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 shared desk is a non-dedicated workspace in a coworking or flexible office environment, used by different individuals at different times, often on a first-come, first-served basis. It offers flexibility and cost savings compared to traditional office leases.
A real estate Sponsor is the active manager of a real estate investment, typically a syndication, responsible for identifying, acquiring, managing, and exiting the property, while also raising capital from passive investors.
A subcontractor is an individual or company hired by a general contractor (or property owner) to perform a specific, specialized task or part of a larger real estate construction or renovation project.
A title company is an impartial third party that ensures clear legal ownership of a property, conducts title searches, issues title insurance, and facilitates the closing of real estate transactions.
Title insurance protects real estate owners and lenders against financial loss from defects in a property's title, ensuring clear ownership and safeguarding against past claims.
A title search is a comprehensive examination of public records to confirm a property's legal ownership and identify any claims, liens, or encumbrances against it, ensuring a clear title for real estate transactions.
A trustee is an individual or entity legally entrusted with managing assets or property for the benefit of another party (the beneficiary) under the terms of a trust agreement, upholding strict fiduciary duties.
Vendor management in real estate investing involves the strategic selection, contracting, and oversight of external service providers to ensure efficient property operations and maximize investment returns.
A Virtual Assistant (VA) is a remote independent contractor who provides administrative, technical, or creative support to real estate investors, helping them delegate tasks and optimize operations.
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