fannie Mae. A privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by the VA, as well as conventional home mortgages.

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30. Fee Simple

An estate in which the owner has unrestricted power to dispose of the property as he wishes, including leaving by will or inheritance. It is the greatest interest a person can have in real estate.

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