Real Estate Encyclopedia: Page 2
- The Real Estate Beginners Guide to Net Monthly Income in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Net monthly income is the money a person takes home each month after taxes and other mandatory deductions such as health insurance premiums.
- Net monthly income is not the figure lenders use for debt-to-income (DTI) ratios, which are generally calculated from gross monthly income.
- Lenders verify income with documents such as pay stubs, tax returns and bank statements.
- Buyers should use net monthly income to build a realistic budget, even though lenders qualify them on gross income.
- Net monthly income is not disposable income: disposable income is what remains after essential expenses are paid.
Definition: Net monthly income is the amount of money an individual keeps each month after taxes, Social Security and Medicare contributions, health insurance premiums and other mandatory deductions are subtracted from gross monthly income.
- The Real Estate Beginners Guide to Negative Amortization in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Negative amortization happens when a loan payment is smaller than the interest owed, so the unpaid interest is added to the principal and the balance grows.
- It appears in specific loan structures such as graduated-payment mortgages and payment-option or payment-capped adjustable-rate loans, not in standard fixed-rate mortgages.
- Borrowers face payment shock and shrinking equity when a negatively amortizing loan recasts.
- Lenders must disclose negative amortization terms, and it is generally not permitted in qualified mortgages under federal ability-to-repay rules.
Definition: Negative amortization is a loan feature in which payments do not cover the interest due, so the shortfall is added to the loan balance and the amount owed rises instead of falling.
- The Real Estate Beginners Guide to National Housing Act in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The National Housing Act of 1934 created the Federal Housing Administration (FHA) during the Great Depression to insure mortgage loans and stabilize housing finance.
- The FHA insures loans; it does not lend. Approved lenders make the loan and the FHA insurance protects them if the borrower defaults.
- FHA loans require a minimum down payment of 3.5%, and borrowers pay mortgage insurance premiums (MIP).
- FHA loans are primarily for owner-occupied homes, not pure investment properties.
- FHA loan limits vary by location.
Definition: The National Housing Act of 1934 is the federal law that created the Federal Housing Administration (FHA) to insure mortgage loans made by approved lenders, lowering lender risk and widening access to homeownership.
- The Real Estate Beginners Guide to National Flood Insurance Act in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The National Flood Insurance Act of 1968 created the National Flood Insurance Program (NFIP), which offers federally backed flood insurance in communities that adopt floodplain management rules.
- Properties in Special Flood Hazard Areas (SFHAs) with a mortgage from a federally regulated or insured lender must carry flood insurance.
- Flood Insurance Rate Maps (FIRMs) show flood zones and drive both insurance requirements and rates.
- Standard homeowners insurance generally does not cover flood damage, which is why flood coverage is bought separately through the NFIP or a private insurer.
- Private flood insurance is available as an alternative to NFIP coverage and may differ in coverage and price.
Definition: The National Flood Insurance Act of 1968 is the federal law that established the National Flood Insurance Program (NFIP), which makes flood insurance available to owners, renters and businesses in participating communities.
- The Real Estate Beginners Guide to National Credit Union Administration (NCUA) in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The National Credit Union Administration (NCUA) is an independent federal agency that regulates, charters and supervises federal credit unions.
- The NCUA administers the National Credit Union Share Insurance Fund (NCUSIF), which insures individual accounts up to $250,000 (source: NCUA, ncua.gov/support-services/share-insurance-fund).
- NCUA share insurance works much like FDIC insurance does for banks, but covers federally insured credit unions.
- Credit unions offer mortgages, home equity loans and investment-property loans, and NCUA oversight supports confidence in those lenders.
- Deposit insurance covers savings, not loans: it does not guarantee a credit union mortgage rate or approval.
Definition: The National Credit Union Administration (NCUA) is the independent US federal agency that charters, regulates and insures federal credit unions to keep the credit union system safe and sound.
