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
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A proposal to buy property at a specified price. The seller of the property has the options of accepting the offer, rejecting it, or making a counteroffer. For example, John signs a listing ...
Legal suit in which the plaintiff sues the defendant for some reason. A counterclaim of litigation is to exercise one's legal rights. There are many causes for litigation including damages ...
Something coming before. Examples are the year before, first lien on property, and previous owner of property. ...
Group of investors pooling their money to purchase real estate. ...
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