![]() ![]() ![]() Riggs, a commercial property and real estate attorney with Oklahoma City's McAfee & Taft, was kind enough to point me in the right direction. Uses of both the phrase and the acronym abound, but finding a legal definition was tricky. Why? Not because it's obscure, but because it's so common. And trying to find it on the Internet is an EIF (exercise in futility). The three little words behind it sidled themselves into that first paragraph up there, where I'll bet most people hardly noticed them:Ī real estate textbook on my desk lists 63 abbreviations seven for laws such as RESPA (Real Estate Settlement Procedures Act) 21 for organizations and government agencies such as BOMA (Building Owners and Managers Association) and HUD (Department of Housing and Urban Development) 27 for common terms such as PUD (planned unit development) and even eight to help realty pros remember key concepts, such as PETE (government powers: police, eminent domain, taxes and escheat) and DUST (elements of value: demand, utility, scarcity and transferability). The single most-used abbreviation in real estate, ironically, is seldom if ever explained, maybe because it is so universal. ![]() They're everywhere, and there are so many of them, they're probably just a blur to everyone but specialists for whom acronyms and abbreviations should be intended. The whole realty world seems to be built on a foundation of unfamiliar letters, with specialized abbreviations and acronyms even for common terms:ĪRM (adjustable-rate mortgage), CC&R (covenants, conditions and restrictions), CPM (certified property manager), GPM (graduated payment mortgage), GRM (gross rent multiplier), LLC (limited liability company), LTV (loan-to-value ratio), MIP (mortgage insurance premium), MLS (multiple listing service), NOI (net operating income), PITI principal, interest, taxes and insurance), PMI (private mortgage insurance) and REIT (real estate investment trust), for example. To most of us, the letters just mean the bearers have done something to deserve special honors and benefits. Each has a specific meaning to people in the business. That's Accredited Buyer Representative, Certified Relocation Professional, Certified Residential Specialist and Graduate Realtors Institute. Heck, some Realtor-slash-weekend roper probably has one etched onto a belt buckle.ĪBR, CRP, CRS and GRI are just the start. Realtors list them behind their names on everything from business cards to Christmas cards, from yard signs to personalized cocktail napkins. People in the real estate business love acronyms, more or less. ![]()
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