Real Estate

Ask questions here about ownership of property, whether commercial or residential.

Acronyms & Abbreviations
Real Estate
Real Estate Buying and Selling

What does SLUG mean in real estate?

Prospective buyers want listings that are clear and agents who value their time, so avoid using abbreviations as much as possible. This includes SLUG (single lockup garage), OSP (off-street parking), UCP (undercover parking), SE (semi ensuite), EOI (expressions of interest) and SP (sold prior)

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Math and Arithmetic
Real Estate
Real Estate Leasing

How do you calculate rent per square foot?

RENT PER SQUARE FOOT FORMULA:

Monthly Rent Per Square Foot = Total Rent per Month / number of feet

Yearly Rent = Monthly Rent Per Square Foot * 12

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Investing and Financial Markets
Real Estate
Business and Industry
Bonds and Treasuries
Debentures

Difference between debenture and preference share?

Preference share holders have the highest preference of getting their investment bank when the company goes bankrupt. The company has fulfill its obligation by selling its assets. Here the preference first comes to preference share holders and then debenture holders and then equity

holders.

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Mortgages
Home Buying
Real Estate
Real Estate Buying and Selling
Real Estate Investing

Cost of Real Estate reconveyance fee?

We are in the process of having a recoveyance done after paying a 1 year contract on our home .....

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Real Estate Investing
Real Estate

What is property productivity?

Different properties produce different things. If your property is an office building, it produces rent. If your property is a wheat field, it produces wheat.

Property Productivity depends Upon type of Property and how the property is used for a purpose.

Commercial properties can serve for commercial and rental properties, land development. Residential properties can serve for home-family rental purposes.

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Real Estate
Housing Associations

Is a Cooperative real or personal property?

In the United States housing co-ops can be set up in various ways. Some co-ops are managed by a trust with the trust holding title to the property and some co-ops are set up as a corporation with the corporation holding title to the property. Residents are shareholders and specific units are leased with cost based on the size of the unit. As shareholders the shares are considered personal property.

As for the entity that owns the building and the real estate upon which it stands, such as a trust or corporation, the property on which the coop is located is real property.

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Law & Legal Issues
Debt and Bankruptcy
Debt Collection
Foreclosure
Real Estate

What does barred by foreclosure mean?

When a foreclosure is conducted according to law, the debtor's right of redemption is forever barred by the foreclosure. That means the debtor has lost the title to the property and the lender is the new owner. That phrase is also used when a municipality takes possession of a property for non-payment of real estate taxes through a judicial process. The final court decree in a tax title case forever bars the delinquent owner's right of redemption by reason of the tax foreclosure.

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Real Estate

When does real estate agent earn commission?

The real estate agent earns the commission for selling a home or for representing a buyer who has a completed the purchase and sales agreement and ultimate closing on a piece of real property. The commission is paid to the broker of record at the closing, or settlement in some states, has occurred.

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Real Estate
Technology
Laptops

Is there really a Divaglio laptop?

No, there isn't a Divaglio laptop

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Law & Legal Issues
Deeds and Ownership
Real Estate

How do you research mineral rights ownership?

To research mineral rights ownership you go to the county clerk or recorders office and do a title search, they will normally help you to get started.

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Real Estate
Real Estate Buying and Selling

Can A Texas Real Estate Broker take a Net Listing?

Yes, texas real estate broker can take a net listing.

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Real Estate

What does contingent mean in real estate?

A real estate sale is contingent when the price has been agreed on but there are certain criteria that need to be met before the sale is final. Usually, these are things like inspections, appraisals, and mortgage approvals. If something goes wrong in one of the criteria, or contingencies, the buyer can typically renegotiate the price, request something be fixed, or even cancel the deal altogether.

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Homeowner's Insurance
Trees
Real Estate

Who is responsible for damage from a tree blown over in a storm?

Negligence

However, there is an "if" to that question as with many insurance issues. If the tree was normally healthy and the wind blew it down is the first area to consider.

1- Your insurance company would not pay for damages to the neighbor simply because you have no legal liability to the neighbor for the act of nature that caused the loss. Your first-party insurance is specific to you and your property, not his.

If the tree was obviously dead and you had prior notice from obvious observation or actual notice from the neighbor (usually by certified mail) of the dangers, you would have had a duty owed to the neighbor to abate that danger or hazard. Your failure to abate the danger would be the causal relationship to his damage.

2- In the above case, the insurance carrier would possibly pay for the damage to the neighbor out of the liability portion of your policy. The reason for this is the verbiage: "we will pay all sums you are legally liable to pay" in the liability section of the policy.

