Glossary

GLOSSARY FOR BATON ROUGE HOUSING REPORTS DOT COM FOR THOSE TERMS RELATED TO BATON ROUGE REAL ESTATE!

Agency: The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.

Baton Rouge Home Appraisal: An analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate, for or in expectation of compensation.  A much more detailed definition is offered here.   NOTE: Louisiana Legislature Definition of Appraisal added, “including energy efficiency” in 2010.

Baton Rouge Real Estate: Baton Rouge Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure.

Baton Rouge Real Estate Appraisal: An analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects, including energy efficiency, of, identified real estate, for or in expectation of compensation.  A much more detailed definition is offered here.   NOTE: Louisiana Legislature Definition of Appraisal added, “including energy efficiency” in 2010.

Baton Rouge REALTOR®: A designation for an Baton Rouge Agent or Baton Rouge Broker who is a member of the National Association of Realtors.

Baton Rouge Real Estate Agent: A Baton Rouge Real Estate Agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers.

BPO or Broker Price Opinion: The estimated value of a property as determined by a real estate broker or other qualified individual or firm. A broker price opinion is based on the characteristics of the property being considered.  Some of the factors that a broker will consider when pricing a property include: the value of similar surrounding properties, sales trends in the neighborhood, an estimate of any of the costs associated with getting the property ready for sale and/or the cost of any needed repairs. It is important to note that a BPO is not the same as an appraisal.  Source

Buyer Broker: A real estate broker who exclusively represents the buyer’s interests in a transaction and whose commission is paid by the buyer rather than the seller.

Buyer’s Market: A slow real estate market in which buyers have the advantage.

Seller’s Market: A hot real estate market in which sellers have the advantage and multiple offers are common

Source: REMAX 101 for some definitions above!

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