- The Real Estate Beginners Guide to National Association of Realtors (NAR) in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The National Association of Realtors (NAR) is the largest trade organization in the United States representing real estate professionals; it was founded in 1908 in Chicago and represents roughly 1.5 million members.
- "Realtor" is a trademarked designation: only NAR members who agree to its Code of Ethics may use it, so every Realtor is a licensed professional but not every licensed agent is a Realtor.
- NAR states that Realtors are required to complete Code of Ethics training every 3 years (source: nar.realtor/about-nar).
- Membership is joined through a local association and is not mandatory for licensed real estate agents.
- NAR members often gain access to local Multiple Listing Services (MLS), market research, advocacy and networking.
Definition: The National Association of Realtors (NAR) is the US trade association of real estate professionals whose members, called Realtors, pledge to follow its Code of Ethics.
- The Real Estate Beginners Guide to National Affordable Housing Act in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The National Affordable Housing Act (formally the Cranston-Gonzalez National Affordable Housing Act) was enacted in 1990 to improve the availability of affordable housing across the United States.
- Its best-known creation is the HOME Investment Partnerships Program, which provides block grants to states and municipalities for housing needs.
- Participating jurisdictions must set aside at least 15% of HOME funds for housing developed, sponsored or owned by Community Housing Development Organizations (CHDOs), nonprofits certified by the jurisdiction.
- The Low-Income Housing Tax Credit (LIHTC, created in 1986) and Section 8 vouchers (rooted in 1974 law) are related federal programs that developers and landlords often use alongside HOME, but the 1990 Act did not create them.
- Developers must meet federal program requirements, and federal budget limits can affect funding availability.
The National Affordable Housing Act of 1990 is a federal law that created the HOME program and other tools to support the construction, preservation and financing of housing for low- and moderate-income households.
- The Real Estate Beginners Guide to NACA Loan in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The NACA Loan is a mortgage offered through the Neighborhood Assistance Corporation of America (NACA), a nonprofit, and NACA lists no down payment, no closing costs and no fees.
- NACA offers a below-market interest rate that is the same for all members regardless of credit, and does not require perfect credit.
- The program is aimed at low- to moderate-income homebuyers and includes financial counseling to prepare them for ownership.
- The NACA Loan can be used only for a primary residence, not for investment properties or second homes, so investors cannot use it.
- Loan amounts are subject to limits, and NACA's area and eligibility rules apply, so check naca.com for current terms.
A NACA Loan is a mortgage program run by the Neighborhood Assistance Corporation of America that helps buyers purchase a primary residence with no down payment, no closing costs and no fees at a below-market rate.
- The Real Estate Beginners Guide to Municipal Utility District (MUD) in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A Municipal Utility District (MUD) is a special-purpose local government created to provide water, wastewater and related infrastructure to a defined area; MUDs are most closely associated with Texas.
- In Texas, MUDs are governed by Chapters 49 and 54 of the Texas Water Code, and developers typically petition the Texas Commission on Environmental Quality (TCEQ) to create one.
- MUDs can levy property taxes, sell bonds and charge fees, so owners inside a district pay an extra tax on top of county, city and school taxes.
- A MUD is governed by a board of directors elected by voters within the district.
- Buyers should check a MUD's tax rate and debt before purchasing, because they affect monthly cost of ownership.
A Municipal Utility District (MUD) is a special-purpose district that finances and operates water, sewer and drainage systems for a specific area, funded by taxes, fees and bonds.
- The Real Estate Beginners Guide to Multiple Listing Service (MLS) in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The Multiple Listing Service (MLS) is a collaborative database that real estate brokers use to share detailed information about properties for sale.
- Access is typically restricted to licensed real estate professionals, though consumer sites display some MLS data through IDX and syndication.
- MLS listings follow standardized input formats and are governed by the rules of each MLS, which enforce listing accuracy and broker cooperation.
