Basic Rate: In terms of title insurance, the standard rate incurred by consumers who do not qualify for a reduced rate.
Beneficiary: Regarding loans, it is the Lender.
Binder: A contract consisting of a brief, written agreement acknowledging a deposit is made for a real estate purchase.
Broker: A professional negotiator who acts on behalf of another and is paid in commission or fees. Generally a Broker is required by law to be in charge of the office and responsible for the conduct of the agents working in the office.
Broker-Salesperson: A real estate professional who has more training and experience then others but is not officially in charge of the office.
Broker’s Market Analysis (BMA): A document real estate brokers use to calculate and estimate property value, suggest a marketing strategy, and present the marketing strategy in a logical way.
Broker’s Price Opinion (BPO): A professional estimate made by a real estate broker of the net sale price of a property. A BPO is based on the characteristics of the property being considered.
Broker’s Tour: A time and date set by multiple brokers in order for real estate agents to view various listed properties on the market.
Brokerage: Either a fee or commission paid to a broker.
Buyer: The person, persons, or company purchasing a property.
Buyer Agency: Where the real estate agent represents the buyer in a real estate transaction.
Buyer Agent: Working on behalf of the buyer, the agent who shows and seeks the property, negotiates the contract, and assists the buyer in closing the transaction.