What are the BIC eligibility rules?
All about BIC Eligibility Rules. A BIC could resign as a BIC, become an associated broker with a firm, and later declare as a BIC again and not be required to take any special BIC education prior to or within 120 days after redesignation, so long as there has been no lapse in BIC eligibility.
What happens if I replace a Bic?
*If you are replacing a BIC, any/all brokers currently affiliated with the BIC you are replacing will be removed from that BIC’s supervision and re-affiliated with you. You have indicated you wish to be designated as BIC of a firm that is not yet licensed.
What is the 12-hour Bic course?
The 12-hour BIC course is a distance course, meaning it is a self-paced, online course. Do I need to take the 4-hour Trust Account course if I am taking the 12-hour BIC Course?
What does BIC stand for in a house?
Bic - Built-in-cupboards. E/F - Electric Fence. C/P - Carport. OTP - Offer To Purchase. MES - Main-en-suite bathroom.
What does BIC mean?
Bank Identifier CodeBIC stands for Bank Identifier Code. A BIC is sometimes called a SWIFT code, SWIFT BIC or SWIFT ID (all of these mean the same thing). A SWIFT/BIC consists of 8-11 characters used to identify a specific bank in an international transaction, to make sure the money is going to the correct place.
What does BIC mean in construction?
BIC stands for Building Industry Consultant (LEC Engineer who coordinates facilities for telecom construction)
How do you abbreviate real estate?
Abbreviation for Real Estate: R. E.
How do I find my Bic number?
Check the bank statements You can usually find your bank's BIC/ SWIFT code in your bank account statements. If you're using an online bank, log into your digital bank account to easily view your bank statement.
What is my BIC code?
How do you find your SWIFT/BIC code? To locate your SWIFT/BIC code, check any paper or digital banking statements, or look at your account details on your online banking profile. You can also search for your BIC code using a digital SWIFT/BIC search tool by providing your country and bank location data.
What does SFR mean in real estate?
single family rentalA single family rental (SFR) is a property intended for at least one, but possibly more, family units that may also include private amenities, like a private fitness center or lagoon.
What does MLS mean in real estate?
Multiple Listing Service®The Multiple Listing Service® (MLS®), owned and operated by REALTORS®, is the most powerful real estate marketing system in the country. Housing market information originating from the MLS® has long been recognized as the most reliable and comprehensive data available for those looking to buy or sell a home.
What is DP in real estate?
DP stands for Deposited Plan (real estate)
How long does it take to complete the BIC course?
complete the 12-hour BIC Course within one year before submission of Form 2.25 or within 120 days after submission of Form 2.25. A broker must first have BIC Eligible status to be designated as a BIC.
How many hours do you need to be a BIC broker?
In order to qualify for BIC Eligible status, a broker must: have obtained at least two years of real estate brokerage experience equivalent to 40 hours per week within the previous five years; complete the 12-hour BIC Course within one year before submission ...
What are the abbreviations for real estate?
There are many abbreviations used in real estate, but the following list includes the more common ones you’ve probably heard before. In the abbreviations, you may see differences in which letters get capitalized and which don’t depending on the realtor/publication. 3B/2B - three bedrooms and two bathrooms. 2C - two-car garage.
Why are real estate abbreviations important?
Real estate abbreviations are important to save time and money. If they were not used, the ads for a home could get quite lengthy. Usually, the realtor's website will give a good description without the real estate abbreviations.
Property Listing Abbreviations
AC or A/C – Air conditioning AEK – All electric kitchen APPLS – Appliances BA – Bathroom BR – Bedroom CATH – Cathedral ceilings CAC – Central air conditioning CDS – Cul de sac CH – Central heat C/VAC – Central vacuum CP – Carport D/D – Dishwasher and a garbage disposal DET – Detached garage DK – Deck FDR/DR – Dining room or a formal dining room FAG – Forced air gas F/BSMT – Fully finished basement FPLC, FP, FRPLC – Fireplace FSBO – For Sale By Owner GARD – Garden GAR, GR – Garage GRMET KIT, GRMT KIT – Gourmet kitchen GRT RM – Great room HD, HDFL – Hardwood floors HI CEIL (S) – High ceilings KIT, KT – Kitchen LA – Living area LR – Living room OFC – Office OSP – Off-street parking is available PL, SP, S/P – Swimming pool PVT – Private PWDR RM – Powder room or half bath Q POS – Available for quick possession SMART – Typically computer controlled heating and cooling, alarms, and lights etc. SPAC – Spacious UPF, UPR – Upper floor VWS, VW, VU – View or views W/D WD – Washer and dryer WIC – Walk-in closet.
