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 comprehensive, chronological summary of all recorded documents and legal proceedings affecting the title to a specific parcel of real estate, tracing its ownership history.
An appraisal is an unbiased, professional opinion of a property's market value, conducted by a licensed appraiser, primarily used for lending, buying, and selling decisions.
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.
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 breach of contract occurs when one party fails to fulfill their obligations as specified in a legally binding agreement, leading to potential legal and financial consequences for all involved parties.
A broker commission is a fee paid to a real estate broker or agent for successfully facilitating a property transaction, typically calculated as a percentage of the final sale price. It covers services like marketing, negotiation, and paperwork, and is usually paid by the seller at closing.
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 client agreement is a legally binding contract between a real estate investor or professional and their client, outlining the scope of services, responsibilities, fees, and terms of engagement.
A commission in real estate is a fee paid to a real estate agent or broker for facilitating a property transaction, typically calculated as a percentage of the sale price.
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