Frequently Asked Questions

Q: What do I need to do to join the Board?

A: Fill out a new member application and send it in with the appropriate fees. If you need to take the new member classes you will be notified by mail monthly of the upcoming classes. After you have completed the classes you will be installed as a REALTOR® member of the

Q: What are the benefits of membership at the Denver Board of REALTORS®?

A: The REALTOR® designation instantly increases your credibility with clients and customers. Membership also offers outstanding opportunities for professional development, networking and support.

The many advantages of DBR membership include:

• Continuing Education
• Advanced Training
• Market Statistics
• Professional Standards and a Code

Q: What is an adjustable rate (ARM) loan?

A: A loan in which the interest rate fluctuates during the term, based on an index to which the interest rate is tied.

Q: What is annual percentage rate (APR)?

A: Expressed as an annual rate, this is really the cost of the loan. It includes the interest rate, points on a loan, the loan origination fee, and all other charges made by the lender.

Q: What is a Buyer's Broker?

A: An agent who works on behalf of a buyer.

Q: What are closing costs?

A: Costs involved in transferring ownership of a home.

Q: What is a contingency?

A: A clause that is added to a purchase agreement stating that certain conditions must be met within a specified time period for the purchase agreement to be valid.

Q: What is a conventional loan?:

A: A home loan not backed by the government

Q: What is a down payment?

A: The amount of the purchase price you pay up front to the seller when you buy a home. The amount depends on the loan you are taking out, but is usually a minimum of 3 percent of the total loan amount.

Q: What is earnest money?

A: "Good faith" money usually given to the agent when you make a bid on a home.

Q: What is an FHA loan?

A: A home loan made by the Federal Housing Administration that has low down payment requirements and allows you to borrow a larger amount than you would be allowed to borrow in a conventional loan.

Q: What is a fixed rate loan?

A: A loan with a constant interest rate over the term of the loan.