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Decision glossary

Understand the term before you rely on it.

Short definitions, clear boundaries, and primary sources for terms used in LAREALTi guides. They do not replace a contract, record, form, professional opinion, or transaction facts.

Source ledgerGuides

Appraisal

The process of developing an opinion of value for real property through the appropriate appraisal role and standards.

Boundary: A real estate licensee's ordinary-course pricing opinion is not an appraisal.

California DRE: 2026 Real Estate Law excerpts · reviewed

Used in:Estimate, CMA, or appraisal: what do you actually need?Inherited a Los Angeles home? Build the decision map before you listLos Angeles ADU and converted-space questions: verify the unit before relying on it
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Escrow

An arrangement in which a neutral holder receives money, documents, or property until stated transaction conditions are satisfied.

Boundary: The purchase agreement and authorized escrow instructions—not this glossary—control a specific transaction.

California DRE: First Home California glossary · reviewed

Used in:A practical Los Angeles seller preparation timelineBuying and selling at the same time in Greater LALos Angeles homebuyer due diligence: build the question map before you rely on the property
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Title

The ownership interest and rights associated with real property, which are investigated through records and transaction-specific review.

Boundary: A listing page, old deed copy, or public-site summary does not establish current insurable or marketable title.

California DRE: First Home California glossary · reviewed

Used in:Buying and selling at the same time in Greater LAQuestions to ask about any LA home you find onlineInherited a Los Angeles home? Build the decision map before you listLos Angeles homebuyer due diligence: build the question map before you rely on the propertyBuying a Los Angeles condo? Review the HOA record, not only the unitLos Angeles ADU and converted-space questions: verify the unit before relying on it
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Contingency

A contract condition addressing a stated event, review, approval, or performance requirement.

Boundary: Meaning, deadlines, removal, and consequences depend on the actual signed contract and qualified transaction advice.

California DRE: First Home California glossary · reviewed

Used in:Buying and selling at the same time in Greater LAQuestions to ask about any LA home you find onlineLos Angeles homebuyer due diligence: build the question map before you rely on the propertyBuying a Los Angeles condo? Review the HOA record, not only the unit
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Disclosure

Information a responsible party provides about facts or conditions that may be required or material to a real estate decision.

Boundary: The required forms, signers, timing, exemptions, and known facts depend on the transaction; never guess or conceal a material fact.

California DRE: disclosures in real property transactions · reviewed

Used in:A practical Los Angeles seller preparation timelineQuestions to ask about any LA home you find onlineInherited a Los Angeles home? Build the decision map before you listLos Angeles homebuyer due diligence: build the question map before you rely on the propertyBuying a Los Angeles condo? Review the HOA record, not only the unitLos Angeles ADU and converted-space questions: verify the unit before relying on it
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