Chapter 22&23 Test

Front

the highest price that the property will bring on the market

Back

market value

Front

home value determined by examining the structure, size, features, and quality as compared to similar homes

Back

appraised value

Front

value set by the city or county that is used to compute property taxes

Back

assessed value

Front

the approximate value of homes, determined by real estate agents, used to help sellers establish a list price

Back

estimated value

Front

to increases in market value, over time

Back

appreciate

Front

difference between the market value of property and the amount owed on it

Back

equity

Front

to fill out an application to see how much money you would be qualified to borrow

Back

prequalify

Front

an offer to buy property accompanied by a deposit

Back

earnest-money offer

Front

a formal agreement to the terms of an offer, forming a contract between the parties

Back

acceptance

Front

a percentage of the sale price paid to real estate agents for their work

Back

commission