Real estate or immovable property is a legal term (in some jurisdictions)
that encompasses land along with anything permanently affixed to the land, such
as buildings. Real estate (immovable property) is often considered synonymous
with real property (also sometimes called realty), in contrast with personal
property (also sometimes called chattel or personalty). However, for technical
purposes, some people prefer to distinguish real estate, referring to the land
and fixtures themselves, from real property, referring to ownership rights over
real estate.
The terms real estate and real property are used primarily in common law, while
civil law jurisdictions refer instead to immovable property.
Etymology
In law, the word real means relating to a thing (from Latin /rei, thing), as
distinguished from a person. Thus the law broadly distinguishes between "real"
property (land and anything affixed to it) and "personal" property (everything
else, e.g., clothing, furniture, money). The conceptual difference was between
immovable property, which would transfer title along with the land, and movable
property, which a person would retain title to. (The word is not derived from
the notion of land having historically been "royal" property. The word royal —
and its Portuguese cognate real — come from the related Latin word -regis,
meaning king.).
British, French, Italian, Portuguese and Spanish usages of the term
In British usage, however, “real property”, often shortened to just “property”,
refers rather to land and fixtures as such while the term “real estate” is used
mostly in the context of probate law, and means all interests in land held by a
deceased person at death excluding interests in money arising under a trust for
sale of or charged on land.
In French, Italian, Portuguese and Spanish, real estate is called "immovables" (immobilier
in French, immobiliare in Italian, imóvel in Portuguese and inmueble in
Spanish); other property is called "movables" (mobilier and mueble).
Business sector
With the development of private property ownership, real estate has become a
major area of business. 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)
* Real Estate Marketing - Managing the sales side of the property business
* Real Estate Investing - Managing the investment of real estate
* Relocation services - Relocating people or business to a 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.
"Internet Real Estate" is a term coined by the internet investment community
relating to the parallel that exists between high quality internet domain names
and real-world, prime real estate. Many internet companies actually use the
address of properties as domain names.
Levels
According to The Economist, "developed economies'" assets at the end of 2002 was
* Residential property: $48 trillion
* Commercial property: $14 trillion
* Equities: $20 trillion
* Government bonds: $20 trillion
* Corporate bonds: $13 trillion
* Total: $115 trillion
That makes real estate assets 54% and financial assets 46% of total stocks,
bonds, and real estate assets. Assets not counted here are bank deposits,
insurance "reserve" assets, and human assets; also it is not clear if all debt
and equity investments are counted in the categories equities and bonds. For US
asset levels see FRB: Z.1 Release-- Flow of Funds Accounts of the United States.
Mortgages in real estate
In recent years, many economists have recognized that the lack of effective real
estate laws can be a significant barrier to investment in many developing
countries. In most societies, rich or poor, a significant fraction of the total
wealth is in the form of land and buildings.
In most advanced economies, the main source of capital used by individuals and
small companies to purchase and improve land and buildings is mortgage loans (or
other instruments). These are loans for which the real property itself
constitutes collateral. Banks are willing to make such loans at favorable rates
in large part because, if the borrower does not make payments, the lender can
foreclose by filing a court action which allows them take back the property and
sell it to get their money back. For investors, profitability can be enhanced by
using an off plan or pre-construction strategy to purchase at a lower price
which is often the case in the pre-construction phase of development.
But in many developing countries there is no effective means by which a lender
could foreclose, so the mortgage loan industry, as such, either does not exist
at all or is only available to members of privileged social classes.
Real estate in Mexico and Central America
Real estate in Mexico and Central America is different from the way that it is
conducted in the United States.
Some similarities include a variety of legal formalities, (with professionals
such as real estate agents generally employed to assist the buyer); taxes need
to be paid (but typically less than those in U.S.); legal paperwork will ensure
title; and a neutral party such as a title company will handle documentation and
monies in order to smoothly make the exchange between the parties. Increasingly,
US title companies are doing work for US buyers in Mexico and Central America.
Prices are often much cheaper than most areas of the U.S., but in many locations
prices of houses and lots are as expensive as the US, one example being Mexico
City. U.S. banks have begun to give home loans for properties in Mexico, but, so
far, not for other Central American countries.
One important difference from the United States is that each country has rules
regarding where foreigners can buy. For example, in Mexico, they cannot buy land
or homes within 50km of the coast or 100km from a border, while, in Honduras,
they may buy beach front property. There are also different special rules
regarding certain types of property: ejidos - communally held farm property -
cannot be sold to anyone, but that does not prevent them from being offered for
sale.
