Dictionary

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Real Estate Agent

A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real Estate Broker

Any person or corporation who sells (or offers to sell) buys (or offers to buy) or negotiates the purchase sale or exchange of real estate or who leases (or offers to lease) or rents (or offers to rent) any real estate or the improvements thereon for others and for compensation or valuable consideration. A real estate broker may not conduct business without a real estate license.

Real Estate Inspector

A person who under the indirect supervision of a professional inspector accepts employment for the purpose of performing a real property inspection for a buyer or seller.

Real Estate Investment Syndicate

See Syndicate.

Real Estate Investment Trust (REIT)

Trust ownership of real estate by a group of at least 100 individuals who purchase certificates of ownership in the trust, which in turn invests the money in real property and distributes the profits back to the investors free of corporate income tax.

Real Estate Law

State law enacted to protect the public from fraud, dishonesty, and incompetence in the purchase and sale of real estate.

Real Estate Mortgage Investment Conduit (REMIC)

A tax device that allows cash flows from an underlying block of mortgages to be passed through to security holders without being subject to income taxes at the level of trustee or agent.

Real Estate Settlement Procedures Act (RESPA)

A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Real Property

Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Realtist

A person who is a member of the National Association of Real Estate Boards.