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A basic introduction to the real estate industry, covering key concepts and terminology. It includes definitions of important terms like brokerage, appraisal, mortgage lending, and property management. The document also explores the roles of various professional organizations within the real estate sector, such as the national association of realtors (nar) and the institute of real estate management (irem). It further delves into the unique characteristics of land, such as indestructibility, immobility, and non-homogeneity, which are essential for understanding real estate transactions.
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the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. - ✔✔brokerage Are also know as mortgage brokers - ✔✔RMLOs The largest trade organization representing real estate professionals - ✔✔NAR A fair return or equivalent in goods, services, or money for something exchanged - ✔✔Value the business of providing a professional opinion of the value of real property - ✔✔appraisal business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt - ✔✔mortgage lending the management of residential and commercial properties on behalf of the investor-owner of the property. - ✔✔Property Management work for firms that specialize in locating units for tenants in multi-family complexes - ✔✔Apartment Locators
license - ✔✔Apartment Locators. License or no license? licensed in Texas by the Texas Real Estate Commission (TREC). The inspector- candidate must complete a series of courses and pass the state exam - ✔✔Home Inspectors most often involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses. - ✔✔Real Estate Development employ a large number of individuals with a real estate background - ✔✔Oil & Gas Companies An international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. - ✔✔Institute of Real Estate Management (IREM) Established in 1954 to give commercial real estate practitioners an opportunity to further their business practices through education and networking opportunities. - ✔✔CCIM Institute a professional affiliate of the National Association of REALTORS. - ✔✔Society of Industrial and Office Realtors (SIOR) exists to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services - ✔✔International Council of Shopping Centers