Many websites advertising and selling Mexican and Central American real estate
exist, but they may need to be researched.
A real estate broker is a party who acts as an intermediary between sellers and
buyers of real estate and attempts to find sellers who wish to sell and buyers
who wish to buy. In the United States, the relationship was originally
established by reference to the English common law of agency with the broker
having a fiduciary relationship with his clients. Estate agent is the term used
in the United Kingdom to describe a person or organization whose business is to
market real estate on behalf of clients.
In the US, real estate brokers and their salespersons (commonly called "real
estate agents" or, in some states, "brokers") assist sellers in marketing their
property and selling it for the highest possible price under the best terms.
When acting as a Buyer's agent with a signed agreement (or, in many cases,
verbal agreement, although a broker may not be legally entitled to his
commission unless the agreement is in writing), they assist buyers by helping
them purchase property for the lowest possible price under the best terms.
Without a signed agreement, brokers may assist buyers in the acquisition of
property but still represent the seller and the seller's interests.
In most jurisdictions in the United States, a person is required to have a
license in order to receive remuneration for services rendered as a real estate
broker. Unlicensed activity is illegal, but buyers and sellers acting as
principals in the sale or purchase of real estate are not required to be
licensed. In some states, lawyers are allowed to handle real estate sales for
compensation without being licensed as brokers or agents.
The difference between salespersons and brokers
In the past, when brokers (and their agents) only represented sellers, the term
‘’real estate salesperson’’ may have been more appropriate than it is today,
given the different ways that brokers and their agents can help a buyer through
the process rather than simply “sell’’ him or her a property. Legally however,
the term 'salesperson' is still used in many states to describe a real estate
agent.
Real estate education: In order to become licensed, most states require that an
applicant take a minimum number of classes before taking the state licensing
exam. Such education is often provided by real estate brokerages as a means to
finding new agents.
Today in many states, the real estate agent (acting as an agent of the broker
with whom he/she is employed) is required to disclose to prospective buyers and
sellers who represents whom. See below for a broker/agent’s relationship to
sellers and their relationship to buyers.
While some people may refer to any licensed real estate agent as a real estate
broker, a licensed real estate agent is a professional who has obtained either a
real estate salesperson's license or a real estate broker's license.
In the United States, there are commonly two levels of real estate professionals
licensed by the individual states, but not by the federal government:
Real estate salesperson (or, in some states, Real estate broker):
When a person first becomes licensed to become a real estate agent, he/she
obtains a real estate salesperson's license (or some states use the alternative
term, "broker") from the state in which he/she will practice. If you want to
obtain a real estate license, the candidate must take specific coursework (of
between 40 and 90 hours) and then pass a state exam on real estate law and
practice. In order to work, salespersons must then be associated with (and act
under the authority of) a real estate broker.
Many states also have reciprocal agreements with other states, allowing a
licensed individual from a qualified state to take the second state's exam
without completing the course requirements, or, in some cases, take only a state
law exam.
Real estate broker (or, in some states, Qualifying Broker):
After gaining some years of experience in real estate sales, a salesperson may
decide to become licensed as a real estate broker (or Principal/Qualifying
broker) in order to own, manage or operate his/her own brokerage. Commonly more
course work and a broker's state exam on real estate law must be passed. Upon
obtaining a broker's license, a real estate agent may continue to work for
another broker in a similar capacity as before (often referred to as a broker
associate or associate broker) or take charge of his/her own brokerage and hire
other salespersons (or broker) licensees. Becoming a branch office manager may
or may not require a broker's license. Some states such as New York allow
licensed attorneys to become real estate brokers without taking any exam. In
some states, such as Colorado, there are no "salespeople", as all licensees are
Brokers.
A REALTOR, pronounced “Real-tor” (rē??l tōr), is a real estate salesperson or
broker who is a member of the National Association of Realtors (NAR). All
Realtors are brokers/salespersons, but not all brokers/salespersons are
Realtors.
Agency relationships with clients versus Non-Agency relationships with customers
* Agency relationship: Traditionally, the broker provides a conventional
full-service, commission-based brokerage relationship under a signed listing
agreement with a seller or "buyer representation" agreement with a buyer, thus
creating under common law in most states an agency relationship with fiduciary
obligations. The seller or buyer is then a client of the broker. Some states
also have statutes which define and control the nature of the representation.
