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How Will You Score in this Costa Mesa Real Estate Quiz?

Every profession creates them—an ever-expanding vocabulary of specialized terms, followed by the list of acronyms they spawn. Costa Mesa real estate is certainly no exception.

Fortunately for the numerous house-hunters who have been out prospecting for Costa Mesa homes this fall—and for the homeowners whose properties are their quarry—there’s really no need to memorize them all. Your Realtor® (ideally, that’s me) will acquaint you with all the definitions you need to know, if and when they crop up.

Even so, since some of the most common ones do occasionally creep into blogs, ads, and various other Costa Mesa real estate communications, here is an abbreviated list of some common ones. Anyone with personal home buying and selling experience will recognize many of them, but may not remember the literal definitions. You can make this into a quiz by covering up the column on the right—if you get more than half of them, consider yourself a REV (Real Estate Virtuoso):

ARM ………………………………... Adjustable-Rate Mortgage
ASP ………………………………... Accredited Staging Professional
COE……………………………….... Realtors® Code of Ethics
CMA ………………………………... Comparative Market Analysis (aka, a “comp”)
CPM ………………………………... Certified Property Manager
DR ………………………………...... Designated Realtor® (a member of the NAR)
DTI ………………………………..... Debt-to-Income Ratio
FHA ………………………………... Federal Housing Administration
FICO ………………………………... Fair Isaac Corporation’s creditworthiness rating
FMV ………………………………... Fair Market Value
FSBO ………………………………... For Sale By Owner
GAA ………………………………... General Accredited Appraiser
HOA ………………………………... Homeowners Association
HUD ………………………………... Federal Dept. of Housing and Urban Development
L/O ………………………………... Lease Option
LTV ………………………………... Loan-to-Value ratio
MFH ………………………………... Multi-Family Home
MLS ………………………………... Multiple Listing Service
NAR ………………………………... National Association of Realtors®
NOO ………………………………... Non-Owner Occupied
OO ………………………………... Owner-Occupied
PMI ………………………………... Private Mortgage Insurance
REO ………………………………... Real Estate Owned (a property owned by the lender)
RTO ………………………………... Rent-to-Own

The difference between REO and RTO is only significant when they are fixtures in your everyday professional life. Call us whenever it’s time for you to capitalize on our extensive Costa Mesa real estate experience!

We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976.  It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa  If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com

 

 

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