PRIVATE MORTGAGE INSURANCE (PMI): Insurance written by a private company protecting the lender against loss if the borrower defaults on the mortgage.

PURCHASE AGREEMENT: A written document in which the purchaser agrees to buy certain real estate and seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract, or agreement for sale.

REALTOR: A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors.

REGULATION Z: The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.

TENANCY IN COMMON: A type of joint ownership of property by two or more persons with no right of survivorship.

TITLE INSURANCE POLICY: A policy that protects the purchaser, mortgagee or other party against losses.

VA LOAN: A loan that is partially guaranteed by the Veterans Administration and made by a private lender.