Agency relationships in residential real estate transactions involve the legal
representation by a real estate broker (on behalf of a real estate company) of
the principal, whether that person or persons is a buyer or a seller. The broker
(and his/her licensed real estate agents) then becomes the agent of the
principal.
* Non-agency relationship: where no written agreement nor fiduciary relationship
exists, a real estate broker (and his agents) works with a principal who is then
known as the broker’s customer. When a buyer, who has not entered into a Buyer
Agency agreement with the broker and buys a property, then that broker functions
as the sub-agent of the seller’s broker. When a seller chooses to work with a
transaction broker, there is no agency relationship created.
Transaction brokers
Some state Real Estate Commissions, notably Florida's after 1992 (and extended
in 2003) and Colorado's after 1994 (with changes in 2003), created the option of
having no agency nor fiduciary relationship between brokers and sellers or
buyers. Having no more than a facilitator relationship, transaction brokers
assists buyers, sellers, or both during the transaction without representing the
interests of either party who may then be regarded as customers.
As noted by the South Broward Board of Realtors, Inc. in a letter to State of
Florida legislative committees :
"The Transaction Broker crafts a transaction by bringing a willing buyer and a
willing seller together and assists with the closing of details. The Transaction
Broker is not a fiduciary of any party, but must abide by law as well as
professional and ethical standards." (such as NAR Code of Ethics)
The result was that in 2003, Florida created a system where the default
brokerage relationship had "all licensees …operating as transaction brokers,
unless a single agent or no brokerage relationship is established, in writing,
with the customer" and the statute required written disclosure of the
transaction brokerage relationship to the buyer or seller customer only through
July 1, 2008.
In both Florida and Colorado's case, dual agency and sub-agency (where both
listing and selling agents represented the seller) no longer exist.
Dual or limited Agency
Dual agency occurs when the same brokerage represents both the seller and the
buyer under written agreements. Individual state laws vary and interpret dual
agency rather differently.
Many states no longer allow dual agency. Instead, Transaction Brokerage (see
above) provides the Buyer and Seller with a limited form of representation, but
without any fiduciary obligations (see Florida law). Buyers and sellers are
generally advised to consult a licensed real estate professional for a written
definition of an individual state's laws of agency, and many states require
written Disclosures to be signed by all parties outlining the duties and
obligations.
* If state law allows for the same agent to represent both the buyer and the
seller in a single transaction, the brokerage/agent is typically considered to
be a Dual Agent. Special laws/rules often apply to dual agents, especially in
negotiating price.
* In some states (notably Maryland ), Dual Agency can be practiced in situations
where the same brokerage (but not agent) represent both the buyer and the
seller. If one agent from the brokerage has a home listed and another agent from
that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy
the listed property, Dual Agency occurs by allowing each agent to be designated
as “intra-company” agent. Only the broker himself is the Dual Agent.
* Some states do allow a broker and one agent to represent both sides of the
transaction as dual agents. In those situations, conflict of interest is more
likely to occur.
Types of services that a broker can provide
Since each state's laws may differ from others, it is generally advised that
prospective sellers or buyers consult a licensed real estate professional.
Some Examples:
* Comparative Market Analysis - an estimate of the home's value compared with
others. This differs from an appraisal in that property currently for sale may
be taken into consideration (competition for the subject property).
* Exposure - Marketing the real property to prospective buyers.
* Facilitating a Purchase - guiding a buyer through the process.
* Facilitating a Sale - guiding a seller through the selling process.
* FSBO document preparation - preparing necessary paperwork for "Sale By Owner"
sellers.
* Full Residential Appraisal - but only, in most states, if the broker is also
licensed as an appraiser.
* Home Selling Kits - guides to how to market and sell a property.
* Hourly Consulting for a fee, based on the client's needs.
* Leasing for a fee or percentage of the gross lease value.
* Property Management.
* Exchanging property.
* Auctioning property.
* Preparing contracts and leases. (Not in all states.)
These services are also changing as a variety of real estate trends re-engineer
the industry.
General
The sellers and buyers themselves are the principals in the sale, and real
estate brokers (and the broker's agents) are their agents as defined in the law.
However, although a real estate agent commonly fills out the real estate
contract form, agents are typically not given power of attorney to sign the real
estate contract or the deed; the principals sign these documents. The respective
real estate agents may include their brokerages on the contract as the agents
for each principal.
The use of a real estate broker is not a requirement for the sale or conveyance
of real estate or for obtaining a mortgage loan from a lender. However, once a
broker is used, the settlement attorney (or party handling closing) will ensure
that all parties involved be paid. Lenders typically have other requirements,
though, for a loan.