- Agents and brokers often pay fees to participate in an MLS, and each MLS sets its own rules.
- Since the NAR settlement rules took effect in August 2024, MLS listings no longer include offers of compensation to buyer brokers.
The Multiple Listing Service (MLS) is a database, owned and run by brokers or associations of real estate professionals, where listing brokers publish properties for sale so other brokers and their buyers can find them.
- The Real Estate Beginners Guide to Multifamily Properties in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Multifamily properties are residential buildings designed to house more than one family unit independently, from duplexes to large apartment complexes.
- Each unit typically functions as a separate living space with its own kitchen, bathroom, and living area.
- Lenders usually treat 2 to 4 units as residential and 5 or more units as commercial multifamily, which changes financing, including options such as FHA multifamily loans.
- Investors gain scalability and diversified rental income across many tenants, but take on management complexity and market risk.
- Zoning, tenant-landlord laws, tax rules and insurance all shape returns, so owners must check local requirements.
A multifamily property is a residential building with separate living units for more than one household, owned as a single asset or, in the case of condos, unit by unit.
- The Real Estate Beginners Guide to Multifamily Mortgage in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A multifamily mortgage is a loan used to buy or refinance an income-producing residential property, and lenders generally define multifamily as five or more units.
- Properties with two to four units (duplexes, triplexes, quadplexes) are usually financed with residential mortgages, not multifamily loans.
- Multifamily lenders underwrite the property's income and expenses, not just the borrower, and often require down payments of roughly 20% to 40%.
- Interest rates are often higher than for single-family homes, and appraisal and inspection are more detailed.
- Owners may deduct mortgage interest, depreciation and operating expenses, subject to tax rules; consult a tax professional.
A multifamily mortgage is a loan secured by a residential rental building, typically one with five or more units, underwritten mainly on the income the property produces.
- The Real Estate Beginners Guide to Mrs. Murphy Exemption in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The Mrs. Murphy Exemption is a provision in the federal Fair Housing Act (42 U.S.C. 3603(b)(2)) that exempts owner-occupied buildings of four or fewer units from the Act's housing discrimination provisions on rental and sale.
- The owner must actually live in one of the units; the exemption turns on the owner living in the building and on the four-family limit.
- The exemption never covers discriminatory advertising: the Act's advertising rule (42 U.S.C. 3604(c)) still applies to every protected class.
- Race discrimination in renting stays illegal regardless, under the Civil Rights Act of 1866, and many state and local laws are stricter than the federal exemption or have no such exemption.
- Landlords should confirm state and local law, and consider legal counsel, before relying on the exemption.
The Mrs. Murphy Exemption is the Fair Housing Act provision that lets an owner who lives in a building of four or fewer units choose tenants without being bound by the Act's rental discrimination rules. It never permits discriminatory advertising, race discrimination stays illegal under a separate law, and state law may be stricter.
- The Real Estate Beginners Guide to Move-Out Fee in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A move-out fee is a charge a landlord may require a tenant to pay when vacating a rental, meant to cover cleaning, minor repairs and sometimes administrative costs of preparing the unit for the next tenant.
- Unlike a security deposit, which may be refundable, a move-out fee is typically non-refundable, and it should be stated in the lease.
- Fees commonly run from $100 to several hundred dollars, depending on unit size and local market conditions.
- Some states and cities limit or prohibit move-out and similar tenant fees, so a landlord must check local law before charging one.
- Investors should treat the fee as a small offset to turnover costs, not as a profit center.
A move-out fee is a charge a landlord may require a tenant to pay when vacating a rental property, set in advance in the lease to cover cleaning and minor repairs.
- The Real Estate Beginners Guide to Move-In Fee in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A move-in fee is a one-time, generally non-refundable charge a landlord or property manager collects when a tenant moves in.
- Unlike a security deposit, a move-in fee is not returned at the end of the lease, while a deposit is refundable minus lawful deductions.
