The sales comparison approach estimates property value by comparing recently sold comparable properties. Learn how adjustments work and what to expect on the real estate license exam.
A contingency clause in real estate is a condition that must be met before a contract becomes binding. Learn how contingencies work, common types, and what to expect on the real estate license exam.
LTV, DTI, and PMI are three key lending ratios that determine mortgage qualification and cost. Learn how they work, their thresholds, and what to expect on the real estate license exam.
The closing process in real estate describes the final steps where ownership transfers from seller to buyer. Learn what happens at closing, who pays what, and what to expect on the real estate license exam.
An encumbrance in real estate is any claim or interest that limits property rights without preventing ownership. Learn the types of encumbrances, how they affect property value, and what to expect on the real estate license exam.
A void contract has no legal effect, while a voidable contract can be cancelled by one party. Learn the key differences, real estate examples, and what to expect on the real estate license exam.