Real Estate

Real estate refers to the practice of buying and selling land, houses, businesses, and other property. Properties transferred in this process are referred to as “real property.”http://topics.law.cornell.edu/wex/real_property All other property is referred to as personal property.http://www.lectlaw.com/def2/q013.htm Real estate transactions require the use of contracts and knowledge of contract law. Real estate sales and transfers are also commonly accompanied by the need for title professionals, and many such transactions require financing in the form of a mortgagehttp://topics.law.cornell.edu/wex/Real_estate_transactions

Real estate transactions are governed by a combination of federal and state regulations and by common law.http://topics.law.cornell.edu/wex/Real_estate_transactions Common law refers to a system of law which originated in England and was based on customs and case law, rather than written law.http://www.wa-probate.com/Intro/Estate-Probate-Glossary.htm Federal real estate laws govern real estate transactions in every state, as in the case of non-discrimination laws.http://topics.law.cornell.edu/wex/Real_estate_transactions State laws governing these sales vary greatly between states.http://www.bls.gov/oco/ocos120.htm

Because the buying and selling of real property involves knowledge and understanding of an array of laws and regulations, many people choose to hire a real estate professional to assist them with their transactions.http://www.bls.gov/oco/ocos120.htm There are numerous career opportunities in the field of real estate.

• Licensed real estate agent: Licensed real estate agents assist their clients in buying or selling real property. Every state requires licensure of real estate agents, and rules regarding initial and continuing education licensing vary by state. http://www.bls.gov/oco/ocos120.htm Agents can specialize in residential, commercial, industrial, and farm and land property transfers.http://www.realtor.org/realtororg.nsf/pages/careers
• Land developer: Land developers plan residential and commercial property developments for specific parcels of land. Land development involves selection of the property, creation of a development plan, financing, contracting with builders to create the proposed development, and marketing the property once it has been built.http://www.realtor.org/realtororg.nsf/pages/careers
• Urban planner: The work of an urban planner is similar to that of a land developer, but the urban planner’s work is done on a much larger scale. The majority of urban planners are employed by local governments. Urban planners create plans for infrastructure such as roads and schools and help create zoning plans for residential and commercial real estate developments. http://www.bls.gov/oco/ocos057.htm
• Property manager: Property managers are tasked with maintaining income producing properties owned by their clients. This type of work can include renting properties, collecting rents, paying expenses, and hiring contractors to manage improvements and repairs, while ensuring the property maintains the cash flow required by the owner. http://www.collegegrad.com/careers/manag24.shtml
• Real estate appraiser: How to Become a Real Estate Appraiser | Real estate appraisers]] determine the value of a property. Real estate appraisal information is used in determining selling price, property taxes, insurance, and investments.http://www.realtor.org/realtororg.nsf/pages/careers

The content in this page is not a substitute for professional financial or legal advice. Please contact a finance or law professional before using the information presented here.