- Typical fees range from $100 to $500 or more in high-demand urban areas, depending on the property.
- Some jurisdictions regulate move-in fees; in Seattle, deposits and move-in fees combined cannot exceed one month's rent.
- Tenants should budget for the fee, first month's rent and any deposit as their initial move-in costs.
A move-in fee is a one-time charge a landlord or property manager collects from a new tenant to cover the cost of preparing the unit, and it is generally not refunded.
- The Real Estate Beginners Guide to Motivated Seller in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A motivated seller is a property owner who needs to sell in a short timeframe, often at a below-market price and on flexible terms.
- Common reasons include financial distress, foreclosure, relocation, divorce and changes in the local market.
- Buyers and investors can negotiate price, closing dates, contingencies and repairs, but must still do due diligence on liens, litigation and condition.
- Sellers must generally disclose known defects, though the rules vary by state, even when they are motivated.
- Public-record signals such as pre-foreclosure notices, tax delinquency, probate and expired listings can point to a motivated seller.
A motivated seller is a property owner who has a strong reason to sell quickly and will often accept a lower price or flexible terms to do so.
- The Real Estate Beginners Guide to Mortgage Servicing Rights in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Mortgage servicing rights (MSR) are the contractual right to service a mortgage loan in exchange for a fee.
- Servicers earn fees based on a percentage of the unpaid principal balance of the loans they service.
- MSRs can be bought and sold, which can change who a borrower pays without changing the loan terms.
- MSRs are financial assets that must be reported on a company's balance sheet.
- Servicers must follow RESPA, TILA and other federal and state rules.
Mortgage servicing rights (MSR) are the right to collect payments on a mortgage and administer the loan, which a lender or servicer can keep or sell separately from the loan itself.
- The Real Estate Beginners Guide to Mortgage Servicer in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mortgage servicer is the company that handles a loan day to day, collecting payments, managing escrow and providing customer service.
- A lender provides the loan funds, while a servicer administers the loan afterward, and the two are often different companies.
- Borrowers generally cannot choose their servicer, and servicing rights can be sold, which changes who the borrower pays.
- Servicers must follow federal rules including the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).
- The CFPB takes complaints from borrowers whose servicer does not resolve a problem.
A mortgage servicer is the company that collects a borrower's monthly mortgage payments, manages the escrow account and handles customer service for the life of the loan.
- The Real Estate Beginners Guide to Mortgage Rate in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mortgage rate is the interest rate a lender charges on a mortgage loan.
- On a $300,000 30-year fixed loan, a 3.5% rate means about $1,347 a month and a 4.5% rate about $1,520 (principal and interest, illustrative).
- A fixed rate stays constant for the whole term, while a variable rate can change at set intervals.
- The APR combines the interest rate with certain fees, so it is a broader measure of borrowing cost than the rate alone.
- Lenders set rates using market conditions, inflation, central bank policy, and the borrower's credit profile.
A mortgage rate is the annual interest rate a lender charges on a home loan, and it determines how much interest the borrower pays each month and over the life of the loan.
- The Real Estate Beginners Guide to Mortgage Note Investing in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Mortgage note investing means buying the debt secured by a property, not the property itself.
- Performing notes have borrowers making regular payments, while non-performing notes are in default.
- Notes are bought from banks, hedge funds or note brokers, and a loan servicer usually collects the payments.
- Due diligence covers the property's value, the borrower's payment history and the terms of the note.
- Risks include borrower default, legal challenges and economic downturns, and note income is taxable.
Mortgage note investing is the practice of buying a mortgage loan from the lender or a prior holder so that you receive the borrower's payments and hold the lien on the property.
- The Real Estate Beginners Guide to Mortgage Lender in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mortgage lender is an institution or company that provides the funds for a home loan and sets its terms.
- Unlike a mortgage broker, which connects borrowers with lenders, a mortgage lender finances the loan itself.