Services provided to both buyers and sellers
In addition to the services to sellers and buyers described below, most real
estate agents coordinate various aspects of the closing.
Real estate brokers (and their agents) typically do not provide title service
such as title search or title insurance, do not conduct surveys or formal
appraisals of the property such as those required by lenders, and do not act as
lawyers for the parties, although they may "coordinate" these activities with
the appropriate specialists. Some real estate brokers may be associated with
loan officers who may help to finance buyers to make their purchase.
Regardless of whether a real estate agent assists sellers or buyers of real
estate, negotiation and financing skills are important.
Real estate brokers and sellers
Services provided to seller as client
Upon signing a listing contract with the seller wishing to sell the real estate,
the brokerage attempts to earn a commission by finding a buyer for the sellers'
property for highest possible price on the best terms for the seller. In Canada,
most provinces' laws require the real estate agent to forward all written offers
to the seller for consideration or review.
To help accomplish this goal of finding buyers, a real estate agency commonly
does the following:
* Listing the property for sale to the public, often on a Multiple Listing
Service, in addition to any other methods.
* Based on the law in several states, providing the seller with a real property
condition disclosure form, and other forms which may be needed.
* Preparing necessary papers describing the property for advertising, pamphlets,
open houses, etc.
* Generally placing a "For Sale" sign on the property indicating how to contact
the real estate office and agent.
* Advertising the property. Advertising is often the biggest outside expense in
listing a property.
* In some cases, holding an Open house to show the property.
* Being a contact person available to answer any questions about the property
and to schedule showing appointments
* Ensuring buyers are prescreened so that they are financially qualified to buy
the property; the more highly financially qualified the buyer is, the more
likely the closing will succeed.
* Negotiating price on behalf of the sellers. The seller's agent acts as a
fiduciary for the seller. This may involve preparing a standard real estate
purchase contract by filling in the blanks in the contract form.
* In some cases, holding an earnest payment cheque in escrow from the buyer(s)
until the closing. In many states, the closing is the meeting between the buyer
and seller where the property is transferred and the title is conveyed by a
deed. In other states, especially those in the West, closings take place during
a defined escrow period when buyers and sellers each sign the appropriate papers
transferring title, but do not meet each other.
The "listing" contract
Several types of listing contracts exist between broker and seller. These may be
defined as:
* Exclusive Right to Sell
In this type of Agreement", the broker is given the exclusive right to market
the property and represents the seller exclusively. This is referred to as
Seller Agency. However, the brokerage also offers to co-operate with other
brokers and agrees to allow them to show the property to prospective buyers and
offers a share of the total real estate commission.
* Exclusive Agency
An alternative form, "Exclusive Agency", allows only the broker the right to
sell the property, and no offer of compensation is ever made to another broker.
In that case, the property will never be entered into an MLS. Naturally, that
limits the exposure of the property to only one agency.
* Open Listing
This is an Agreement whereby the property is available for sale by any real
estate professional who can advertise, show, or negotiate the sale. Whoever
first brings an acceptable offer would receive compensation. Real estate
companies will typically require that a written agreement for an open listing be
signed by the seller to ensure the payment of a commission if a sale should take
place.
Although there can be other ways of doing business, a real estate brokerage
usually earns its commission after the real estate broker and a seller enter
into a listing contract and fulfill agreed-upon terms specified within that
contract. The seller's real estate is then listed for sale, frequently with
property data entered into a Multiple Listing Service (MLS) in addition to any
other ways of advertising or promoting the sale of the property.
In most of North America, where brokers are members of a national association
(such as NAR in the United States or the Canadian Real Estate Association), a
listing agreement or contract between broker and seller must include the
following: starting and ending dates of the agreement; the price at which the
property will be offered for sale; the amount of compensation due to the broker
and how much, if any, will be offered to a co-operating broker who may bring a
buyer. Without an offer of compensation to a co-operating broker (co-op
percentage or flat fee), the property may not be advertised in the MLS system.
Brokerage commissions
In consideration of the brokerage successfully finding a satisfactory buyer for
the property, a broker anticipates receiving a commission for the services the
brokerage has provided. Usually, the payment of a commission to the brokerage is
contingent upon finding a satisfactory buyer for the real estate for sale, the
successful negotiation of a purchase contract between a satisfactory buyer and
seller, or the settlement of the transaction and the exchange of money between
buyer and seller.
