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
Also called straight bankruptcy. A provision of the 1978 bankruptcy Reform Act providing for a persons property to be divided among creditors to satisfy his/her unpaid debts. Any debtor ...
A step's edge. ...
Insurance coverage for any risk that can cause physical damage to the insured item. ...
Broker employed by and therefore loyal to the buyer. ...
Compilation of all real estate properties in a given tax district that are subject to real estate taxes. The tax roll indicates the taxable assessed values of all properties in the district ...
First and foremost, the meaning of ‘punitive damages’ defines a financial penalty the defendant has to pay due to their negligent actions. The US legislative branch designed the ...
The meaning of plot refers to a parcel or a small lot. A plot is essential in determining the land cost. Additionally, it defines a diagram or schematic drawing of a building or piece of ...
Single mortgage or other encumbrance that covers more than one piece of real estate. ...
Compared to; relative to; against. ...
Have a question or comment?
We're here to help.