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A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and many other countries.
[7] [8] LGI Homes initially built homes in its home state of Texas. [9] Their first project was a residential development in Conroe called Summerset Estates. [10] In 2009, LGI Homes received recognition for being the only builder in the United States to increase closing and revenue over the prior three years. [11]
A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.
Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic. [19] Real estate development can be less cyclical than real estate investing. [20] In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property.
Alternatively, a developer who is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately. The financial risks of real estate development and real estate investing differ due to leverage effects. [3]
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These are known as by-right uses. Then there is an extra set of uses known as special uses. To build a use that is listed as a special use, a special-use permit (or conditional-use permit) must be obtained. An example of a special-use permit may be found in a church applying for one to construct a church building in a residential neighborhood ...
Planning permission or building permit refers to the approval needed for construction or expansion (including significant renovation), and sometimes for demolition, in some jurisdictions. [ 1 ] [ 2 ] House building permits, for example, are subject to building codes .
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