Real Estate Glossary
The Federal Trade Commission offers this glossary to help you better understand the terms commonly used in the real estate.
Fair Market Value: The price at which property would be transferred between a willing buyer and willing seller, each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell.
General Contractor: A person who oversees a home improvement or construction project and handles various aspects such as scheduling and ordering supplies.