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Real estate business is the profession of buying, selling, or renting
real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
(land, buildings, or housing)."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011


Sales and marketing

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a
real estate agent A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and age ...
, real estate broker or realtor, whilst in the United Kingdom, the intermediary would be referred to as an
estate agent An estate agent is a person or business that arranges the selling, renting, or management of properties and other buildings. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged ...
. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent. There have been various studies to detect the determinants of housing prices to this day, mostly trying to examine the impacts of structural, locational and environmental attributes of houses.


Transactions

A
real estate transaction A real estate transaction is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in case of conveyance one party being the seller(s) and the other being the buyer(s). It can ...
is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in 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, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different countries of the world and among smaller legal entities (
jurisdictions Jurisdiction (from Latin 'law' + 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, areas of jurisdiction apply to local, state, and federal levels. Jur ...
). In more abstract terms, a real estate transaction, like other
financial transaction A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A ...
s, causes
transaction cost In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike produ ...
s. To identify and possibly reduce these transaction costs, the
Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organization, intergovernmental organisation with 38 member countries ...
(OECD) addressed the issue through a study commissioned by the European Commission, and through a research action. The mentioned research action ‘Modelling Real Property Transactions’ investigated methods to describe selected transactions in a formal way, to allow for comparisons across countries /
jurisdictions Jurisdiction (from Latin 'law' + 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, areas of jurisdiction apply to local, state, and federal levels. Jur ...
. Descriptions were performed both using a more simple format, a Basic Use Case template, and more advanced applications of the
Unified Modelling Language The Unified Modeling Language (UML) is a general-purpose, developmental modeling language in the field of software engineering that is intended to provide a standard way to visualize the design of a system. The creation of UML was originally m ...
. Process models were compared through an ontology-based methodology, and national property transaction costs were estimated for Finland and Denmark, based on the directions of the
United Nations System of National Accounts The System of National Accounts (often abbreviated as SNA; formerly the United Nations System of National Accounts or UNSNA) is an international standard system of national accounts, the first international standard being published in 1953. Handb ...
. Real estate transactions: subdivision, conveyance, and mortgaging, as they are performed in the five Nordic countries are described in some detail. A translation into English is available for the Danish part.


See also

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Buyer brokerage A buyer brokerage or buyer agency is the practice of real estate brokers and their agents representing a buyer in a real estate transaction rather than, by default, representing the seller either directly or as a sub-agent. In the United Kingdo ...
(in the United States) *
Buying agent Buying agents or purchasing agents are people or companies that offer to buy goods or property on behalf of another party. Indent agents or indenting agents (or firms) are alternative terms for buying agents. An indent is an order for goods under ...
(in the United Kingdom) * Double closing * FIRE economy *
Graduate real estate education Graduate real estate education is the study of real estate development at the graduate school level. It has taken many forms, giving rise to various educational models in different countries. The decision for individuals pursuing higher education ...
*
Index of real estate articles This aims to be a complete list of the articles on real estate. __NOTOC__ # * 72-hour clause A * Abandonment * Abstract of title * Acceleration clause * Accession * Acknowledgment * Acre – a measure of land area * Action to quiet t ...
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Internal Revenue Code section 1031 Under Section 1031 of the United States Internal Revenue Code (), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979 ...
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International real estate The term international real estate describes a relatively new phenomenon, beginning in the 1980s and keeping pace with globalization. The term encompasses real property development, sales and leasing transactions across national borders. Intern ...
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Investment rating for real estate An investment rating of a real estate property measures the property’s risk-adjusted returns, relative to a completely risk-free asset. Mathematically, a property’s investment rating is the return a risk-free asset would have to yield to be term ...
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Mortgage loan A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any p ...
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Net lease In the field of commercial real estate, especially in the United States, a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner (known as the "landlord" ...
* NNN lease *
Private equity real estate Private equity real estate is a term used in investment finance to refer to a specific subset of the real estate investment asset class. Private equity real estate refers to one of the four quadrants of the real estate capital markets, which incl ...
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Estate agent An estate agent is a person or business that arranges the selling, renting, or management of properties and other buildings. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged ...
(in the United Kingdom) *
Real estate agent A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and age ...
(in the United States) *
Real estate bubble A real-estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real-estate markets, and typically follow a land boom. A land boom is the rapid increase ...
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Real estate appraisal Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every pr ...
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Real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parcels ...
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Real estate economics Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand. The closely related field of housing economics is narrower in scope, conc ...
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Real estate in China Real estate in China is developed and managed by public, private, and state-owned red chip enterprises. In the years leading up to the 2008 financial crisis, the real estate sector in China was growing so rapidly that the government implemented ...
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Real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...
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Real estate owned Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing ...
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Real estate transaction A real estate transaction is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in case of conveyance one party being the seller(s) and the other being the buyer(s). It can ...
*
Real estate transfer tax Real estate transfer tax is a tax that may be imposed by states, counties, or municipalities on the privilege of transferring real property within the jurisdiction. Rates In the USA, total transfer taxes can range between very small (for exampl ...
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Real estate trends A real estate trend is any consistent pattern or change in the general direction of the real estate industry which, over the course of time, causes a statistically noticeable change. This phenomenon can be a result of the economy, a change in mortg ...
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Real property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixe ...
* Rural land sales *
Specialized investment fund A specialized investment fund or SIF is a lightly regulated and tax-efficient regulatory regime in Luxembourg aimed for a broader range of eligible investors. This type of investment fund is governed by the Luxembourg law of 13 February 2007 repl ...
*
Subprime mortgage crisis The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the Financial crisis of 2007–2008, 2007–2008 global financial crisis. It was triggered by a large decline ...


References


External links

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