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Without a signed agreement, brokers may assist buyers in
the acquisition of property but still represent the
seller and the seller's interests. |
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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
servicesBrokerages Assisting buyers and sellers in
transactionsDevelopment Improving land for use by adding or
replacing buildingsProperty management Managing a property
for its owner(s)Real Estate Marketing Managing the sales
side of the property businessReal Estate Investing Managing
the investment of real estateRelocation services Relocating
people or business to a different country.
Corporate Real Estate Managing the real
estate held by a corporation to support its core
business—unlike managing the real estate held by an investor
to generate incomeWithin 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
ownership of domain names and the similarities between high
quality internet domain names and real-world, prime real
estate.
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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.
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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.
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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.
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