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Real Estate Dictionary

What is the Equal Credit Opportunity Act (ECOA) as it Relates to Real Estate?

The Equal Credit Opportunity Act ensures fair lending in real estate by prohibiting creditors from discriminating on the basis of protected characteristics throughout the mortgage and financing process.

January 26, 2025

What is a HUD-1 Settlement Statement?

The HUD-1 Settlement Statement is a standardized form that itemizes all costs in a real estate closing for both buyer and seller, largely replaced by the Closing Disclosure except for reverse mortgages and certain exempt transactions.

January 26, 2025

What is a Change Order in Construction?

A change order in construction is a formal, written modification to the original contract between a project owner (client) and a contractor. It specifies adjustments to the scope of work, cost, schedule, or other contract terms that weren’t included or fully detailed in the initial agreement.

January 26, 2025

What is a Loan Assumption?

A loan assumption is when a new borrower, subject to lender approval, takes over an existing mortgage (with its current terms and interest rate), potentially saving on interest and closing costs but requiring careful consideration of liability release and any equity differences.

January 26, 2025

How to Determine if There's Asbestos in an Apartment Building

To determine if there’s asbestos in an apartment building, review the construction date and renovation history (especially if it predates the 1980s), look cautiously for aging or damaged materials, hire a certified inspector to safely test suspected areas, and if necessary, arrange for professional abatement or encapsulation.

January 26, 2025

What is an RFID Cloner App?

An RFID cloner app is a tool (often paired with specialized hardware) that duplicates low-security RFID credentials, and property managers can defend by using modern encrypted badges, multi-factor authentication, frequent audits, physical security measures, and user education to deter cloning attempts.

January 17, 2025

What is BMS Software for Apartments?

BMS software in apartments is a centralized platform that integrates, monitors, and optimizes building systems—such as HVAC, lighting, and security—to improve efficiency, reduce costs, and enhance resident comfort and safety.

January 17, 2025

What is an IP Intercom System in Apartments?

An IP intercom system in apartments is a network-based communication and access control solution that uses the internet or a LAN to provide remote video calling, secure access management, and scalable features for residents and property managers.

January 17, 2025

Fail-Safe vs. Fail-Secure Locks: What’s the Difference?

Fail-safe locks unlock when power is lost for safe exit, whereas fail-secure locks remain locked to maintain security in a power outage.

January 17, 2025

January Resident Event Ideas for Property Managers

Here are a few creative ideas property managers can host in January to engage and delight residents in one of the coldest months of the year.

January 17, 2025
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