In North America commissions on real estate transactions are negotiable and have
been under pressure for numerous reasons the average commission has declined
during the last decade from 6% to about 5%. Real estate commission is typically
paid by the seller at the closing of the transaction as detailed in the listing
agreement.
A growing alternative commission structure is the fee-for-service, fixed-fee, a
la carte or flat-fee structure. Real estate trends have caused the unbundeling
of real estate brokerage services and according to the 2007 Swanepoel Trends
Report rising costs and cost-conscious consumers are now exploring new
innovative business models such as a la carte, multi-level marketing, residual,
auctionering and other discount or online real estate models.
RESPA
Real estate brokers who work with lenders may not receive any compensation from
the lender for referring a client to a specific lender. To do so would be a
violation of a (US) federal law known as the Real Estate Settlement Procedures
Act (RESPA). All compensation to a broker must be disclosed to all parties.
Lockbox
With the sellers’ permission, a lockbox is placed on homes that are occupied
and, after arranging an appointment with the home owner, agents can show the
home. When a property is vacant or where a seller may be living elsewhere, a
lockbox will generally be placed on the front door. The listing broker helps
arrange showings of the property by various real estate agents from all
companies associated with the MLS.
The lockbox contains the key to the door of the property and the box can only be
opened by licensed real estate agents (often only with authorization from the
listing brokerage), by using some sort of secret combination or code provided by
the brokerage or the issuer of the lockbox.
Lockboxes come in two varieties - mechanical and electronic. Mechanical
lockboxes utilize a combination dial or special mechanical key and are readily
purchased at local home improvement centers or over the internet. Mechanical
lockboxes offer the most basic protection of the homeowner's key and therefore
expose the most risk of unmonitored or potentially unauthorized access to the
home during the sales process. The risk stems primarily from an agent forgetting
to change the combination after each sale. The frequency of use of mechanical
lockboxes by agents has steadily declined due to the availability of more secure
electronic lockboxes.
Electronic lockboxes increase the level of security because agents wishing to
show a property must have a valid electronic key to open the box. The electronic
key must be renewed or refreshed at regular intervals by the agent otherwise the
key deactivates itself preventing access to the lockbox contents. Electronic
keys can range from credit card sized smart cards to a separate electronic box.
In addition to greater security, electronic lockboxes typically record all key
access activity internally. This access log can be downloaded and reviewed by
the listing agent to determine the date, time and person accessing the lockbox.
Electronic lockboxes also offer a host of other features such as controlling
allowed showing times, homeowner privacy modes, special showing restrictions
etc.
Shared commissions with co-op brokers
If any buyer's broker (or any of his/her agents) brings the buyer for the
property, the buyer's broker would typically be compensated with a co-op
commission coming from the total offered to the listing broker, often about half
of the full commission from the seller. If an agent or salesperson working for
the buyer's broker brings the buyer for the property, then the buyer's broker
would commonly compensate his agent with a fraction of the co-op commission,
again as determined in a separate agreement. A discount brokerage may offer a
reduced commission in the event no other brokerage firm is involved and no co-op
commission is paid out.
If there is no co-commission to pay to another brokerage, the listing brokerage
receives the full amount of the commission minus any other types of expenses.
Potential points of contention for agents
Real estate commissions are becoming a point of controversy. Home values in many
areas have quadrupled over the past 20 years. This may be contributing to the
increased number of licensed agents and growing competition between them. The
number of real estate agents in areas tends to rise when home values do, and the
productivity of existing agents goes down. The rewards have increased, but so
have the demands of clients and business risks faced by agents. In North
America, agents have had to become familiar with marketing through the internet
as well as traditional print and other media. Additionally the law is
complicated with issues such as defects in housing, grow houses and other issues
of which the agent is the front line defense for his client. There is more
liability than ever in advising buyers and sellers.
Another controversy exists for the commissions to real estate agents. If a
listing agent sells a property for any amount above the listed price, he in turn
will make additional income. In theory, this will motivate him/her to get top
dollar price for his client, the seller. However, if the agent representing the
buyer attempts to obtain a lower sales price for his client, then he/she would
make a lower commission. Thus, it could be considered to be in the agent's best
interest to advise his client to purchase the property at a higher price.
In practical terms, there is rarely a great enough difference between the
listing (asking) price and the negotiated selling price to make a significant
difference between the commissions generated on each side, and certainly hardly
enough to justify an agent failing in his fiduciary duty to obtain the best
terms for his/her client.
