There are a set number of maximum increases over the life of the loan, with the fluctuating rate based on a national index. Agent A person who is authorized by another to act on their behalf. Asbestos A mineral fiber which has been used in a variety of ways within the home, but generally as an insulator around plumbing. Asbestos can be friable or non-friable, and may be hazardous to health. The determination by the state of the property s worth, for property tax purposes.
Assessed value is usually a percentage of the appraised value.
A lump-sum payment due at the end of a mortgage contract period. Breach A failure to perform as promised in a contract. A person who is licensed to charge a fee to buy, sell, exchange, or lease real property for others. The business of bringing buyers and seller together in the marketplace. Buyer Agency Agreement A written employment agreement that creates an agency relationship between a broker and a buyer.