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.
An expert network in real estate investing is a curated group of specialized professionals and advisors providing targeted knowledge, insights, and services to investors for informed decision-making and problem-solving.
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.
Fiduciary duty is a legal and ethical obligation for a professional to act in the best interest of their client, prioritizing the client's needs above their own with utmost loyalty, care, and disclosure.
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 General Partner (GP) is the active manager in a real estate limited partnership or syndication, responsible for all operational and strategic decisions, and traditionally bearing unlimited personal liability for the partnership's obligations.
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.
An Investment Manager is a professional or firm responsible for managing a portfolio of real estate assets or funds on behalf of clients, aiming to achieve specific investment objectives and maximize returns.
Investor Relations (IR) is the strategic function that manages communication between a real estate investment firm or syndication sponsor and its investors, fostering trust, transparency, and long-term relationships through consistent information sharing.
An investor-friendly agent is a real estate professional who specializes in working with real estate investors, understanding their unique goals, and helping them find profitable investment properties. They possess specific knowledge of investment strategies, market analysis, and deal evaluation.
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