Another potential conflict of interest exists when a listing agent in a very
active real estate market has incentive to sell properties quickly at
unnecessarily low prices in order to benefit from a high volume of sales.
In any case, agents who create satisfied clients and develop subsequent
referrals are likely to do far better in the long run.
Real estate brokers and buyers
Services provided to buyers:
* Buyers as clients
With the increase in the practice of buyer brokerage in the US, especially since
the late 1990s in most states, agents (acting under their brokers) have been
able to represent buyers in the transaction with a written "Buyer Agency
Agreement" not unlike the "Listing Agreement" for sellers referred to above. In
this case, buyers are clients of the brokerage.
Some real estate brokerages choose only to represent buyers in an exclusive
buyer's agency relationship and do not take "listings" from sellers.
A real estate brokerage attempts to do the following for the buyers of real
estate only when they represent the buyers with some form of written
buyer-brokerage agreement:
* Find real estate in accordance with the buyers needs, specifications, and
cost.
* Takes buyers to and shows them properties available for sale.
* When deemed appropriate, prescreens buyers to ensure they are financially
qualified to buy the properties shown (or uses a mortgage professional to do
that task).
* Negotiates price and terms on behalf of the buyers and prepares standard real
estate purchase contract by filling in the blanks in the contract form. The
buyer's agent acts as a fiduciary for the buyer.
Due to the importance of the role of representing buyers' interests, many
brokers who seek to play the role of client advocate are now seeking out the
services of Certified Mortgage Planners, industry experts that work in concert
with Certified Financial Planners to align consumers' home finance positions
with their larger financial portfolio(s).
* Buyers as customers
In most states, until the 1990s, buyers who worked with an agent of a real
estate broker in finding a house were customers of the brokerage, since the
broker represented only sellers.
Today, state laws differ. Buyers and/or sellers may be represented. Typically, a
written "Buyer Brokerage" agreement is required for the buyer to have
representation (regardless of which party is paying the commission), although by
his/her actions, an agent can create representation.
* Find real estate in accordance with the buyers’ needs, specifications, and
affordability.
* Take buyers to and shows them properties available for sale.
* When deemed appropriate, prescreen buyers to ensure they are financially
qualified to buy the properties shown (or uses a mortgage professional to do
that task).
* Assist the buyer in making an offer for the property.
The impact of globalization on real estate brokers' activities
Globalization has had an immediate and powerful impact on real estate markets,
making them an international working place. The rapid growth of the Internet has
made the international market accessible to millions of consumers. A look at
recent changes in homeownership rates illustrates this. Minority homeownership
jumped by 4.4 million during the 1990s, reaching 12.5 million in 2000, according
to the Fannie Mae Foundation. Foreign direct investment in U.S. real estate has
increased sharply from $38 billion in 1997 more than $50 billion in 2002
according to Census data.
Most local real estate agents view the foreign market as a significant revenue
potential and may have already worked with international clients in their local
market, new immigrants or more sophisticated investors from different cultures
and from other countries. For example, they are providing value-added services
to an overseas relocation employee figure out which inoculations his or her
children will need as well as the steps needed to register a car in the United
States. Real estate brokers want to keep central to the transaction, protect the
best interests of their members and address the unique needs of each
multicultural global client by acquiring specialized training and designations.
(See below for more)
Recently the Mexican association of real estate practitioners in Mexico, AMPI,
and the NAR, National Association of Realtors in the US, signed a bilateral
contract for international real estate business cooperation. Also at the local
level, many other state and local associations are helping other countries
achieve the same result. For instance, in New Mexico, a historically
multicultural state, under the RANM, Realtor Association of New Mexico and the
President’s Advisory Council, is looking into forming an ambassador association
to help a foreign country into signing a bilateral agreement with the NAR. In
New Mexico, there are 4500 licensed real estate professionals and only 14 or 15
CIPS designees, out of whom, only 6 speak a language other than English.
Real estate brokers / agents and further education
In addition to completing the educational requirements for a state real estate
license, most states issue real estate licenses for limited time periods and
require real estate professionals to complete a certain number of hours of
further education on an annual or biannual basis in order to renew their
licenses.
Required course hours range from 10 to 20 per license period. Typically, some
specific courses are required to be taken; these would include real estate law
updates.
NAR educational requirements and recognized designations
As adherents to NAR's Code of Ethics, Realtors are required to update their
acquaintance with the Code every 4 years by taking a course, available on-line
or "live".
