How many of these real estate acronyms do you know?

 

Real estate lingo explained 

 

Have you ever read a property listing description and couldn't quite figure out what some of the terms meant? You are not alone. Don't feel bad - even the HUD Secretary, Ben Carson, couldn't figure out the meaning of an REO. Sometimes real estate agents like to pepper their sentences with terms that seem to have an obvious meaning to them, but which are often foreign to many consumers. Let us demystify the most common ones here.

 

HUD - Housing Urban Development (government entity)

REO - Real Estate Owned (by a bank, also known as a foreclosure property - not to be confused with Oreo cookies)

EIK - eat in kitchen

KIT - kitchen 

FHA - Federal Housing Authority (government entity, responsible for guaranteeing mortgages for home buyers with low downpayment/low credit score)

HOA - home owners association (usually found in community developments) 

PMI - private mortgage insurance

HWF - hardwood floor

HW - hot water 

HSE - house 

WBF - wood burning fireplace

FRPLC - fireplace

TLC - tender loving care (the property needs work!) 

W/D - washer and dryer

ELEV - elevator or elevation

AVAIL - available 

FAR - floor area ratio

FDR - formal dining room 

FIN - finished 

FSBO - for sale by owner

BSMT - basement

BLDG - building

BALC - balcony 

CofO - certificate of occupancy

CMA - Comparative Market Analysis (prepared by agents to assess the potential sale price of a property) 

CEIL - ceiling

COOP (or co-op) - cooperative ownership 

SF - square footage 

GAR - garage

PVT - private

APT - apartment 

APR - annual percentage rate (= interest rate on a loan) 

PRTL - partial

REC - recreation

REQ - required 

RENO - renovated

REFRG - refrigerator 

MLS - Multiple Listing Service (~ property listing clearing house)

MRBL - marble

NBHD - neighborhood

NGS - natural gas 

GRNT - granite 

PUD - planned unit development

PKG - parking 

DPLX - duplex

DCK - deck

DOM - days on the market (how long a particular property has been offered for sale or lease) 

CFAN - ceiling fan 

INCL - included

BOM - back on the market (when a property that was previously off the market becomes available again)

DET - detached

DTI - debt to income ration (used by lenders to assess one's credit qualifications) 

DR - dining room

LR - living room 

TERR - terrace

OFC - office 

SHWR - shower

HVAC - heating, ventilation, air conditioning 

UTILS - utilities 

VU -view

VA - Veteran's Administration

LA - listing agent 

WIND - window

WLKP - walk-up