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People who are buying, renting, Leasing and selling real estate
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The legal arrangement for the right to occupy a dwelling is known as the housing tenure. Types of housing tenure include owner occupancy, Tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing.
Residences can be classified by, if, and how they are connected to neighboring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.
'Singe-family detached home'
Major physical categories in North America and Europe include:
* Attached / multi-unit dwellings
o Apartment ("flat" outside North America) - An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
o Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
o Terraced house (a.k.a. townhouse or rowhouse) - A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
o Condominium - Building or complex, similar to apartments, owned by individuals. Common grounds are owned and shared jointly. There are townhouse or rowhouse style condominiums as well.
* Semi-detached dwellings
o Duplex - Two units with one shared wall.
* Single-family detached home
* Portable dwellings
o Mobile homes - Potentially a full-time residence which can be (might not in practice be) movable on wheels.
o Houseboats - A floating home
o Tents - Usually very temporary, with roof and walls consisting only of fabric-like material.
The size of an apartment or house can be described in square feet or meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface definition has been used.
It can also be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A one-bedroom apartment has a living or dining room separate from the bedroom. Two bedroom, three bedroom, and larger units are also common. (A bedroom is defined as a room with a closet for clothes storage.)
See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market and house or home for more general information.
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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.[clarification needed]
The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.
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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. In addition, some states allow college graduates to apply for a broker license without years of experience. College graduates fall into this category once they have completed the state required courses as well. California allows licensed attorneys to become brokers upon passing the broker exam, without having to take the requisite courses required of agent. Education in lieu of experience 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 is a real estate professional, usually a broker or salesperson, who is a member of the National Association of Realtors (NAR). There are 1.3 million Realtors, mostly in the US, and an additional 1 million licensed real estate agents who are not members of NAR and cannot use the term "realtor".[4] However, note that the US Bureau of Labor Statistics claims only about 600,000 working brokers/salespersons.[5]
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[edit] 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.
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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.
[edit] Transaction brokers
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Some state Real Estate Commissions, notably Florida's [6] after 1992 (and extended in 2003) and Colorado's [7] 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 [8]:
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"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)
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The result was that in 2003, Florida created a system where the default brokerage relationship had "all licensees %u2026operating as transaction brokers, unless a single agent or no brokerage relationship is established, in writing, with the customer"[9][10] and the statute required written disclosure of the transaction brokerage relationship to the buyer or seller customer only through July 1, 2008.
The United States of America (U.S.) Department of Justice Antitrust Division announced the launch of a new web site in October 2007 to "educate consumers and policymakers about the potential benefits that competition can bring to consumers of
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brokerage services and the barriers that inhibit that competition." Among other findings, they report that certain new sales models can reduce consumer home sales costs "by thousands of dollars. For example, in states that allow open competition, some buyer's brokers rebate up to two-thirds of their commission to the customer, and some seller's brokers offer limited-service packages that let sellers list their homes on the local multiple listing service (MLS) for as little as a few hundred dollars."[1]
The DOJ web site, Competition and Real Estate, includes a link to the real estate laws of each U.S. state and how they support or inhibit real estate brokerage competition.
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[edit] Trends in FSBO sector
For Sale By Owner is a real estate term which describes the situation in which a property is offered for sale directly by its owner and without that owner having solicited the help of a real estate broker, implying that no real estate commission is associated with the sale.
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More and more owners selling their own property are using online marketing companies to advertise their properties. FSBO web sites are now a real part of the real estate market, as the Internet becomes vital in the home-selling process.[2]
According to a NY Times article from December 2007, "Nationally...real estate companies are spending 26 percent more on online advertising this year, even as total real estate ad spending declined 3 percent, according to Borrell Associates, a research company." [3]
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According to a press release by the National Association of Realtors (NAR) regarding their most current annual survey of real estate consumers, 2005 Profile of Home Buyers and Sellers [4]:
* 12% of 2006 US real estate transactions were FSBO.
* 13% of 2005 US real estate transactions took place via FSBO (down from 14% in 2004).
* The record percentage of 20% of US real estate transactions (since tracking started in 1981) took place in 1987.
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According to the Canadian Real Estate Association, which claims that 75% to 80% of homes in Canada were sold through brokers, it would appear that "Sale by Owner" accounts for some 20% or 25% of the remainder.[5]
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