- Lenders assess credit score, income, debt-to-income ratio and employment history during underwriting.
- Lenders must follow federal rules including the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
- Lenders offer fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans and VA loans, and also finance investment properties.
A mortgage lender is a bank, credit union or mortgage company that lends the money to buy a property and sets the loan's rate, term and conditions.
- The Real Estate Beginners Guide to Mortgage Insurance Premium (MIP) in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The Mortgage Insurance Premium (MIP) is a fee on FHA loans that protects the lender if the borrower defaults.
- FHA borrowers pay an upfront premium of 1.75% of the loan at closing, which can be financed, plus an annual premium paid monthly.
- HUD reduced the annual MIP from 0.85% to 0.55% for most new FHA loans starting March 20, 2023.
- MIP can last 11 years or the life of the loan, depending on the loan terms and down payment, and it does not drop off at 20% equity the way PMI can.
- Conventional loans with 20% down avoid mortgage insurance, and an FHA borrower can refinance into a conventional loan to end MIP.
The Mortgage Insurance Premium (MIP) is the insurance charge on Federal Housing Administration (FHA) loans, paid by the borrower to protect the lender against loss if the loan defaults.
- The Real Estate Beginners Guide to Mortgage Fraud in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Mortgage fraud is the intentional misrepresentation, omission or manipulation of information in the mortgage process to obtain a loan or better terms unlawfully.
- It is commonly divided into fraud for housing (a borrower misstating facts to get a home) and fraud for profit (typically involving industry insiders aiming to steal cash or equity).
- Common schemes include falsified income, identity theft, straw buyers, inflated appraisals and unlawful property flipping.
- Under 18 U.S.C. 1014, a false statement to influence a lender carries up to $1,000,000 in fines or 30 years in prison, or both.
- Red flags include inconsistent loan documents, pressure to close quickly and unverified or non-transparent third parties.
Mortgage fraud is a crime in which someone knowingly lies or hides facts during the mortgage process to get a loan, better terms or a property they could not obtain honestly.
- The Real Estate Beginners Guide to Mortgage Forgiveness Debt Relief Act in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- The Mortgage Forgiveness Debt Relief Act lets homeowners exclude forgiven mortgage debt on a principal residence from taxable income, which the IRS otherwise treats as income.
- The exclusion is written into Internal Revenue Code section 108 and, as the statute reads, covers debt discharged before January 1, 2026, or discharged under a written arrangement entered into before that date.
- The statutory cap is $750,000 ($375,000 for a married person filing separately) of qualified principal residence indebtedness; the older $2 million figure applied only to earlier years.
- Homeowners claim the exclusion by filing IRS Form 982 with their tax return.
- Investment properties and second homes generally do not qualify, and anyone with a 2026 discharge should confirm with a tax professional whether Congress has extended the exclusion.
The Mortgage Forgiveness Debt Relief Act is a federal tax law that allows homeowners to exclude from taxable income certain mortgage debt that a lender forgives on their principal residence.
- The Real Estate Beginners Guide to Mortgage Broker in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders, helping borrowers compare loan options and apply.
- Mortgage brokers in the United States must be licensed and registered through the Nationwide Multistate Licensing System & Registry (NMLS).
- A broker works with multiple lenders, while a loan officer typically works for a single lender.
- Brokers are paid a commission, usually by the lender, although some may charge the borrower a fee; ask for the full fee disclosure up front.
- Using a broker is optional, and lower rates are possible but not guaranteed.
A mortgage broker is a licensed professional who acts as an intermediary between borrowers seeking home loans and the lenders that offer them.
- The Real Estate Beginners Guide to Mortgage Assignment in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mortgage assignment is a lender transferring its interest in a mortgage to another party, usually another lender or investor; the borrower's loan terms stay the same.
- A mortgage assumption is different: a new borrower takes over an existing loan, and the lender must approve it.
- FHA, VA and some USDA loans are generally assumable, while conventional loans typically are not.
