Real estate business is the profession of buying, selling, or renting real estate (land, buildings, or housing)."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011

Sales and marketing

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a real estate broker (or realtor), or a real estate agent in everyday conversation, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent. There have been various studies to detect the determinants of housing prices to this day, mostly trying to examine the impacts of structural, locational and environmental attributes of houses.

Real estate transactions

A real estate transaction is the process whereby rights in a unit of property (or designated real estate) is transferred between two or more parties, e.g. in case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different countries of the world and among smaller legal entities (jurisdictions). In more abstract terms, a real estate transaction, like other financial transactions, causes transaction costs. To identify and possibly reduce these transaction costs, the Organisation for Economic Co-operation and Development (OECD) addressed the issue through a study commissioned by the European Commission, and through a research action. The mentioned research action ‘Modelling Real Property Transactions’ investigated methods to describe selected transactions in a formal way, to allow for comparisons across countries / jurisdictions. Descriptions were performed both using a more simple format, a Basic Use Case template, and more advanced applications of the Unified Modelling Language. Process models were compared through an ontology-based methodology, and national property transaction costs were estimated for Finland and Denmark, based on the directions of the United Nations System of National Accounts. Real estate transactions: subdivision, conveyance, and mortgaging, as they are performed in the five Nordic countries are described in some detail. A translation into English is available for the Danish part.

See also

* Buyer brokerage (in the United States) * Buying agent (in the United Kingdom) * Double closing * FIRE economy * Graduate real estate education * Index of real estate articles * Internal Revenue Code section 1031 * International real estate * Investment rating for real estate * Mortgage loan * Net lease * NNN lease * Private equity real estate * Real estate agent (in the United Kingdom) * Real estate broker/agent (in the United States) * Real estate bubble * Real estate appraisal * Real estate development * Real estate economics * Real estate in China * Real estate investment trust * Real estate owned * Real estate transaction * Real estate transfer tax * Real estate trends * Real property * Rural land sales * Specialized investment fund * Subprime mortgage crisis


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