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.
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 real estate podcast is an audio program featuring interviews with investors and experts, offering education, strategies, and market insights for real estate investing.
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 real estate seminar is an educational event, often held in person or online, designed to teach individuals about various aspects of real estate investing, market trends, and property management.
A real estate transaction is the comprehensive process of buying, selling, or transferring ownership of real property, involving multiple legal, financial, and administrative steps from initial agreement to final closing.
A referral in real estate is when one professional or client recommends another to a new client, often in exchange for a fee, facilitating new business opportunities based on trust.
A Registered Agent is a designated individual or entity responsible for receiving legal and tax documents on behalf of a business entity, such as an LLC or corporation, in the state where it operates.
A Registered Investment Advisor (RIA) is a financial professional or firm that provides investment advice and manages portfolios for clients, operating under a strict fiduciary duty to act in the client's best interest at all times.
Relationship building in real estate investing involves developing and nurturing connections with industry professionals and individuals to find deals, secure financing, and gain valuable support.
The Sales Comparison Approach (SCA) is a real estate valuation method that estimates a property's value by analyzing recent sales of similar properties and adjusting for differences.
A Seller's Agent, also known as a Listing Agent, is a real estate professional who represents the property owner in a real estate transaction, working to sell their home or investment property for the best possible price and terms.
A service agreement is a legally binding contract between two or more parties, typically a service provider and a client, outlining the terms and conditions of services to be performed in a real estate transaction or property management.
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