Real Estate Terms That Start With A AbuttingĪbutting means an area of land or a building that has a common boundary with another. This is our guide for all the real estate terms that show up on the exam. The key concepts and words you have to study are essential for obtaining your real estate license, so it’s crucial you learn and become familiarized with them.
#REAL ESTATE LINGO LISTING UPDATE#
He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog.A B C D E F G H I J K L M N O P Q R S T U V W X Y Zīy far the most substantial chunk of the real estate license exam is the vocabulary. Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. There are many steps to successful property investment, and even more important than choosing the right property is choosing the right location – an area with potential to outperform market averages.Įven if you end up buying a quirky must-see property that’s a renovator’s delight, you can still make money if you look past any marketing gimmicks and stick to sound investment fundamentals. This includes using the listing as the first port-of-call, regardless of the flowery language that may be used, and then attending an open home or inspection to continue their research. While this article is meant to be humourous, it’s important that investors do their due diligence on every property that they’re interested in. The 1940s post-war property is mostly in original condition but the kitchen taps were updated in the 1990s so that could be classed as being more modern, I guess. While funky is still generally cool, when it describes real estate you’re probably going to find shag-pile carpet, a conversation pit and paisley wallpaper throughoutĪ courtyard can mean different things to different people, but generally it means an outdoor “space” of indeterminate size or quality. When a property is character-filled, it can mean that the previous owner was an amateur “artist” so each room has been painted with different exotic native animal motifs.Īlso read: EOFY: 9 deductions property investors can make Renovator’s delight means all the above, but you’ll need to replace 98 per cent of the stumps and take out a second mortgage to cover the refurbishment. This can sometimes reflect the fact that the property is old, fibro, has asbestos as well as an out-of-order outside loo. Must-see if one of the most overused terms in real estate, because you’ve often seen most of the property via the online listing – that is, unless the agent is trying to create some excitement by only featuring the exterior of the property in the listing… which rarely works as a marketing tool, by the way.Ĭlassic often means it’s weatherboard, fibro, really old or perhaps is filled with asbestos.
While there is legislation to prevent misleading advertising, sometimes a potential study or second bedroom is actually just the broom cupboard trying to be something else (and failing!) The previous owner LOVED orange and that’s why every room (even the loo) is painted their favourite colour. Let’s fact is, cosy can mean tiny or miniscule or you can’t even swing a kitten in it.ĭitto above, but imagine a property or rooms that are even smaller than that. Quirky can often mean bad – that is, a “would-be” renovator or interior decorator was the previous owner and they liked things their way so you have dark cupboards masquerading as bedrooms and feature walls festooned with pink flamingos. Why use this insider’s guide to real estate lingo of course! So, how does the average punter, decipher their words from the reality? Real estate lingo has always been difficult to understand because agents generally adopt unique terminologies to help “promote” their listings.Īlso read: This is when the property bubble will burst There are plenty of pretty pictures, floor plans and even walk-through videos designed to attract oodles of potential buyers.īut just because there are more visuals than there used to be, it doesn’t necessarily mean that the words that go with the listing are any more insightful. Today’s online real estate listings are much more sophisticated than years gone by.
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