Real estate business is the profession of buying, leasing, managing, or selling real estate (commercial, industrial, residential, or

mixed-use Mixed use is a type of urban development, urban design, urban planning and/or a zoning classification that blends multiple uses, such as residential, commercial, cultural, institutional, or entertainment, into one space, where those functions ...

premises)."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011

Marketing and sales

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for

commission In-Commission or commissioning may refer to: Business and contracting * Commission (remuneration), a form of payment to an agent for services rendered ** Commission (art), the purchase or the creation of a piece of art most often on behalf of anot ...

. In

Northern America Northern America is the northernmost subregion of North America, as well as the northernmost region in the Americas. The boundaries may be drawn significantly differently depending on the source of the definition. In one definition, it lies dir ...

, this intermediary is referred to as a real estate agent, real estate broker or

realtor Real estate agents and real estate brokers are people who represent 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 agent ...

; whilst in the United Kingdom, the intermediary would be referred to as an

estate agent An estate agent is a person or business in the United Kingdom that arranges the selling, renting, or managing of real estate, properties and other buildings. An agent that specialises in renting is often called a Letting agent, letting or manag ...

. In

Australasia Australasia is a subregion of Oceania, comprising Australia, New Zealand (overlapping with Polynesia), and sometimes including New Guinea and surrounding islands (overlapping with Melanesia). The term is used in a number of different context ...

, they are known as real estate agents, real estate sales representatives, property consultants, property managers, leasing agents, or simply the agents. 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) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different

countries of the world The following is a list providing an overview of sovereign states around the world with information on their status and recognition of their sovereignty. The 205 listed states can be divided into three categories based on membership with ...

and among smaller legal entities (

jurisdiction Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...

s). In more abstract terms, a real estate transaction, like other

financial transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or mo ...

s, causes transaction costs. To identify and possibly reduce these transaction costs, the

Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...

(OECD) addressed the issue through a study commissioned by the European Commission and through a research action. The mentioned research action ‘Modelling Real Property Transactions’ investigated methods to describe selected transactions in a formal way to allow for comparisons across countries and jurisdictions. Descriptions were performed both using a more simple format, a Basic Use Case template, and more advanced applications of the

Unified Modeling Language The Unified Modeling Language (UML) is a general-purpose visual modeling language that is intended to provide a standard way to visualize the design of a system. UML provides a standard notation for many types of diagrams which can be roughly ...

. Process models were compared through an ontology-based methodology, and national property transaction costs were estimated for Finland and Denmark based on the directions of the

System of National Accounts The System of National Accounts or SNA (until 1993 known as the United Nations System of National Accounts or UNSNA) is an international standard system of concepts and methods for national accounts. It is nowadays used by most countries in the w ...

. Real estate transactions: subdivision, conveyance, and mortgaging, as they are performed in the five

Nordic countries The Nordic countries (also known as the Nordics or ''Norden''; ) are a geographical and cultural region in Northern Europe, as well as the Arctic Ocean, Arctic and Atlantic Ocean, North Atlantic oceans. It includes the sovereign states of Denm ...

, are described in some detail. A translation into English is available for the Danish part.

References

External links

Real Estate Institute of Australia (REIA) official website
{{DEFAULTSORT:Real Estate

Marketing and sales

Transactions

See also

References

External links