Real Estate Commission
Definition of "Real estate commission"
- Amount a manger of real estate receives for his efforts. For example, a manger is to receive 2% of rentals collected as compensation from the landlord to manage the property. If the rentals received in a given month are $1,000,000, the manager's commission is $20,000.
- Amount received by a real estate salesperson when a property is sold. For example, if the commission rate is %% and the home is sold for $500,000, the commission would be $25,000.
- Governmental agency that enforces legal statues in connection with real estate transactions.
Popular Real Estate Terms
Visible area that can be readily seen by outside traffic. This is particularly important for a commercial business. ...
Fee charged by a mortgage lender to a buyer, seller or both for transferring a mortgage when the mortgage property is sold. ...
The adjusted sales price is also known as price adjustment or adjustment in appraisals. A definition for the adjusted sales price is the appraisal determined through the market approach or ...
List of records kept of what is owned by an individual such as the deed to a house and the title to land. ...
Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...
Structure that has the same blue print and design as all the other homes in a given development; the opposite of custom built. ...
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time period, as established by state statute, during which a property owner can redeem a defaulted mortgage or land contract or reclaim a foreclosed property. A property owner acting ...
Accelerated depreciation method in which the amounts recognized in the early years of the property's useful life are greater than those recognized in the later years. The SYD is found by ...
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