However, Realtors, as members of NAR, also have the option of studying for
additional certifications in a variety of specialties, several of which are
backed by NAR with offerings of certification and update courses available
nationwide .
The most well known NAR sponsored designations are the following:
* Accredited Buyer Representative (ABR). The Real Estate Buyers Agent Council
has over 40,000 members and is the largest association of real estate
professionals focusing on all aspects of buyer representation. Of the REBAC
members, over 30,000 have completed REBAC’s two-day course and provided
documentation of buyer agency experience. Linked to the ABR is the ABRM,
Accredited Buyer Representative Manager (ABRM) for managers.
* Accredited Land Consultant (ALC). ALC’s are the recognized experts in land
brokerage transactions of all kinds of specialized land services including farms
and ranches, raw land sales and development.
* Certified Commercial Investment Member (CCIM). CCIMs are recognized experts in
commercial real estate brokerage, leasing, valuation and investment analysis.
There are more than 7,500 designees and an equal number of candidates
principally in North America, but also in Asia and Europe.
* Certified Property Manager (CPM). Geared to real estate property management
specialists, designees handle all forms of management from residential to
commercial to industrial.
* Certified Real Estate Brokerage Manager (CRB). The designation is awarded to
REALTORS? who have completed the Council's advanced educational and professional
requirements. CRB designees consistently increase their level of industry
knowledge, advance their earning and career potential, increase their firm’s
profitability and benefit from active involvement in our network of real estate
professionals.
* Certified Residential Specialist (CRS). Designees, with 44,000 members - 4% of
NAR members - who average 43 transactions per year and earn four times as much
as the average Realtor, belong to the Council of Residential Specialists which
is the largest affiliate of NAR. They are involved in over 27% of all
transactions because the consumer prefers to work with a more knowledgeable and
seasoned brokers or agents. Requirements for this designation include a total of
at least 25 transactions (or specific $$ volume of sales) over a specific time
period, significant experience, as well as complete rigorous educational
requirements.
* Certification for Internet Professionalism (e-PRO). An e-PRO is a Realtor who
has undergone a new training program presented entirely online in order to be
certified as Internet Professionals. NAR is the first major trade group to offer
certification for online professionalism which involves all aspects of doing
business on the internet.
* Certified International Property Specialist (CIPS). Realtors with the CIPS
designation have both hands-on experience in international real estate
transactions, Whether traveling abroad to put transactions together, assisting
foreign investors, helping local buyers invest abroad, or serving an immigrant
niche in local markets. CIPS designees have also successfully completed an
intensive program of study focusing on critical aspects of transnational
transactions, including currency and exchange rate issues and cross-cultural
relationships, regional market conditions, investment performance, tax issues
and more. The CIPS network is comprised of 1,500 real estate professionals from
50 countries who deal in all types of real estate.
* Counselor of Real Estate (CRE). A CRE designee is one of only 1,100
by-invitation-only members of an international group of professionals who
provide seasoned, objective advice on real property and land-related matters.
* Graduate of the REALTORs’ Institute (GRI). The GRI designation is held by 19%
of Realtors and courses are offered through state Realtor Associations with 90
hours of coursework on marketing and servicing listed properties to real estate
law. In a 2003 survey, NAR has determined that GRIs earned over $33,200 more
annually than non-designees.
* Real Estate Professional Assistant (REPA). Designed for administrative
assistants or employees of Realtors (who may or may not hold a real estate
license), a two-day certificate course provides an intensive introduction to the
real estate business and to the specific ways support staff can become valuable
assets to their employers.
Changing Industry
The real estate brokerage industry is approximately half way through a 10 -15
year industry transition. This major shift is creating a fundamental change in
the way homes are being bought and sold and the role the real estate agents are
playing therein and many new real estate brokerage models are evolving. .
Compensation has traditionally been based on a percentage of the sales price,
split between the buying and selling brokers, and then between the agent(s) and
his/her real estate agency. While a split based on the percentage received by
the broker is generally normal, in some brokerages agents may pay a monthly
"desk fee" for office costs, monthly fee, etc. and then retain 100% of the
commission received.
The business and compensation structures are however changing as the real estate
trends create various new real estate models and real estate related services
such as Zillow, Redfin, Trulia, Point2, Housevalues and Realestate.com.
RuneScape has often been one of
the top massive online role playing games. It is a unique game. But, with a
unique game, comes unique players. Players get bored, and then try to develop
cheats....autos or bots that will help them achieve success in their beloved
games of Runescape 2.