- An assumption can let a buyer keep a low interest rate, which matters most when market rates are higher than the seller's rate.
- The seller may stay liable after an assumption unless the lender releases them, so get any release in writing.
Mortgage assignment is the transfer of a lender's rights under a mortgage, and the loan it secures, to another party, usually another lender or investor, through a written, recorded document; the term is also used loosely for transfers of the loan to a new borrower, which is properly called an assumption.
- The Real Estate Beginners Guide to Mortgage in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mortgage is a loan secured by real estate that is repaid in principal and interest over a set term, commonly 15, 20 or 30 years.
- If a borrower stops paying, the lender has the legal right to foreclose on the property to recover the debt.
- On a $300,000 30-year fixed-rate mortgage at 3.5%, principal and interest come to about $1,347 a month (illustrative).
- Fixed-rate mortgages keep one interest rate for the whole term, while adjustable-rate mortgages (ARMs) can change periodically.
- A 20% down payment is the traditional benchmark and avoids private mortgage insurance (PMI) on a conventional loan, but many loans accept less.
A mortgage is a loan used to buy real estate in which the property itself is the collateral, so the lender can foreclose if the borrower defaults.
- The Real Estate Beginners Guide to Modified Gross Lease in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A Modified Gross Lease is a commercial lease where the tenant pays base rent plus a negotiated share of operating expenses, and the landlord covers the rest.
- It sits between a Gross Lease (landlord pays all operating expenses) and a Triple Net Lease (tenant pays them all).
- Which costs the tenant pays is not standardized; property taxes, insurance and Common Area Maintenance (CAM) fees are common, but each lease sets its own split.
- Leases often include an annual expense reconciliation that adjusts the tenant's share.
- Modified gross leases are used mainly in commercial real estate such as office, retail and industrial space, not residential.
A Modified Gross Lease is a commercial rental agreement in which the tenant pays a base rent and the landlord and tenant divide the property's operating expenses as the lease specifies.
- The Real Estate Beginners Guide to Mobile Home Investing in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Mobile home investing means buying mobile homes to rent out or resell for a profit, usually with a lower purchase price than a traditional house.
- Mobile homes can depreciate like vehicles, and a home on leased land in a park depends heavily on its park location and lot rent.
- Traditional mortgages often do not apply, so investors commonly use cash, personal loans or owner financing.
- Zoning, park rules and state and local regulations vary, so check them before buying.
- The sector ranges from single homes to entire mobile home parks, which can offer economies of scale and steadier income.
Mobile home investing is the practice of buying mobile homes, or the parks they sit in, to earn rental income or to renovate and resell at a profit.
- The Real Estate Beginners Guide to MLS Withdrawn Status in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- MLS Withdrawn Status means a property was removed from the Multiple Listing Service before it sold, either temporarily or permanently.
- A withdrawn property is not actively for sale, but the seller can relist it when ready.
- Withdrawn differs from Expired (the listing agreement ran out) and from Cancelled or Off-Market (a listing that was ended or never on the MLS).
- Whether a seller owes penalties for withdrawing depends on the listing agreement with the agent.
- For investors, a withdrawn listing signals a seller who has already tried to sell, so the reason for withdrawal is worth checking.
MLS Withdrawn Status is the designation a Multiple Listing Service uses to show that a property was taken off the market before a sale was completed.
- The Real Estate Beginners Guide to MLS Active Status in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- MLS Active Status means a property is currently listed for sale on the Multiple Listing Service (MLS) and is open to offers from buyers.
- A listing stays Active until the property goes under contract, is withdrawn, expires or sells.
- Active is not the same as Pending, Under Contract, Contingent, Withdrawn or Expired; each of those tells a different story about availability.
- Active Status does not guarantee a sale: it shows availability, and price and market conditions decide the outcome.
- For investors and agents, the set of Active listings is the baseline for comparing prices, supply and days on market in 2026.
