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 independent financial professional who acts as an intermediary between borrowers and multiple lenders, helping real estate investors find and secure the most suitable mortgage products and terms for their investment properties.
The Multiple Listing Service (MLS) is a cooperative database used by real estate brokers and agents to list properties for sale and access comprehensive property information, facilitating real estate transactions.
A real estate networking event is a specialized gathering where investors and professionals connect to share insights, build relationships, and discover investment opportunities within the real estate sector.
Notarization is the official process of verifying a signature's authenticity and the signer's identity on a document, performed by an impartial Notary Public to prevent fraud and ensure legal validity.
An off-market property is real estate available for sale but not publicly listed on a Multiple Listing Service (MLS), often sold through private channels or direct outreach.
An open listing is a non-exclusive real estate agreement where a seller can work with multiple real estate agents simultaneously, or sell the property themselves, with commission only paid to the agent who procures the buyer.
Outsourcing in real estate involves delegating specific tasks or functions to external third-party providers to improve efficiency, reduce costs, and allow investors to focus on core investment strategies.
A Partnership Agreement is a legally binding contract outlining the terms and conditions between two or more parties who agree to pool resources and share profits or losses in a real estate investment venture. It defines roles, responsibilities, capital contributions, and decision-making processes.
A performance bond is a surety bond that guarantees a contractor will complete a project according to the terms and conditions of a contract, protecting the project owner from financial loss if the contractor defaults.
A Power of Attorney (POA) is a legal document authorizing an agent to act on behalf of a principal in financial, legal, or real estate matters, ensuring continuity even during absence or incapacitation.
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 Property Management Company is a third-party entity hired by real estate investors to oversee the daily operations of their rental properties, handling everything from tenant screening and rent collection to maintenance and legal compliance.
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