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.
The process of sharing practical expertise, skills, and insights from experienced individuals to others within a real estate investment context.
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.
A lender is an individual or financial institution that provides funds to a borrower for real estate acquisition or development, expecting repayment with interest. They are crucial for leveraging capital in real estate investment.
A Letter of Intent (LOI) is a non-binding document outlining preliminary terms for a real estate transaction, signaling serious interest and guiding future negotiations before a formal purchase agreement.
A listing agreement is a legally binding contract between a property owner and a real estate broker, granting the broker authority to sell the property and outlining the terms of their compensation and responsibilities.
A Loan Officer is a financial professional who helps individuals and businesses apply for and obtain loans, guiding them through the entire lending process from application to closing. They are key in connecting borrowers with suitable loan products.
A Mastermind Group is a peer-to-peer mentoring and accountability concept where real estate investors collaborate to share insights, solve problems, and support each other's growth and investment goals.
A business structure where real estate investors pay a recurring fee to access exclusive content, analytical tools, community forums, and expert guidance, fostering continuous education and networking.
Real estate mentorship is a relationship where an experienced investor guides and advises a less experienced individual, providing practical knowledge, support, and insights to accelerate their learning and success in real estate investing.
A real estate mentorship program is a structured educational experience where an experienced investor guides a less experienced individual through their investment journey, offering practical knowledge and support.
Misrepresentation in real estate refers to a false statement of a material fact made by one party that induces another party to enter into a contract, often leading to legal consequences.
A mission statement is a clear, concise declaration outlining an investor's core purpose, values, and methods for achieving their real estate investment goals. It serves as a guiding principle for all investment decisions.
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