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level: Concepts and Responsibilities of Homeownership

Questions and Answers List

Question	Answer
a residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a lease	Cooperative
a subdivision or development that includes single-family dwellings along with some common elements such as parks, pools, community recreational centers, or golf courses	Planned Unit Development (PUD)
residence with multiple owners who share the right to possession for a specific period of time with the other owners	Timeshare
a tax calculated according to the assessed value of real estate	Ad Valorem Tax
reduces the amount of ad valorem taxes assessed on a homestead	Homestead Tax Exemption
the dividing of expenses for items like taxes, interest, and rent at the closing between the seller and the buyer	Prorate
the process of paying off a debt/ mortgage in regular installments based on a fixed payment schedule	Amortization
payment for an item or service after it is received	Arrears
stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties	CLUE Reports
stands for Principal, Interest, Taxes, and Insurance, which are the components of most mortgage payments	PITI