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Real Estate Terms Glossary
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Random Real Estate License Terms
Administrator
 
A person appointed by the probate court to administer the estate of a deceased person. His or her duties include making an inventory of the assets managing the property paying the debts and expenses filing necessary reports and tax returns and distributing the assets as ordered by the probate court.
   
Conventional Loan
 
A loan that is made that is not federally insured or guaranteed.
   
Variable Interest Rate
 
(VIRs or VRMs Variable Mortgage Rates). An interest rate in a real estate loan by which the terms of the note varies upward or downward over the term of the loan depending on money market conditions.
   

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