Qualifying


Definition of "Qualifying"

Kevin Carney
  The K Co. Realty


  1. Process determining an individual's financial ability to meet the terms of a loan. When selling real estate, the sales broker must qualify the buyer to make certain he/ she has the financial ability to purchase the property and be eligible to obtain a mortgage.
  2. In insurance, a period of time during which an individual is eligible to receive benefits until it is determined whether or not fraud or other misrepresentation has occurred. A qualification period is found most frequently in health insurance and pension plans.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Uniform Reciprocal Licensing Act

Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few ...

Cash Basis

Method of accounting in which expenses are recorded when cash is paid and revenue is recorded when c ...

Workers Compensation Benefits

Income, medical, rehabilitation, death, and survivor payments to workers injured on the job. State w ...

System Safety

Method of accident prevention whose objective is to detect system-component deficiencies that have t ...

Rate/Point Break-Even

The period you must retain a mortgage in order for it to be profitable to pay points to reduce the ...

Sewer Line Easement

Easement to build, maintain, and operate a disposal line for sewage. ...

Related Real Estate FAQ

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

What Is A Principal?

Principal is the amount of money borrowed and still owed on a loan not including the interest. ...

What Is Escrow?

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. Wh ...

How Can I Protect My Home Office?

Commercial insurance is designed to help protect many of the risks your business can face, includin ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

What Is A Credit Report?

A credit report is a report of all your debt information compiled by an independent agency. The cred ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Build or Buy? That’s the Big Question 7 Things to Consider Before Moving to a New City Short Sale Homes When to buy a house 10 Tips for Homebuyers

FAQ

What do I need to know about Managed Care Insurance: HMO, PPO, & and POS plans? What is a lease purchase mortgage? What is a wraparound mortgage? What is a lien? What is a buyer’s agent?