MRP National Exam key terms

An official military order moving a service member and authorized dependents from one duty station to another, usually for a set tour. PCS orders trigger relocation benefits and are the event most real estate agents are serving.

The written military directive authorizing a move, showing gaining and losing commands, report date, and dependents. Lenders and movers rely on these orders to verify eligibility for VA financing and government-funded relocation benefits.

The package of benefits a service member receives for a PCS move, which may include shipment of household goods, temporary lodging, per diem, and dislocation allowance. Knowing these helps agents time purchases, leases, and closings realistically.

A lump-sum payment to offset incidental costs of a PCS move, such as utility deposits and temporary expenses. It is generally paid once per move and can support a buyer's closing funds, though lenders may ask about its source.

The government-funded movement of a member's furniture and personal property to the new duty station, arranged through a transportation office. Delivery timing affects temporary housing needs and when a buyer can occupy a home.

A reimbursement for short-term lodging and meals near the old or new duty station during a PCS move. It bridges the gap when a home sale closes before or after the member's report date.

A daily allowance for lodging and meals when a member arrives at an overseas duty station before permanent housing is available. It can last weeks or months and shapes how long a family waits before buying abroad.

A tax-free monthly allowance based on duty station, pay grade, and dependent status that helps cover housing costs. Lenders may count it as qualifying income when it is expected to continue.

A tax-free monthly allowance intended to cover a member's food costs. It is typically counted as stable income by underwriters evaluating a military borrower's ability to repay a mortgage.

A monthly military pay statement showing base pay, allowances, deductions, leave balances, and year-to-date figures. Lenders use it to verify income components such as BAH and BAS and to spot garnishments or allotments.

A mortgage partially guaranteed by the Department of Veterans Affairs and available to eligible veterans, active members, and some surviving spouses. It typically offers no down payment and no monthly mortgage insurance.

A document confirming a borrower's VA loan eligibility and showing the amount of entitlement available. Agents and lenders obtain it early so buyers know their realistic purchase power before house hunting.

The dollar amount of loan the VA will guarantee on a borrower's behalf. It determines the maximum loan with no down payment and may be restored after a prior VA loan is paid off.

The process of regaining previously used VA entitlement, typically after paying off a prior VA loan and disposing of the property. It lets a buyer purchase again with full no-down-payment benefits.

Additional VA guaranty available above the basic entitlement, often used when a buyer keeps an existing VA loan or purchases a higher-priced home. It may require a down payment to satisfy the lender's loan limit.

A one-time charge paid at closing that funds the VA guaranty program, calculated as a percentage of the loan. It varies by service history, down payment, and whether the buyer has used the benefit before.

A waiver of the VA funding fee for certain borrowers, such as those receiving disability compensation or surviving spouses. Sellers and agents should confirm it early because it changes cash needed at closing.

Baseline condition and safety standards a home must meet for VA financing, covering items like roof, utilities, and structural soundness. Knowing them helps agents advise sellers on repairs before the appraisal.

An independent valuation ordered through the VA system that also confirms the property meets minimum standards. The resulting value protects the borrower and sets the ceiling for the loan amount.

The VA's written appraisal result stating the property's market value and whether it satisfies minimum requirements. Lenders use it to finalize loan amounts, and it can trigger repair negotiations.

A transfer of an existing VA loan to a new buyer, who takes over payments and obligations. It can be attractive when the note rate is low, but it affects the seller's remaining entitlement.

The rule that a VA borrower must intend to live in the home as a primary residence within a reasonable period after closing. It limits use of the benefit for pure investment purchases.

A VA-guaranteed mortgage above the conforming loan limit, which usually requires a down payment to cover the portion of the loan exceeding full entitlement coverage. Buyers in high-cost markets often need it.

The money left after subtracting housing costs, debts, and estimated living expenses from take-home pay. VA underwriting uses it to confirm a family can cover everyday needs, especially in high-cost areas.

The share of gross monthly income consumed by proposed housing payments and other debts. It is a core underwriting measure, and military allowances counted as income can improve the ratio.

A lease provision letting a service member terminate a rental early when receiving PCS orders or a deployment. It protects members who must move before the lease term ends and is often required by state law.

Contract language making a purchase contingent on the buyer's home selling or on receiving orders. Agents use it to manage dual-move risk while keeping offers competitive.

Short-term borrowing that covers the gap between buying a new home and receiving proceeds from selling the old one. Military families facing tight report dates often need it to avoid renting twice.

A written authorization letting one person act for another in specified transactions, such as signing a deed or loan documents. Deployed members frequently use one so a closing can proceed while they are away.

A process allowing documents to be notarized over a live audio-video connection with identity verification. It helps service members complete real estate paperwork from another state or overseas.

A credential for agents trained in military relocation, VA financing basics, and the needs of service members and veterans. It signals specialized knowledge to referral partners and military clients.

The online system members use to schedule government-arranged shipment of household goods. Delivery windows set by the system help agents plan temporary housing and closing dates.

A federal law giving active-duty members protections such as reduced interest rates on pre-service debt and limits on foreclosure and eviction. It can affect a transaction involving a deployed borrower or tenant.

A federal law protecting the civilian jobs and benefits of people who serve or have served in uniform. It matters to reservists and Guard members whose income stability underwriters and agents must assess.

A temporary assignment of a service member away from the home station, often overseas and for months. It affects listing timing, decision-making authority, and who signs documents during a transaction.

The military installation or location where a member is assigned to work. It drives BAH rates, school choices, commute preferences, and the neighborhoods agents recommend.

The ability of an unremarried surviving spouse of a member who died in service or from a service-connected disability to obtain VA loan benefits. Agents should screen for it when working with Gold Star families.

A nonprofit group that helps veterans and families file claims and understand benefits. Agents can refer clients to a VSO for questions about disability pay, eligibility, and documentation.