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 property manager is an individual or company hired by a real estate investor to handle the daily operations, maintenance, and tenant relations for a rental property, aiming to preserve asset value and maximize rental income.
A property survey is a detailed map or drawing created by a licensed surveyor, accurately depicting property boundaries, dimensions, and the location of improvements, easements, and other features. It is a critical legal document for understanding and protecting real estate investments.
Property title is the legal right of ownership to a piece of real estate, granting the owner the right to possess, use, and transfer the property. It is distinct from a deed, which is the physical document used to transfer title.
Real estate agents and brokers are licensed professionals who facilitate property transactions, representing buyers, sellers, or both, and are compensated primarily through commissions.
A real estate appraiser is a licensed professional who provides an unbiased, expert opinion of a property's market value, crucial for transactions like mortgage lending and sales.
A legal professional specializing in laws related to real property, providing counsel, drafting contracts, and representing clients in real estate transactions and disputes.
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.
A real estate course is an educational program designed to teach individuals about various aspects of the real estate industry, from obtaining a license to advanced investment strategies and property management.
A real estate investing mentor is an experienced investor who provides guidance, shares knowledge, and offers practical advice to less experienced individuals, helping them navigate the complexities of real estate investment.
A Real Estate Investors Association (REIA) is a community organization that provides education, networking, and support for individuals interested in real estate investing, from beginners to experienced professionals.
A real estate listing is a public advertisement of a property for sale or rent, typically created by a real estate agent on behalf of the owner to attract potential buyers or tenants. It provides essential details about the property, its features, and its price.
A real estate mentor is an experienced investor who provides guidance, advice, and support to less experienced individuals, helping them navigate the complexities of real estate investing and achieve their financial goals.
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