Sales Labor Law References

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There are a lot of uncertainties in today’s real estate market. The buzz word phrase that a lot of people have been talking about is called sub-prime mortgage crisis. One lesson that can be learned from this situation is that having basic knowledge is definitely powerful. As a newcomer, you have to know the glossary of terms that will help you get familiar with real estate. Here they are:
Mortgage – a lien on property which secures the promise to repay a loan. It is a loan to finance the purchase of real estate, and usually has specified payment periods and interest rates.

Filed under: Real Estate by Sherill

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Salaries of sales worker supervisors vary substantially, depending on the level of responsibility the individual has; the person’s length of service; and the type, size, and location of the firm.

In May 2004, median annual earnings of salaried supervisors of retail sales workers, including commissions, were $32,720. The middle 50 percent earned between $25,120 and $43,110 a year. The lowest 10 percent earned less than $20,110, and the highest 10 percent earned more than $58,400 a year. Median annual earnings in the industries employing the largest numbers of salaried supervisors of retail sales workers in May 2004 were as follows:
Building material and supplies dealers $34,210
Grocery stores $31,360
Clothing stores $30,660
Other general merchandise stores $30,150
Gasoline stations $27,510

Compensation systems vary by type of establishment and by merchandise sold. Many supervisors receive a commission or a combination of salary and commission. Under a commission system, supervisors receive a percentage of department or store sales. Thus, supervisors have the opportunity to increase their earnings considerably, but their earnings depend on their ability to sell their product and the condition of the economy. Those who sell large amounts of merchandise or exceed sales goals often receive bonuses or other awards.

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Fannie Mae – an acronym (sort of) which stands for Federal National Mortgage Association (FNMA); a federally-chartered enterprise that is owned by a private stockholder. It purchases residential mortgages, converts them into securities, and then resells them to investors. It also supplies funds that the lenders may loan to those potential home buyers.
Freddie Mac – an acronym (again sort of) which stands for Federal Home Loan Mortgage Corporation (FHLM); it has the same function as Fannie Mae.
Mortgage insurance – policy that protects lenders against most or at least some of the losses that occurs when the borrower defaults on mortgage loan. This is primarily required for borrowers with a down payment of less than 20% of the home purchase price.

Filed under: Real Estate by Sherill

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ARM – acronym for Adjustable Rate Mortgage; a mortgage loan subject to interest rate changes. When the rates adjust, ARM monthly payments decrease or increase in intervals that are determined by the lender. However, the change in monthly payment amount is subject to a Cap.
Cap – a limit (such as that placed on an adjustable rate mortgage) on how much interest rate or monthly payment can decrease or increase.
Credit Bureau score – a number that represents the likelihood that a borrower will default. This number is based on credit history, and is used to determine the borrower’s qualification for a mortgage loan.

Filed under: Real Estate by Sherill