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2.1- What is a Real Estate Appraiser?
A real estate appraiser is someone who estimates the value of land and the buildings on that land, before it is sold, mortgaged, taxed, insured or developed.
Real estate appraisers work in localities that they are familiar with, and are usually aware of any environmental issues or other concerns that may affect the property's value. They typically value one property at a time, and they often specialize in a certain type of real estate, like commercial or residential.
Real estate appraisers typically do the following:
Verify legal descriptions of real estate properties in public records
Inspect new and existing properties, noting unique characteristics
Photograph the interior and exterior of properties
Use “comparables,” or similar nearby properties, to help determine value
Prepare written reports on the property value
Prepare and maintain current data on each real estate property
When estimating a property’s value, appraisers note unique characteristics of the property and surrounding area, such as a noisy highway nearby. They also consider the condition of a building’s foundation and roof or any renovations that may have been done. In addition to photographing the outside of the building to document its condition, appraisers might also photograph a certain room or feature. After visiting the property, the appraiser estimates the value of the property by considering things such as comparable home sales, lease records, location, view, previous appraisals, and income potential. During the entire process, appraisers meticulously record their research, observations, and methods used in calculating the property's value.
1.1- What is a Real Estate Agent and how does a Real Estate Agent get compensated?
Real estate agents are licensed professionals who arrange real estate transactions, putting buyers and sellers together and acting as their representatives in negotiations. Real estate agents usually are compensated completely by a commission—a percentage of the property's purchase price, so their income depends on their ability to get a deal closed.
In almost every state, a real estate agent must work for or be affiliated with a real estate broker (an individual or a brokerage firm), who is more experienced and licensed to a higher degree.
Traditionally, an agent is paid a commission that is a percentage of the property’s sale price. The more the house sells for, the more money an agent makes. However, with online listings allowing consumers to do much of the shopping on their own without help from an agent, the traditional payment structure is changing.
Some brokerages charge a lower commission for more expensive houses, and some handle the entire transaction for a flat fee that’s much less than a regular commission. Other companies offer a fee-for-service pricing structure that lets sellers pay only for certain parts of the sale process, such as adding the property to a multiple listing service (MLS).
1.2- What is Multiple Listing Service (MLS)
A multiple listing service (MLS) is a service used by a group of real estate brokers. They band together to create an MLS that allows each of them to see one another's listings of properties for sale. Under this arrangement, both the listing and selling broker benefit by consolidating and sharing information, and by sharing commissions.
1.3- What is a Real Estate Broker?
Real estate brokers in the United States are licensed by each state, not by the federal government. Each state has its own laws defining the types of relationships that can exist between clients and brokers, and the duties of brokers to clients and members of the public. A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. A broker can also refer to the role of a firm when it acts as an agent for a customer and charges the customer a commission for its services. Discount brokers execute trades on behalf of a client, but typically don’t provide investment advice. Full-service brokers provide execution services as well as tailored investment advice and solutions. Brokers register with FINRA, while investment advisers register through the SEC as RIAs.
3.1- What is a Title Company?
Title companies play several key roles in common real estate transactions. Title companies generally act as the combined agent of the insurance company, the buyer, the seller, and any other parties related to a real estate transaction, such as mortgage lenders. The title company reviews title, issues insurance policies, facilitates closings, and files and records paperwork.
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