An informal, unincorporated organization of educational institutions established in 1983 to advance common interests in real estate administration, including management, leasing, investment, development, acquisition, and disposition.
A branch office is an auxiliary site of a business, often housing a subsidiary of the main real estate firm. While it operates separately from the main office, it is owned by the firm but managed by a licensed broker often referred to as an 'associate broker' or 'broker associate,' and may have other agents operating out of it.
The CRB Certified Real Estate Brokerage Manager is a professional designation conferred by the Real Estate Business Institute (REBI) to signify excellence and advanced knowledge in real estate brokerage management.
In real estate, downtime refers to the period during which rentable space remains vacant between tenants, posing a financial challenge for property owners and managers aiming for continuous revenue from their assets.
A type of insurance purchased by an employer to protect against financial loss due to dishonest acts committed by employees who handle valuable property or funds.
General and Administrative Expenses (G&A) refer to the expenditures an organization incurs for the daily operations and management of its business, distinct from costs involved in production or sales. They encompass a range of operational overheads such as management salaries, office rent, utilities, and accounting fees.
A rectangular system of land survey that divides land into specific structures for easier identification and management, using meridians, baselines, townships, and sections.
The term 'House Poor' refers to a situation where a homeowner spends a large portion of their income on owning a home, leaving very little for discretionary or other essential expenditures.
The Institute of Real Estate Management (IREM) is a global organization that provides education, resources, and professional certifications to real estate management professionals, enhancing their skills and career prospects.
A landlord is a property owner who rents out their property to a tenant in exchange for rent. They have the right to lease property for a specific time period while earning rental income.
NAREIM is an organization of professional real estate investment managers dedicated to advancing the values and practices of the real estate investment management industry.
Operating expenses in real estate refer to the costs incurred to operate and maintain a property. These include expenses like property taxes, utilities, hazard insurance, and maintenance, while excluding financing expenses and depreciation.
A tax term that allows a current deduction for business expenses, contrasting with capital expenditures and unreasonable expenses.
Property management encompasses the oversight and operations necessary to maintain real estate properties, including rent collection, maintenance, and financial management.
A Real Estate Operating Company (REOC) is a publicly traded real estate company that chooses not to adopt the tax status of a Real Estate Investment Trust (REIT), allowing it to reinvest earnings and operate without restrictions on the type of real estate businesses it conducts.
A Real Estate Operating Company (REOC) is a business entity engaged in the direct ownership, operation, management, and development of real estate properties. Unlike Real Estate Investment Trusts (REITs), REOCs do not necessarily have to distribute a significant portion of their earnings as dividends and are not subject to the same regulatory requirements.
A Relocation Clause is a lease stipulation that allows a landlord to move a tenant to another location within the same building or complex. This clause provides flexibility for the landlord to maximize space utilization and cater to new tenants seeking specific floor plans.
A shopping center is a collection of retail stores with a common parking area and generally one or more large department, discount, or food stores; often including an enclosed mall or walkway.
Utilities refer to essential services like water, sewer, gas, electricity, and telecommunications that are needed for the operation of a building. Understanding utilities is crucial for managing operational costs in both residential and commercial properties.
