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
Combined action of two or more people either for or against something. In real estate, used to indicate a common property ownership interest. Joint is also used to indicate a shared ...
Urbanized area in and around a major city. The metropolitan area may overlap county and state boundaries and may encompass a city, its suburbs, and the orbit of its social and economic ...
Decline in value of property from use. The property's condition is aging. An example is plumbing deteriorating over time. ...
(1) Government seizes private property, but does not provide fair and reasonable compensation for it. (2) Property is seized and the owners rights abolished because of a legal violation. ...
Generally, a turnaround means a performance improvement. The term applies to various economic fields and real estate too. What does turnaround mean? After a prolonged recession, a ...
Amount subject to depreciation, which equals the initial cost less the estimated salvage value. ...
Generally, the definition of a deposition means a pre-trial and out-of-court testimony that is given under oath. A deposition is integral to the discovery process to establish a ...
Interest rate on an adjustable rate mortgage based on the total of the current value of an index and margin applicable to the mortgage. The rate is the basis for the computation of monthly ...
Same as term financial institutions: Institutions acting as intermediaries between suppliers and users of money. The financial markets are where those wanting funds are matched with those ...
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