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Real Estate Terminology

Principal, Interest, Taxes, and Insurance (PITI)

The four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.
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One of the things affecting a seller's ability to select individual real estate brokerage services from a fee-for-service broker, such as flat fee MLS - Multiple Listing Service, is the imposition of "minimum service laws". These laws require that real estate professionals who enter into exclusive agency agreements with their customers provide state-mandated minimum services, which include duties associated with negotiating a real property sales contract, among other things. To learn more about a particular state, choose a link below.


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Utah

Utah Division of Real Estate
Heber M Wells Bldg, 160 E 300 South 2nd
Salt Lake City, UT 84114-6711
Phone: 801-530-6747 Fax: 801-530-6749