RuneScape is a virtual world which
is divided into two part: Members Areas and Non-Members areas. People who pay to
play (p2p), receive access to the special areas. They also have access to the
free areas. The members' places are much larger, offer "better" items for the
gameplay of rs2, and much, much more. The character that you create when you
first start playing runescape, moves around the game on foot; either by running,
or walking. Players are challenged to their utmost skills by fighting new
monsters, completing difficult quests, and manipulating marketing. As Runescape
2 is an RPG (Role playing game), there is no set path a person must take to play
rs. They can choose what to do, and when, whether it be training their
money-making skills, or fighting another player. Players usually interact with
each other by chatting through public chat, or private chat.Internet
Junction For Gamers, Runescape Market and More IJFG.COM IJFG.com was a
runescape 2 based site. They have now, however, taken another look....
Of course the king of all game
cheating websites is
trick
the trik (otherwise known as RPG Cheats Site), where you can find cheat
forums, mmorpg topsite, arcade games and any mmo game related topics.
The master of massive multiplayer
online role-playing games (MMORPG) cheats can be found at Trik.com
Trik.com; this site is one of the best today. The forum section,
Trik.com forum, originally came from IJFG.com (Internet Junction For
Gamers) , which was one of the best websites that discussed various gamers'
issues. The full name was Internet Junction For Gamers, Runescape Market and
More. This site had Jokes, Pranks, RuneScape and other cool games. RuneScape is
set in a medieval fantasy world, similar to "Guild Wars" or "EverQuest," where
players control character representations of themselves. As with most MMORPG,
there is no overall objective or end to the game. Players explore, form
alliances, perform optional tasks, and complete quests for rewards and to build
characters' skills.
Trik.com continues IJFG.com's
success, but Trik.com has more to offer. Trik Topsite can be found at
Trik Topsite; the TopSite is a great addition if you want to find the best
MMO RPG site(s) or raise your site in the rankings. Trik.com also has a
viciously competitive Arcade. If you want to be the #1 Arcade on Trik, then come
prove yourself at Trik.com arcade:
Trik arcade. Trik.com ?Trik.com/topsite ?Trik.com/forum/arcade.php
With the rising popularity of
commercial MMORPG games came the desire from ardent players of these games to
run their own servers beside the ones run by the game's creator. Since the
original server software is not usually available, the behavior of the server
has to be re-engineered. This can be done by analyzing the data stream with the
original server, or by disassembling and analyzing the client which is
available.
Ultima Online was one of the first
large MMORPGs. Due to its openness in implementation, server emulators arose
very quickly, even during the beta stage of development. The destination to
which the client connects was changeable by simply editing a text file. In beta
stage the client-server data stream was not encrypted yet. The term server
emulator became known through Ultima Online server reimplementation such as UOX,
which was the pioneer. Many forks and reimplementations followed UOX, because
its source code was released under the GNU General Public License relatively
early. RunUO is today the most widely used UO-server emulator. After RuneScape
implemented anti-cheating measures, many gamers left and started their own
private servers. The best place to discuss the private server is at
Trik- The Master of Private Server.
Another useful site is
Rune
Web ruwb.com . This site is about more serious RuneScape gold trading,
account exchange, gold for real life cash and many services. It includes tips on
how to avoid getting lured/scammed while using the marketplace. For programming,
visual basics, java, C/C++, scar and all other languages such as PHP, HTML, ASP,
Delphi. There are also sections for graphics talents, plus many cool videos and
fun stuff.
A defining moment in internet
gaming history was when a group of gamers called (hygo 7) decided to start an
ultimate game forum, which they named
hygo.com. It has the best financial backing, the friendliest game community,
and the highest quality of information. Currently Hygo.com has entered a new
phase...Hygo.com is offering the best private server game. With thousands of
members, Hygo.com is your next place to visit, as they have an amazing game with
a community and economy.
Hygo.com - The Online Adventure Game. is definitely one of the top sites you
want to join right now!
Ezud.com is now the powerhouse of
Runescape bugs and glitches. All and any rs2 bugs that anyone could ever
want are now found at the
Ezud forum. From a range of infinite running in runescape, to rs item
duping, ezud truly is an amazing glitching site.
Ezud has an excellent administration, and a great
moderating team. When everyone strives to make ezud.com a better place….it
becomes just that: a better place. Everyone contributes, and helps
Ezud strive.
So come on down to the new type of runescape 2 cheating:
runescape bugging. This is Ezud…this is
RuneScape 2 Bug Abuse.
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