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MULTIPLE LISTING SERVICE (MLS) An organization created by Realtors to facilitate the sharing of listings among member brokers. DISCOUNT POINTS (OR POINTS) Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing. PENTHOUSE An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building. FLAG LOT A land parcel having the configuration of an extended flag and pole. The pole represents access to the site which is usually located to the rear of another lot fronting a main street. VENDEE The purchaser of realty; the buyer. The buyer under an agreement of sale. FINDER'S FEE A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee. |
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