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Realtor
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers or agents fall into four categories of representation: *Seller's agents, commonly called "listing brokers" or "listing agents", are contracted by owners to assist with marketing property for sale or lease. *Buyer's agents are brokers or salespersons who assist buyers by helping them purchase property. *Dual agents help ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Association Of Realtors
The National Association of Realtors (NAR) is an American trade association for those who work in the real estate industry. It has over 1.4 million members, making it one of the biggest trade associations in the USA including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. The organisation holds a U.S. trademark over the term " realtor", limiting the use of the term to its members. NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago. Overview The National Association of Realtors was founded on May 12, 1908 as the ''National Association of Real Estate Exchanges'' in Chicago, Illinois. In 1916, the National Association of Real Estate Exchanges changed its name to The National Association of Real Estate Boards. The current name was adopted in 1972. NAR's members are residential and commercial real estate brokers, real estate sales ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Broker
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers or agents fall into four categories of representation: *Seller's agents, commonly called "listing brokers" or "listing agents", are contracted by owners to assist with marketing property for sale or lease. *Buyer's agents are brokers or salespersons who assist buyers by helping them purchase property. *Dual agents hel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
For Sale By Owner
For Sale By Owner (FSBO) is the process of selling real estate without the representation of a broker or agent. Homeowners may employ the services of marketing or online listing companies or market their own property. Typically, they represent themselves with the help of a lawyer or solicitor throughout the sale, as in most areas, there are detailed legal requirements pertaining to sellers and disclosures they must make. Varieties Some options available to the FSBO seller include: #''Selling alone''. The owner sets a price and prepares the house ready for sale. They may hold an open house, open escrow and transfer the keys to a new owner. Websites are available to list properties. Since there is no agent, no commission is paid. The two parties can obtain contractual assistance from their own lawyers or hire one lawyer to facilitate the transaction. #''Partial assistance''. Several "flat fee" listing services exist that host an owner's property on a multiple listing service so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closing (real Estate)
The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is transferred from the seller to the buyer. In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer. The closing process The closing process officially begins once the seller accepts, signs, and returns a purchase offer (also known as a purchase agreement). The closing date is set during the property negotiation phase and is usually several weeks after an offer is formally accepted. At a high level, the closing typically involves the following parties: the seller, the buyer, real estate agents, attorneys (depending on the state), the mortgage lender, and the settlement agency (also known as a title company). State and regional legislation can greatly impact the closing process so the closing process can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Trends
A real estate trend is any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change. This phenomenon can be a result of the economy, a change in mortgage rates, consumer speculations, or other fundamental and non-fundamental reasons. Buyer agency growth At one time, all real estate brokers and agents, or Realtors, practiced "single agency", meaning they represented only the buyer or the seller. In the 1990s, the concept of buyer agency became popular, allowing a buyer to retain an agent who would represent the best interests of the buyer alone. The first national company to provide this service was The Buyer's Agent, Inc. A 2008 study by ''Consumer Reports'' indicates that prior to this development, a Realtor was presumed by state law to be working for the seller. The same study shows that buyers using buyer agents obtained a savings of $5000 in the price of the home as compared to pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 In terms of law, ''real'' is in relation to land property and is different from personal property while ''estate'' means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state. History of real estate The natural right of a person ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawyers
A lawyer is a person who practices law. The role of a lawyer varies greatly across different legal jurisdictions. A lawyer can be classified as an advocate, attorney, barrister, canon lawyer, civil law notary, counsel, counselor, solicitor, legal executive, or public servant — with each role having different functions and privileges. Working as a lawyer generally involves the practical application of abstract legal theories and knowledge to solve specific problems. Some lawyers also work primarily in advancing the interests of the law and legal profession. Terminology Different legal jurisdictions have different requirements in the determination of who is recognized as being a lawyer. As a result, the meaning of the term "lawyer" may vary from place to place. Some jurisdictions have two types of lawyers, barrister and solicitors, while others fuse the two. A barrister (also known as an advocate or counselor in some jurisdictions) is a lawyer who typically specializes in a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Business
Real estate business is the profession of buying, selling, or renting real estate (land, buildings, or housing)."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 Sales and marketing It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a real estate agent, real estate broker or realtor, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent. There have been various studies to detect the determinants of housing prices to this day, mostly trying to examine the impacts of structural, locational and environmental attributes of houses. Transactions A real estate transaction is the process whereby rights in a unit of property (or designated real estate) is transferred betwee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sub-agent
Sub-agent (Sub-agency) is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a buyer of a business, home, or property. About sub-agents Lasting until the early 1990s, the broker provided a conventional full-service, commission-based brokerage relationship under a signed listing agreement only with a seller, thus creating an agency relationship with fiduciary obligations under common law in most of the US and Canada. The seller was then a client of the broker. However, no such agency relationship existed with the buyer, and the broker's agents helped the buyer (who was typically known as his or her "customer"). In this situation, during the entire period in which the buyer looked at properties, entered into a real estate contract, and finally closed on one, that broker/agent functioned solely as the sub-agent of the seller’s broker.{{Citation needed, date=October 2017 Some clear disadvantages e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Management
Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of management in any business. Property management is the management of personal property, equipment, tooling, and physical capital assets acquired and used to build, repair, and maintain end item deliverables. Property management involves the processes, systems, and workforce required to manage the life cycle of all acquired property as defined above, including acquisition, control, accountability, responsibility, maintenance, utilization, and disposition. An owner of a single-family home, condominium, or multi-family building may engage the services of a professional property management company. The company will then advertise th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earnest Payment
An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. In the Middle Ages, the earnest payment was called variously an earnest penny, Arles penny, or God's silver (in Latin Argentum Dei). It was either money or a valuable coin or token given to bind a bargain, notably for the purchase or hiring of a servant. According to Black's Law Dictionary (sixth ed.), ''Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus'' ("And he took it from the aforesaid Henry ealed by a silver three pence iece handed over n the sight ofGod"). A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque, or check (American English; see spelling differences) is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the '' drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes pea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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