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real estate
Published on May 2, 2008, 11:16 pm
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Real estate
is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location.
Real estate law
is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction. Real estate is often considered synonymous with
real property
(also sometimes called
realty
), in contrast with personal property (also sometimes called
chattel
or
personalty
under
chattel law
or
personal property law
).
However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself.
The terms
real estate
and
real property
are used primarily in common law, while civil law jurisdictions refer instead to immovable property.
Trice P
asked:
"Im a 22 yr old African American female from Tennessee planning to take real estate classes in the fall. I plan to go into the field and succede either way but just wanted to know some success tips from established agents, brokers, lenders, or anyone having to do with the real estate world. Also, willing to travel."
Question posted courtesy of:
kemperk replied:
"stay out of the mainstream area;that is, listing houses for sale.become an exclusive buyer's agent.Rep middle income and upper incomeblack women as a niche.Also poke into doing commercialand industrial purchases.and maybe business brokerageplus, interview different agencies--most are Realtor focused; whichmeans they take listings. YOU canchoose not to do that via beingan exclusive BUYER's agent.[they don't sell RE--they helpbuyers buy, and that is a differentapproach].plus u can find those offices thathave 100% approaches [wherethe agent pays for desk space anddoes not split the commission.]available to help -though I am notin TN."
hollywoodmelody replied:
"Take your real estate classes but also take a basic accounting course, real estate law, any finance course and a course in public speaking. Don't laugh, you will use all those courses through your career. Also start talking to various brokers and let them know you are taking classes. Whether taking college courses along with taking real estate classes from various real estate companies or independent real estate schools be aware of the market you are in. Also talk to lenders so you know some of what is needed for your buyers. Please learn about Title & Escrow as well. Once you hang your license make sure you become a Buyers agent first not a Sellers agent. When you start with buyers you will be learning along with your buyers some of the issues that can come up in a transaction. If you start on the Sellers side you will be on the losing end of every transaction as most seasoned agents know who is new, knows the contingencies that will let them get out of the contract and you will be left standing holding the bag."
Lisa L
asked:
"I am in escrow on some property in which the seller and his real estate agent were not very forthcoming in their disclosure statements. Through a third party I found out some things about the property that are detriments (such as occassional flooding) but I am willing to overlook them and still purchase the property. I have released all my contingencies and we have a close date set. My real estate agent happened to tell the seller's real estate agent that we found out some of these things on the property - most importantly about the flooding - and now the selling real estate agent wants me to sign a bunch of documents listing out what I found out as if she had told me about them. I don't want to do it - it took considerable effort for me to uncover these issues and I have already signed off on contingencies. I don't think I need to also let her off the hook as if she had disclosed these things to me - she did not. Can the realtor force me to sign these?I am asking if a real estate agent can legally force me to sign informal and misleading documents in order to progress with the purchase? The seller and I have already signed all legal documents as outlined in our legal contract."
Question posted courtesy of:
Faye H replied:
"Let her off what hook? If you're still willing to purchase the property, even after knowing all the things that are wrong with it, where's the hook? Unless you're planning on suing one of them after the deal is closed.If you don't want to sign them, then don't sign them but you're likely to end the sale and possibly lose your earnest money in the process since you've already released all your contingencies.I'm not sure what you are trying to accomplish by not signing them."
sylviavnpttn replied:
"You have a LEGAL AND BINDING CONTRACT. all disclosures within the contract should be what the seller knows about the property. Now the other agent cannot FORCE you to sign anything. Basically what the agent is trying to do is cover his clients ass- if the selling side has a problem with it you can always take it before arbitration (see how they like that). Either way the selling agent is not within his rights to present other docs. for disclosures, nor do you let them off the hook. You will have no recourse if you do. Hope this helps."
Miss V replied:
"I don't believe they can force you to sign them. Discuss with your closing attorney with regards to any liability you may suffer in the future because of these problems. Had you known in advance, you might have offered a lower price, since fixing them in the future will be your cost and not one that you can toss over to the Seller. In fact, if the Seller has not offered you a one year Home Warranty, this will be the time, in lieu of the other documents. Make sure it covers as many items as possible, from appliances, to heating system to plumbing."
Drew replied:
"Force you, you can walk away from the deal, you must ask what els have they lied about?"
Linda704
asked:
"1. What do I need to do to become a real estate agent in Charlotte, NC?2. What classes do I need to take?3. Where can I study to become a real estate agent in Charlotte, NC?4. What are the requirements?5. Any other information I need to know about becoming a real estate agent?"
Question posted courtesy of:
snwbm replied:
"My sister in law is an agent in north carolina and she was laid off from her office and can't find work anywhere.Why would you want to become a new real estate agent during a real estate slump and while the country is headed towards a recession?You won't be able to find any work for atleast the next year or two."
elvira p replied:
"you have to go to real estate school you can go to Howard perry real school. and then take the state board."
Bonnie P replied:
"Check with your local Howard, Perry & Walston school, or go to for all the info you are looking for. Good luck, it's hard but well worth it in the end."
sjsteelemoon
asked:
"We are looking to buy a house. We found a real estate agent before we found the house we really want. It's a foreclosed home. How does the real estate agent get paid?"
Question posted courtesy of:
newjerseyguy replied:
"By the seller."
Dizzy_Lizzy replied:
"If the bank owns the home, chances are they’ve listed it with a real estate agent of their own. Your agent should be able to look up the home in the MLS to see what the seller will be paying as a buyer’s agent’s commission."
hollywoodmelody replied:
"If the house is an REO(bank owned) then the commission is paid by the lender who owns the property. If it is a foreclosure,the seller of the home pays the commission. If you use an agent you are also responsible for his commission but sometimes Buyers can request the commission to be paid by the Seller. Look over your Purchase Contract to verify. Your Escrow Instructions would also state who pays what......"
Extreme replied:
"All commissions come from the sale of the property and gets deducted from the purchase price"
godged replied:
"The seller, in this case the lender, pays the agents."
mountain_bike300
asked:
"I called a real estate company and i didnt ask that question but looked at gaining my real estate license from internet. I know real estate, i have 7 homes that i rent out, but unsure about the truth about online colleges. Please help. Thank you."
Question posted courtesy of:
J. P. replied:
"http://www.successrealestateschool.com/courses/online_courses.php"
Guess What?.....Real Estate buyers still don’t understand the impact of FICO scores.
Jackpot! Dublin had 31 home sales this week - 18 new homes and 13 existing homes.
Portfolio management is the professional management of shares, bonds etc, assets (e.g. real estate), to meet specified investment goals. Let us see its types.
Home-hunters used to spend Sundays poring over the classifieds. Now they spent 24/7 on the web. And others compulsively check their home's value and see what homes are for sale on their street.
Bangalore real estate is mushrooming with the property prices going up and down at the same time at different places within the city.
