Closing costs

Home sale closing costs paid across the U.S. averaged a little over $3,000, according to a Bankrate.com survey. Closing costs include lender application fees, document processing fees, title search, and appraisal costs. The city with the highest closing costs was Buffalo, New York at $3,887. Cheyenne, Wyoming recorded the lowest closing costs at $2,772.
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Coldwell Banker

Colbert Coldwell established Coldwell Banker in 1906 following the disastrous San Francisco earthquake. In 1914, Benjamin Arthur Banker joined Coldwell as a full partner. After several decades of growth, Coldwell Banker became part of Sears. In 1996, Coldwell Banker was acquired by Hospitality Franchise Systems, later renamed the Cendant Corporation.
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Radon

Radon gas is formed as underground deposits of radium slowly decay and decompose. Released radon gas can enter into houses through cracks and holes in the foundations. If ventilation is inadequate, radon can build up to very unhealthy levels, increasing the risk of lung cancer. Nearly every U.S. state has dwellings with measured radon levels above acceptable limits.
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First zoning laws

New York City passed the first zoning laws in the United States in 1916. By the late 1920s, most localities in the nation were developing and passing zoning regulations. Remarkably, the city of Houston, Texas has no zoning ordinance. Voters there have rejected efforts to implement zoning in 1948, 1962 and 1993.
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Healthy home survey

According to a recent study by the National Center for Healthy Housing, one in three homes in U.S. metro areas has at least one problem that could harm residents' health or safety. The highest rates of healthy homes were recorded in Charlotte, Anaheim and Atlanta. At the bottom of the healthy home survey were Oakland, San Francisco and New York.
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Council of Real Estate Brokerage Managers

The Council of Real Estate Brokerage Managers (CRB) is a professional organization that provides education, resources and networking opportunities to real estate professionals. CRB offers the Certified Real Estate Brokerage Manager designation and publishes Real Estate Business Magazine. CRB was created in 1968 and has nearly 7,000 members nationwide.
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Credit scoring

Credit scoring was invented in the 1950s by Stanford University researchers Bill Fair and Earl Isaac. The two established Fair Isaac and Co. in 1956 to provide credit-scoring services. Their FICO credit score uses several factors to predict the likelihood of repaying a loan and is the most widely used credit bureau score in the world.
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RESPA

The Real Estate Settlement Procedures Act (RESPA) is a federal law passed in 1974 designed to make sellers and buyers aware of settlement fees and other transaction-related costs associated with a home sale. Due to its legal complexity and the evolving nature of home sales, RESPA has been revised several times in the past three decades.
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Redlining

Redlining is the practice of discrimination against racial groups by real estate lenders and insurance companies. The term originated from the red color used to distinguish failing grade neighborhoods on maps compiled for the 1930s FHA guaranteed mortgage program. The Community Reinvestment Act of 1977 made all redlining practices illegal.
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Hartford home bubble

The average home price in Hartford, Connecticut increased by 92% during a housing bubble in the late 1980s. Home prices peaked in 1988 and began retreating as the city's insurance industry started laying off or moving out. A Hartford home buyer who purchased a home in 1988 would have to wait until 2000 to receive their original purchase value.
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Largest residential real estate brokerage

NRT, a subsidiary of Cendant Corporation, is the largest residential real estate brokerage company in the United States. NRT does business under the Coldwell Banker, ERA, and Sotheby's International Realty brands. The company operates in more than 35 of the nation’s largest metropolitan markets, and has more than 8,000 employees and 62,000 sales associates.
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Senior population

According to a report by the Joint Center for Housing Studies at Harvard University, by 2025, every U.S. state will see at least 10% of its population over age 65. California, Florida and Texas are expected to account for 29% of the total increase in the senior population. The smallest increases will occur in the northeast and upper midwest states.
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VA home loans

The Veterans Administration (VA) home loan program is a government-sponsored mortgage assistance program created under the Servicemen's Readjustment Act of 1944. The program allows eligible veterans and widows or widowers of veterans who died in service to obtain partially guaranteed loans for the purchase or construction of a house or to refinance existing mortgage debt.
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1,000 single-family homes

According to a National Association of Home Builders study, the construction of 1,000 single-family homes generates 2,448 full-time construction and construction-related jobs, $79.4 million in wages, and $42.5 million in combined federal, state and local revenues and fees.
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Company towns

Company towns are developed around one industry or company. These isolated communities have historically been associated with mining, dam building, defense, lumber, steel and automobile manufacturing. Two modern company towns include Bagdad, Arizona, serving Phelps Dodge Corporation, and Scotia, California, largely owned by the Pacific Lumber Company.
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Fair Housing Act