Real Estate Investing Abbreviations
ARV – After-Repaired Value CCIM – Certified Commercial Investment Member COO or C of O – Certificate of Occupancy CMA – Comparative Market Analysis COCR or CCR – Cash on Cash Return COF – Cost of Funds CRE – Commercial Real Estate CRE – Creative Real Estate DCR, DSCR, DSR – Debt Service Coverage Ratio DTI – Debt to Income Ratio FMV – Fair Market Value FHA – Federal Housing Administration FMR – Fair Market Rent FSBO – For Sale by Owner GNMA – Ginnie Mae or “Government National Mortgage Association” GRM – Gross Rent Multiplier HOA – Homeowners Association HML – Hard Money Lender HUD – Housing and Urban Development IRR – Internal Rate of Return IRA – Individual Retirement Account JV – Joint Venture L/O – Lease Option LLP – Limited Liability Partnership LLC – Limited Liability Company LTV – Loan to Value MAO – Maximum Allowable Offer MLS – Multiple Listing Service NNN – Triple Net Lease NOO – Non-Owner Occupied NOI – Net Operating Income OO – Owner Occupied O/F – Owner Finance P&S – Purchase and Sale PCF – Price to Cash Flow (ratio) PITI – Principal, Interest, Taxes and Insurance PUD – Planned Unit Development REI – Real Estate Investing REIA – Real Estate Investors Association ROI – Return On Investment REO – Real Estate Owned RTO – Rent to Own SFH – Single Family House SFR – Single Family Residence VA – Department of Veterans Affairs / Veterans Administration.
Real Estate Financing Abbreviations
AMORT – Amortization APR – Annual Percentage Rate ARM – Adjustable Rate Mortgage CCR – Conditions, Covenants, and Restrictions CFD – Contract for Deed CLTV – Combined Loan To Value CAP – Capitalization DBA – Doing Business As DOS – Due On Sale Clause DOT – Deed of Trust DOS – Due On Sale Clause EMC – Earnest money contract FCRA – Fair Credit Reporting Act FDIC – Federal Deposit Insurance Corporation FEMA – Federal Emergency Management Agency FHLMC – Freddie Mac or “Federal Home Loan Mortgage Corporation” I/O– Interest Only (loan) LOC – Line of Credit LOI – Letter of Intent LPOA – Limited Power of Attorney MAO – Maximum Allowable Offer PMI – Private Mortgage Insurance POA – Power of Attorney POF – Proof of Funds Sub2 – Subject to existing financing TIL – Truth In Lending.
What is a REALTOR?
REALTOR®: A real estate broker or sales associate who is a member of the National Association of REALTORS® . Not all real estate agents are REALTORS®. Title insurance: An insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership.
What does 4B/2B mean?
4B/2B: Four bedrooms and two bathrooms. “Bedroom” usually means a sleeping area with a window and a closet—in some areas, laws define what a room needs to be called a bedroom—but ...
What is a fixture in real estate?
Fixture: Anything of value that is permanently attached to or a part of real property. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Fixtures are a frequent subject of buyer and seller disputes. FSBO: For sale by owner. Frplc, fplc, FP: Fireplace.
What is a contingency in a contract?
Contingency : A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home. Dk: Deck.
What is a listing agreement?
Listing: An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner’s home. The word “listing” is also used to refer to the for-sale home itself. A home being sold by the owner (FSBO) without a real estate agent isn’t a “listing.”.
