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
Primary residence of an individual. The principal residence can be a single family home, condominium, cooperative, or trailer. A principal residence may qualify for a homestead exemption in ...
An insurance contract or home warranty, usually for one year, covering electrical, plumbing, heating, etc. ...
Managing partner of a limited partnership who is in charge of its operations. A general partner has unlimited liability. Member of a partnership who is jointly and severally liable for ...
Additions made to a structure to protect it from damage due to inclement weather. An example is reinforcing the wood surrounding windows. ...
If you’re looking for the real estate agent definition, you’re in the right place. So, in the following paragraphs, we will try to examine the complex job of a real estate ...
Hallow masonry wall consisting of an inner and outer wall with dead air space between them. The air space provides increased thermal insulation. Cavity walls are not used in northern ...
Judicial finding that the debtor owes an amount exceeding the value of the collateral put up for the defaulted loan. ...
Subsoil that is beneath the A horizon and above the C horizon of the earth. ...
Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the tented property, including maintenance. ...
Have a question or comment?
We're here to help.