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 Comparative Market Analysis (CMA) is an informal estimate of a property's value based on recently sold, active, and expired listings in the same area, used by real estate professionals to help buyers and sellers determine a competitive price.
A situation where an individual or entity in real estate has competing interests that could influence their professional judgment or actions to their own benefit, potentially at the expense of another party.
A real estate valuation method that estimates a property's value by summing the cost to replace or reproduce its improvements, subtracting accrued depreciation, and adding the value of the land.
A counteroffer is a response to an initial real estate offer that proposes different terms, effectively rejecting the original offer and creating a new one to continue negotiations.
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.
Delegation in real estate investing involves strategically assigning specific tasks, authority, and responsibility to other individuals or entities, such as property managers, virtual assistants, or contractors. This practice enables investors to optimize their time, leverage specialized expertise, and scale their portfolios more efficiently.
A Developer-Operator is a real estate firm or individual that undertakes both the development of a property and its subsequent long-term operation and management, integrating the entire lifecycle of an asset.
A discretionary account is an investment account where the account holder grants a financial advisor or broker the authority to make investment decisions, including buying and selling securities, without needing prior approval for each transaction.
Dun & Bradstreet is a global provider of business decisioning data and analytics, offering credit reports, risk scores, and the D-U-N-S Number to help investors and lenders assess the financial health and creditworthiness of business entities.
A legal arrangement where a neutral third party holds funds and documents until specific conditions of a contract are met, ensuring a secure and fair transaction, especially in real estate.
An exclusive agency listing is a real estate agreement where a seller grants one broker the exclusive right to sell a property, but retains the right to sell it themselves without paying a commission.
An Exclusive Right-to-Sell Listing is a real estate contract granting a single broker the sole right to sell a property and earn a commission, regardless of who finds the buyer. It offers maximum protection and incentive for the listing broker.
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