Glossary of
Real Estate Terms

Your guide to common closing terms

Limited Practice Officer (LPO)

In Washington State, an LPO is a title company employee who is licensed to prepare and submit mortgage closing documents on behalf of their clients as well as to provide settlement services. LPOs operate under the supervision of an attorney and are not allowed to provide legal advice regarding the transaction.

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Listing

A listing is a property that is for sale and may be represented in one of several ways. A general listing is a non-exclusive agreement for representation, an agency listing assigns the right to list and market the property to a specific brokerage, and an agent or broker listing assigns the right to list to a specific real estate representative.

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Listing Agent

A listing agent is one who has signed a representation agreement with a property owner in order to market and represent his or her home during a particular period of time or throughout the sale process. A listing agent with an exclusive listing agreement will receive a commission even if the owner finds a buyer for the property during the term of the agreement.

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Mortgage

A mortgage is a loan designed to facilitate the purchase of real estate. Mortgages may include a variety of terms, including the length of repayment, down payment percentages, and interest rate scenarios. Mortgages are guaranteed by the value of the property itself.

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Mortgage Broker

A mortgage broker is a licensed and regulated financial professional who works as a facilitator to provide a variety of mortgage products to home buyers. Because they are not employed by a particular lender, they may be able to provide a greater variety of financing instruments than a mortgage officer.

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