MLS Active Status is the designation a Multiple Listing Service gives a property that is currently listed for sale, marketed to buyers and open to offers.
- The Real Estate Beginners Guide to Mixed Use Property in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mixed use property combines residential, commercial, cultural, institutional or entertainment uses in a single building or development.
- Local zoning decides whether mixed use is allowed and how it is designed, so feasibility varies by location.
- Investors value mixed use for diversified income streams, such as rent from apartments plus retail or office tenants.
- The main risks are zoning and regulatory hurdles, management complexity and exposure to downturns in individual sectors.
- Financing can be more complicated than for a single-use property, and tax treatment can depend on the residential-to-commercial split.
A mixed use property is a building or development that combines two or more uses, such as apartments over ground-floor retail, under one roof or on one site.
- The Real Estate Beginners Guide to Mill Rate in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A mill rate is the property tax charged per $1,000 of assessed value, and one mill equals one-tenth of a cent ($0.001) per dollar.
- Annual property tax equals assessed value multiplied by the mill rate divided by 1,000; a $300,000 assessed value at 20 mills is $6,000.
- Local governments set mill rates based on budget needs and the total assessed value of their tax base.
- Owners can usually appeal their assessed value, but generally not the mill rate itself.
- Unpaid property taxes can lead to a tax lien and, eventually, foreclosure.
The mill rate is the amount of property tax owed per $1,000 of a property's assessed value, with one mill equal to one-tenth of a cent per dollar.
- The Real Estate Beginners Guide to Metropolitan Statistical Area (MSA) in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A Metropolitan Statistical Area (MSA) is a U.S. region defined by the Office of Management and Budget (OMB) around an urban area of at least 50,000 people plus surrounding counties tied to it economically and socially.
- As of July 2023, the Census Bureau lists 387 metropolitan statistical areas and 538 micropolitan statistical areas in the United States.
- MSAs are delineated for statistical purposes only, but investors, lenders and agencies use them to compare markets.
- A micropolitan area has an urban core of 10,000 to 49,999 people, and CBSA is the collective term for both.
- Boundaries are reviewed periodically, so comparisons over time need the delineation year.
A Metropolitan Statistical Area (MSA) is a U.S. Census and OMB geography made of one or more counties centered on an urban area of at least 50,000 people, used to measure and compare regional economies and housing markets.
- The Real Estate Beginners Guide to Metes-and-Bounds in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- Metes-and-bounds is a land description method that defines a parcel by measured boundary lines (metes) and the landmarks or adjoining properties that bound it (bounds).
- Every description starts at a Point of Beginning (POB) and must close by returning to it.
- The method originates in English common law and suits irregular parcels, especially rural ones.
- It differs from the rectangular survey system and from lot-and-block (plat) descriptions, which use grids and recorded maps.
- Ambiguous or outdated descriptions can cause boundary disputes, so a licensed surveyor should verify them.
Metes-and-bounds is a way of legally describing a parcel of land by tracing its boundary from a starting point, using the length and compass direction of each line and the landmarks along it.
- The Real Estate Beginners Guide to Merged Credit Report in 2026 Nov 6, 2026 Austin Beveridge Read article →
Key Takeaways
- A merged credit report combines credit data from the three major bureaus, Equifax, Experian and TransUnion, into one report.
- Mortgage lenders use merged reports to judge a borrower's creditworthiness and to decide whether to approve a loan and at what rate.
- The Fair Credit Reporting Act (FCRA) governs accuracy and privacy in credit reporting, and borrowers can dispute errors with the bureaus.
- A single-bureau report shows one bureau's file; a merged report shows all three side by side.
- Consumers can get free reports from each of the three bureaus every week at AnnualCreditReport.com, according to a September 2023 Experian press release.
A merged credit report is a single document that combines the credit files held by Equifax, Experian and TransUnion so a lender can review all three in one place.