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
Formal statement by an auditor, after through examination and consideration, as to whether a real estate company's financial statements fairly present financial position and operating ...
Vendee refers to a person to whom something is sold. The meaning of vendee is a buyer of goods and services. A more common term for vendee is a purchaser. While a vendor is a seller, the ...
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
Roof having less than a 10 degree slant. ...
Provision in a mortgage that requires the final payment to be substantially more than all other payments. ...
Also called earnest money. Money deposited with an individual for security for the performance of some contract. This is intended to show his/her willingness to follow through with the ...
Enumeration of the consideration given by each party to a contract which in some cases must be in written form to be enforceable. For example, the statute of frauds requires that all ...
(1) Giving up an ownership claim to property. (2) Renunciation of a claim to real property. ...
Professional certification granted by the Institute of Real Estate Management, an affiliate of the National Association of Realtors. ...
Have a question or comment?
We're here to help.