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When it comes to selling a home there's a lot to know beyond staging and setting a reasonable list price. As with any industry, there are real estate definitions (homestead, quit-claim) and a set ...
The real estate exam is often considered difficult by many aspiring real estate agents and brokers. This is because the exam is intentionally designed to be difficult to pass, as a way to filter out those who may not have the required skills and knowledge to be successful as a real estate professional. [1]
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region. [2]
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
A broker price opinion (BPO) is a real estate professional’s dollar estimate of a property’s worth. It is an opinion, but one often backed up by the selling prices of comparable homes in ...
An intention to possess (sometimes called animus possidendi) is the other component of possession. All that is required for this criterion is an intention to possess something for the time being. In common law countries, the intention to possess a thing is a question of fact that can be proven by acts of control and surrounding circumstances.
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
Closing is a sales term which refers to the process of making a sale. The sales sense springs from real estate, where closing is the final step of a transaction. In sales, it is used more generally to mean achievement of the desired outcome, which may be an exchange of money or acquiring a signature.