Basics Of Real Estate
Posted on September 30, 2008
Filed Under Real Estate Foreclosed |
Real estate refers to immovable property such as land, which also includes rivers or streams that may be part of the land, as well as any physical structures that may be affixed to the land like houses, buildings or commercial establishments.
The terms “real estate” and “real property” are often understood to mean the same thing, although in some circles, real property refers to the rights of the owner over the real estate. Both terms are used mainly in common law, which is further divided into property law, the laws that refer specifically to the property, and contract law, the laws which refer specifically to the rights of the person over the property.
For centuries, people have viewed land as the primary measure of wealth. Even today, land comprises a large part of the fortunes of the wealthiest individuals and nations. Developing countries who are rich in real estate use this to attract foreign investments that can spur economic growth. However, in recent years, economists have noted that the key real estate investments into developing countries have been derailed by the lack of effective laws to safeguard such investments.
The leading source of capital for purchasing and developing land real property is mortgages. These are loans that banks grant to individuals who use the real property as collateral. Mortgages are favorable endeavors for banks because they can’t lose: either the borrower successfully repays his loan with interest or if the buyer cannot pay his loan, the bank can claim the rights to the property through foreclosure, which is an action that is decided in a court of law. Once the property is foreclosed, the bank can sell it to recoup its loan.
This is where economists raise a howl. An analysis of international banking and real estate laws reveals that, in many developing countries, there is no effective way for a lender to foreclose. With no legal or institutional protection, many investors are discouraged from investing in real estate in developing countries. Often, the mortgage loan industry is only open to a select few, mostly engaged in by a cabal of well-connected families who frequently use their social connections in matters of foreclosure.
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4 Responses to “Basics Of Real Estate”
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What are the basics of Real Estate? thankyou.?
I'm still in highschool just researching about careers and majors and I would like to know the basics of Real Estate.
- The different careers within the real estate business and how they work.
- The ranges of income.
- The important skills you will require to be excellent at the business.
- Is it worth it?
-The up and down side about the business.
- Is it an enjoyable job?
- Also can you confirm that through practice you can be great at it?
-Any other information or advice would be great.
- Thankyou very much~
In first place being in High School try to concentrate in your studies and that is the best for now.
Real Estate is a vast business with various ranges and you will come across automatically when you are qualified professional , try to do Civil Engineering it will help you more.
References :
Here is a link to the US Department of Labor/Occupational Outlook Handbook. It won't answer all your questions, but it's a great place to start because it has tons of information including qualifications, salaries, outlooks, etc.
http://www.bls.gov/search/ooh.asp?qu=real+estate&ct=OOH
Good luck!
References :
Here's the short set of answers from what I think of real estate, being that I've been a Realtor for 7 years now:
-some are Realtor, lender, appraiser, insurance agent, title officer. There are more, but these are the major ones.
-income varies greatly based on where you live and how hard you work. Average Realtor income was around $35,000 in 2006, but in areas where the home prices are higher, you should do much better. If you can sell 12 houses a year, at an average of $200K per house, you should make approximately $72,000 per year. Not too hard a goal.
-you will definitely need sales and interpersonal skills. Math helps quite a bit, also, for figuring out net sheets and payments.
-Is it worth it? I love what I do. Wouldn't trade it for anything. Then again, with my schtick, I get to wear Hawaiian Shirts every day (in Colorado) and I make well over 6 figures a year.
-up sides, you get to do what you want, when you want. There's no one to blame if you don't make it, but there's no one to compensate when you make good decisions. Down side, income comes and goes. You have to budget for the slow times or you will go down the drain quickly.
-Very enjoyable career.
-yes, though practice you can get very good at it. You can't expect to come out of the gate in these careers and be excellent, but some do.
-only piece of advice I can say is to put all you have into it if you go into real estate, don't go half-assed, as you won't do well. Make sure EVERYONE you know and come into contact with knows that you're a Realtor.
References :
Licensed Realtor in Colorado.