An absolute auction is a type of auction where the property is sold to the highest bidder without any minimum price requirement, meaning there's no reserve price set.
AS IS refers to a condition under which a property is sold or leased indicating that it will be accepted in its current state with no guarantees or warranties regarding its condition. Buyers or tenants agree to accept the property with all visible and latent defects.
An associate broker is a licensed real estate professional who has met the education and experience requirements of a broker but operates under the supervision of another broker. They typically handle transactions, client interactions, and other duties similar to salespersons but with a greater depth of knowledge and capability.
The terms 'Co-Broker' and 'Co-Broker Commission'—also known as 'Cooperating Broker' and 'Commission Split,' refer to the collaborative efforts between two or more real estate brokers to sell a property and the shared commission earned from the sale.
The Council of Residential Specialists (CRS) is an affiliate of the National Association of Realtors (NAR) that offers educational and promotional resources for its members who are primarily involved in real estate sales or brokerage. The organization also offers the Certified Residential Specialist (CRS) designation.
FSBO refers to properties on the market being sold directly by the owner, without representation by a real estate broker. This approach often aims to save on commission fees.
An Incentive is an added inducement or reward for successful performance. It is generally offered to better align the interests of an agent or employee with that of the principal or employer in a real estate context.
A Listing Broker (Agent) is a licensed real estate professional who secures a listing of the property on behalf of the property owner for the purpose of marketing and selling the property. The Listing Broker is responsible for representing the seller in negotiation and facilitating the sale.
LoopNet is an internet site providing comprehensive listings and crucial data regarding the leases, sales, and listings of commercial real estate properties. It serves as a pivotal platform for investors, brokers, and businesses in search of commercial properties for sale or rent.
Marketability refers to the speed or ease with which a property can be sold at or near its market value. It encompasses the property’s expected appeal in the market.
A net listing is a type of real estate agreement where the broker's commission is the surplus amount over an agreed-upon net price to the seller. This arrangement is illegal in some states due to potential conflicts of interest.
An open listing is a non-exclusive property listing arrangement where any number of brokers can participate, but only the broker who successfully secures a buyer receives a commission.
Proceeds from resale refer to the total amount of money received from selling a property, after accounting for any associated costs and expenses.
A public auction is a sale in which property or merchandise is sold via a competitive bidding process that is open to the general public. It is often used in real estate to expedite the selling process, especially in cases of foreclosure or hardware sales.
Residual Demand refers to the amount of product (such as houses, office space, or building sites) that a specific provider can expect to sell in a particular market. This concept involves understanding the provider's expected market share within a competitive market, influenced by factors such as the attractiveness of the provider's product compared to the competition and how well the existing market is currently served.