President Lyndon Baines Johnson signed the Civil Rights Act of 1968 into law two days after Martin Luther King's April 9 funeral. This act is often referred to as the Fair Housing Act of 1968. Among other things, the act prohibited discrimination concerning the sale, rental and financing of housing based on race, religion, national origin and gender.
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Small House Society

The Small House Society is for people interested in small houses. Living in smaller spaces is gaining favor as a result of economic conditions and the desire for simple more effective living. Advocates for less, the Small House Society touts the environmental, economic, and efficient benefits of the small house movement and the trend toward living in smaller spaces.
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Homeowner insurance premiums

Homeowner insurance premiums are affected by many factors inside and outside the home. The main factors are: the age and condition of the home, the home's replacement cost, the construction materials used in the home, neighborhood, availability of local fire protection, the homeowner's claims history, and the homeowner's credit score.
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Private islands

There are currently several hundred personal islands on the market for sale. Like most real estate, location, proximity and demand are the most important factors in determining an island's price. A tropical South Pacific island is far more expensive than a northern island with evergreens. Islands may also be rented. Learn more about island real estate from PrivateIslandsOnline.com.
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Department of the Treasury auctions

The U.S. Department of the Treasury holds weekly auctions of properties that have been seized due to illegal activity or for duties/taxes that were not paid. The properties for auction include such items as vehicles, boats, aircraft, jewelry, apparel, electronics, as well as homes and land. All auction items are sold "as-is" and all sales are final.
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Condos and Co-ops

A condominium owner legally owns a unit in a multi-unit building and also has a share and a right to use common property inside and outside the building. A cooperative resident does not own his or her specific unit but rather owns stock in the corporation that owns the building and all the apartments, and leases his or her apartment from the corporation.
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Property, real estate, and community association managers

According to the U.S. Department of Labor, property, real estate, and community association managers hold about 360,000 jobs. More than one-third work for real estate agents and brokers, lessors of real estate, or property management firms. More than half of property, real estate, and community association managers are self-employed.
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Title insurance re-issue rate

A title insurance policy re-issue rate offers a discounted premium on title insurance. A re-issue rate can be requested from the title insurance company if another policy from the title company was issued on the same property within the last few years. The rate is lower because any claims that arise from events before the previous owner are covered by the previous policy.
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Title insurance policy re-issue rate

A title insurance policy re-issue rate offers a discounted premium on title insurance. A re-issue rate can be requested from the title insurance company if another policy from the title company was issued on the same property within the last few years. The rate is lower because any claims that arise from events before the previous owner are covered by the previous policy.
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Real estate career

A real estate career is like any other business, requiring individual discipline, motivation and a business plan. It normally takes up to six-months before commission income begins due to the time required to get established and begin listing and selling real estate. A sufficient reserve is necessary to pay normal living expenses before sales income begins.
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Basis point

A basis point is one one-hundredth of one percentage point. For instance, the difference between a loan at 8.5 percent and a mortgage at 8.75 percent is 25 basis points.
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Good fences make good neighbors

"Good fences make good neighbors", so goes the old saying. The first fences served farms and ranches to separate and contain animals and live stock. Later, fences were used to post property boundaries and for security. The most celebrated fence of the American landscape is the classic white picket fence.
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Real estate closing

Some states mandate that a lawyer shall prepare all home purchase documents and be present at the real estate transaction closing. Other states allow real estate agents or buyers and sellers to perform these tasks. Hiring a real estate attorney is beneficial if legal issues arise during the process. Real estate attorneys typically charge hourly rates ranging from $150 to $350.
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Encyclopedia of Real Estate Terms

"The Encyclopedia of Real Estate Terms" by Damien Abbott is a comprehensive reference book for real estate. The 1,472-page book provides the legal and practical explanation of over 9,000 terms, covering every aspect of real estate. Damien Abbott also offers "The Shorter Encyclopedia of Real Estate Terms", a dictionary, thesaurus and encyclopedia for real estate.
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Nantucket

Looking to preserve its quaint, small-town atmosphere, Nantucket, Massachusetts joined a growing list of historic municipalities by enacting a ban on national chain stores in the downtown area. According to an AP news report, Nantucket's ban bars any new chains with more than 14 outlets, have standardized menus, trademarks, uniforms, or homogenous décor.
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The journey to work

The journey to work for many Americans is increasing in time and distance as they pursue affordable housing, especially in larger metro areas. Studies show that commuters are generally less satisfied than non-commuters. Commuters usually overestimate the tradeoff of more money, housing or prestige versus less social time, hobbies, and health.
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