Roles and services in real estate and finance including agents, brokers, appraisers, and attorneys.
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Foundation terms you need to know first (41 terms)
Real estate networking is the strategic process of building relationships with other professionals and investors in the real estate industry to share knowledge, find opportunities, and secure resources for investment success.
A professional network in real estate investing is a group of contacts, including other investors, agents, lenders, and contractors, who provide support, resources, and opportunities.
A Board of Directors (BoD) is a group of individuals elected to oversee the management of a company, representing the interests of its shareholders and ensuring ethical and effective operations.
A real estate brokerage is a firm where licensed real estate brokers and agents work together to help clients buy, sell, or lease properties. They act as intermediaries, facilitating transactions and ensuring legal compliance.
Leasing commissions are fees paid to a real estate agent or broker for finding a tenant and securing a lease for a rental property. They compensate for marketing, showing, and tenant screening services.
Complex strategies and professional concepts (2 terms)
Appraisal fraud involves the intentional misrepresentation or manipulation of a property's value by an appraiser or other parties to deceive lenders or investors for financial gain, often leading to inflated loan amounts and increased risk.
Real Estate Professional (REP) status is an IRS designation allowing eligible taxpayers to deduct passive real estate losses against non-passive income, significantly reducing their taxable income.
A professional, unbiased report by a licensed appraiser that estimates a property's fair market value at a specific point in time, primarily used for financing and real estate transactions.
BiggerPockets is a leading online platform and community for real estate investors, offering extensive educational resources, forums, podcasts, and tools for all experience levels.
A Board of Directors (BoD) is a group of individuals elected to oversee the management of a company, representing the interests of its shareholders and ensuring ethical and effective operations.
A dedicated financial account used exclusively for business-related transactions, separate from personal finances, crucial for legal compliance and clear financial tracking in real estate investing.
A Certified Public Accountant (CPA) is a licensed and highly qualified accounting professional who provides expert financial and tax services, crucial for real estate investors to navigate complex regulations and optimize their investments.
A dedicated desk is a specific, assigned workspace within a coworking office that is reserved exclusively for one individual or team, offering more stability and personalization than a hot desk.
A fee structure is the system of charges, costs, or payments associated with real estate services, transactions, or property management, outlining how much you pay, when, and on what basis.
For Sale By Owner (FSBO) refers to the process of selling a property without the representation of a real estate agent or broker, allowing sellers to potentially save on commission fees.
A general contractor is a professional responsible for overseeing and managing all aspects of a construction or renovation project, ensuring it is completed on time, within budget, and to quality standards.
A grantee is the individual or entity who receives ownership of real property through a legal document called a deed, becoming the new legal owner.
A home inspector is a professional who evaluates a property's condition to identify defects in its structure and systems, providing crucial information for buyers, especially real estate investors, to make informed purchasing decisions and mitigate risks.
In real estate, independent parties are individuals or entities who have no pre-existing relationship or conflict of interest, ensuring fair and unbiased transactions.
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