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Real Estate Dictionary


   

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Real Assets - Land, building, and equipment that are used to produce goods and services.

Real Estate - Exactly as it sounds, it is real properties, connected to the ground somehow. The term is generally synonymous with real property and immovable property. Land and anything permanently affixed to it, such as buildings, fences, trees, light fixtures, plumbing, heating fixtures and other items attached to the structure. Personal property is not attached and is not normally considered real estate. Real estate may refer to rights in real property as well as the property itself. It derives instead from the feudal principle that in a monarchy, all land was considered the property of the king. Thus originally the term real estate was equivalent to "royal estate", "real" originating from the French "royale", as it was the French-speaking Normans who introduced feudalism to England and thus the English language; cognate to Spanish "real". With the development of private property ownership, real estate has become a major area of business. Today it is most familiar with a business which provides services of selling, buying and renting different kinds of properties. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:

Appraisal - Professional valuation services
Brokerages - Assisting buyers and sellers in transactions
Development - Improving land for use by adding or replacing buildings
Property management - Managing a property for its owner(s)
Relocation services - Relocating people or business to different country

Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction business effectively has a connection to real estate.

Real Estate Broker - Someone licensed by the state to carry on the business of dealing with real estate. A broker may receive a commission for his or her part in bringing a buyer and seller together to transact a transfer of title. Brokers may be compensated for leasing property or for bring about an exchange of property. Usually, the owner or a manager of an agency.

Real Estate Commission - The amount paid to a broker on the sale of real property.

Real Estate License - A state license granted to one as a broker or salesperson, after passing an examination. Some states have educational requirements before the brokers' examination may be taken.

Real Estate Option - A right to purchase a real estate, which the proprietor gives the potential buyer. The option is a written binding document. In the document the terms of the deal are defined and the option is given for a limited time. The option is a deal in terms of the tax authorities.

Realtor - A designation given to a real estate broker/agent. By becoming a Realtor one must subscribe to a strict Code of Ethics in conducting any and all real estate business.

Real Interest Rate - The excess of the interest rate over the inflation rate. The growth rate of purchasing power derived from an investment.

Real Property - Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Realty - Real estate.

Receiver - A court appointed person who holds property which is either in dispute or cannot competently be handled by its owner.

Receivership - The state of property that is in the hands of a receiver. A court action that places property under the control of a receiver during litigation so that it can be preserved for the benefit of all. A property under receivership, is a property, which its owner went bankrupt.

Restriction - Most commonly used to describe a use of uses prohibited to the owner of land. Restriction are set froth by former owners n deeds or in the case of a subdivision, a declaration of restrictions is recorded by the developer. A limitation on use of the property by law (zoning ordnances) may be termed restrictions. A similar term would be covenants.

Right of First Refusal - A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. Also known as right of priority. Can be written in the "Tabu".

Right of Ingress or Egress - The right to enter or leave designated premises. See also Access Right.

Rural - Concerning the country, as opposed to urban - concerning the city.

Rentals - The amount paid monthly/yearly for renting a property.

 
 
 
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