Buying or selling? Test your knowledge of real estate lingo

1. Here is an easy one to start. What would 4B/2B mean if you saw it in a real estate listing?

• A. The property has four bathrooms and two bedrooms.

• B. The property includes two units (4B and 2B) in a condo complex.

• C. The property has four bedrooms and two bathrooms.

• D. There is currently four to two other buyers interested in the property.

2. If your agent told you the house was in a MLS, what does that mean?

• A. The house is on a Multiple Listing Service database so other real estate agents can find it.

• B. The house is Major League Status, meaning it is really hot property.

• C. The house is a Manufacturing Licensed Structure. This means you can run a business from the property.

3. You see your newly listed home or you want to look at a home for sale and the description says one of the following: vw, vu, vws, vus. What do these mean?

• A. The property has some sort of code violation.

• B. The property comes with a nice view.

• C. A Volkswagen car is being included in the sale.

• D. The house features a lovely vestibule.

• E. The owner/seller is completely vested in getting rid of the property as soon as possible.

4. You can't afford a brand new home and all the listings you are seeing in your price range have pot'l. What does this say about the property?

• A. The house has no indoor plumbing. You'll have to gett a port-a-potty.

• B. House is being sold point-of-transition style, meaning a payment - in cash only - is due at closing.

• C. The house may not look pretty but has hidden potential.

• D. Pot'l means the owner will potentially lease it to you if you can not afford to buy it.

5. Someone makes an offer on your house but with a contingency. What is happening when buyers ask for a contingency?

• A. It means as soon as you sign it, the contract will be fully legalized.

• B. People want to buy your house but want the freedom to walk away if they simply change their mind.

• C. They want to buy your house but at a later date. Like a year from now.

• D. It means the contract won't be legally binding until you do something the buyer is asking for.