• RCW – see Revised Code of Washington (RCW)
  • Real Estate Broker – in WA – state we have two types of real estate licenses:

Real Estate Broker is a person licensed to represent home buyers and home sellers in a real estate transaction. They are licensed to negotiate and arrange transactions; including, writing contracts for listing and purchasing homes.

Real Estate Managing Broker – is a broker who has taken education beyond the broker/agent level and passed Managing Broker Exam.

  • Real Estate Excise Tax (REET) – in Washington-state a homeowner pays at closing real estate excise tax. The amount owed is a percentage of the final sales price. Proceeds from the excise tax are deposited into public works and city-county assistance accounts by the state treasurer, according to the Revised Code of Washington (RCW). Exclusions to this definition include transfers by gift, inheritance, a mortgage to secure a debt and other specific cases.
  • Real Estate Commissions – the fee Real Estate Brokers charge for their services; typically is 5-6% of the home’s sale price.
  • REET -see Real Estate Excise Tax (REET)
  • REALTOR® – is a Real Estate Broker who also belongs to the National Association of REALTORS®, the largest trade group in the country.
  • Rent-Back – a rent back is essentially a scenario when the buyer agrees to rent the home back to the seller for some amount (sometime is free of charge) of time after the Closing Date. This can be a negotiating chip in a hot housing market or simply a kindness to a seller with a longer timeline.
  • Reverse Mortgage – a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income. Unlike traditional mortgages, which decline as you pay down the loan, reverse mortgages rise over time as interest on the loan accrues.
  • Revised Code of Washington (RCW) – the Revised Code of Washington (RCW) is the compilation of all permanent laws now in force. More Info at: Washington State Legislature