Real Estate Acronyms: For Realtors, Mortgage Brokers, & Other Real Estate Profes sionals AIREA - American Institute of Real Estate Appraisers ALTA - American Land Title Association ANSI - American National Standards Institute AOR - Association of Realtors ARES - American Real Estate Society ASA - American Society of Appraisers ASHI - American Society of Home Inspectors BD - Book Depreciation BFP - Bona Fide Purchaser BRR - Book Rate of Return CAM - Common Area Maintenance (charges related to commercial leases) CC - Civil Code CGT - Capital Gains Tax CH/BW - Chain Link/Barbed Wire CO - cert of Occupancy COE - Cost of Equity CUV - Current Use Value DD214 - Used to discharge service members in the 1950s DIM - Deferred-Interest Mortgage DRC - Depreciated Replacement Cost DS - Due on Sale (clause) EAL - Exclusive Agency Listing ERV - Estimated Rental Value FDR - Formal Dining Room FMV - Fair Market Value FP - Fireplace FPM - Flexible-Payment Mortgage FRM - Fixed-Rate Mortgage FRV - Full Rental Value FSBO - For Sale By Owner GPM - Graduated Payment Mortgage GRM - Gross Rent Multiplier HDW - Hardwood Floors HECM - Home Equity Conversion Mortgage HEL - Home Equity Loan HOA - Home Owners' Association HUD - (Department of) Housing and Urban Development HWF - Hardwood Floors HVAC - Heating, Ventilation, and Air Conditioning LIBOR - London Interbank Offered Rate LTV - Loan To Value (Ratio) LUI - Land Use Intensity MBA - Mortgage Bankers Association of America MBB - Mortgage-Backed Bond MBO - Mortgage-Backed Obligation MBS - Mortgage-Backed Security MGIC - Mortgage Guaranty Insurance Corporation MLS - Multiple Listing Service MMI - Mutual Morgage Insurance MPC - Master Planned Community MRA - Master Residential Appraiser MSA - Master Senior Appraiser NHBC - National House Building Council NIA - Net Internal Area NIM - Net Income Multiplier NLA - Net Leasable Area NNN - Triple Net (Lease) NOI - Net Operating Income NPV - Net Present Value NRV - Net Realizable Value OBO - Or Best Offer OER - Operating Expense Ratio OIRO - Offers In the Region Of... PCD - Planned Commercial Development PEPS - Political, Economic, Physical, Social (forces that drive value) PHA - Public Housing Administration PID - Planned Industrial Development PITI - Principal, Interest, Taxes, and Insurance PMDT - Purchase Money Deed of Trust PMI - Private Mortgage Insurance PO - Principal Only PSF - Per Square Foot PV - Present Value PW - Present Worth RAM - Reverse Annuity Mortgage REA - Reciprocal Easement Agreement REIT - Real Estate Investment Trust REC - Real Estate Commission REO - Real Estate Owned ROM - Roll-Over Mortgage SAM - Shared-Appreciation Mortgage SEM - Shared-Equity Mortgage SFD - Single Family Detached TPL - Third Party Liability TI - Tenant Improvement TIC - Tenants In Common TIP - Treasury Investment Program TRA - Tax Reform Act VA - Veterans Administration (Loan) VAP - Variable Payment (Mortgage) VAT - Value Added Tax VPM - Variable-Payment Mortgage VRE - Virtual Real Estate VRM - Variable-Rate Mortgage