Disclaimer: This is general in nature and should not be used in any specific case or tort. Each carrier and each jurisdiction may have varying opinions in this area.

3. Furthermore, if your own insurer paid the claim resulting from the fall of a neighbor's tree, the payment would be subject to the policy deductible. The deductible is the amount set forth in the policy that you have agreed to pay toward the repair of a covered loss. In return for its payment, the insurer would succeed to whatever rights that you had to recover its payment, which is a process called subrogation. You are not a party to that action (unless you choose to be in order to recover your deductible), but you are likely to be a witness at any trial that is held.

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Real Estate

Why do most home builders pay closing cost?

A builders willingness to contribute to closing costs is often directly related to the price point at which they are building at. When it comes to affordable housing or "production building", there is generally only a very small profit made on each individual home. These builders price these homes as absolutely low as they possibly can in hopes that they will sell more houses and make up for it in volume. Because of this slim profit margin, it is often difficult to ask an affordable home builder to pay a buyers closing costs.

There is ways to get around this sometimes. For instance, a buyer may increase the offered purchase price to offset the request for closing cost assistance.

It does depends on the state and area you live in. In RI, closing costs for new construction is not built into the sales price but needs to be negotiated with your realtor and the builder. Protect yourself always by using a buyer's agent that represents you and not the builder. As previously stated, closing costs can be built into a sales price by increasing the price of the home with your offer price.

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Real Estate
Law & Legal Issues
Haunted Houses

Are realtors legally required to tell you when a home is haunted?

Not typically. The laws vary from state to state, and some do require disclosure of violent deaths on the property, but this isn’t quite what you’re asking. In many states, all you’re legally required to disclose about a house are “material facts,” which are mostly structural issues that can affect the house’s value, like a leaky roof.

However, there are some legal precedents of people successfully making the case that a reputation for ghostly encounters can lower property values—stigmatized properties, like scenes of violent crime, can see a decrease in value by as much as 25 percent.

Many experts recommend disclosing a potential haunting even though it’s not strictly required—it could help avoid a lawsuit later.

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Stamp Collecting (Philately)
Real Estate

Where are Stamp Duty Payment Centres?

Stamp duty could be paid legally without adjudication, on the basis of the Stamp Duty Ready Reckoner and Market value of Properties in Thane, at the following offices.

Joint Sub-registrar's office doing stamp duty franking work

Joint Sub-registrar Vasai - 1 & 2

Joint Sub-registrar Thane - 1,3,4,6 &8

Joint Sub-registrar Kalyan - 2

Banks & Financial Institutions doing stamp duty franking work

Citizen Credit Co-op, Bank Ltd., Mira Road East

The Kalyan Janta Sahakari Bank Ltd., Kalyan West

Bank of Maharashtra, Wagle Estate, Thane

Basin Catholic Co-op. Bank Ltd., Thane West

Basin Catholic Co-op. Bank Ltd., Nalasopara

Basin Catholic Co-op. Bank Ltd., Vasai Zinda Bazar

The Thane Janta Sahkari Bank Ltd., Jambli Naka, Thane

The Thane Janta Sahkari Bank Ltd., Naupada, Shivaji Nagar, Thane

The Thane Janta Sahkari Bank Ltd., Dombivali

Thane Bharat Sahakari Bank, Naupada, Thane

Thane Bharat Sahakari Bank, Kalyan Agra Road, Kalyan

Cosmos Co-op. Bank, Gokhale Road, Thane

Union Bank of India, Jambli Naka, Thane

The North Kanara Co-op. Bank, Raunak Tower, Naupada, Thane

H.D.F.C. Bank, Asmita House, Mira Road

H.D.F.C. Bank, Moses Road, Taval Pali, Thane

I.D.B.I. Bank, Malhar Cinema, Thane

Punjab & Maharashtra Co-op. Bank, Vashi Apna Bazar

Bank of India, Shivaji Peth, Thane West

Bank of India, Belapur

Dombali Nagri Sahakari Bank, Dombali

Mahanagar Co-op. Bank, Nerul

Mahanagar Co-op. Bank, Turbhe

Mahanagar Co-op, Bank, Vartak Nagar, Thane, Airoli

Kopol Co-op. Bank, Bhayander

I.D.B.I Bank, Dombivali

I.D.B.I. Bank, Vashi

C.K.P. Co-op Bank Ltd., Thane

C.K.P. Co-op Bank Ltd., Dombivali

Abyudaya Co-op. Bank, Vashi Sector - 17

Abyudaya Co-op. Bank, Vashi Sector - 19

Bank of Rajasthan, Vashi

The Nav Jeevan Co-op. Bank Ltd., Ulhasnagar - 421 003

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Liens
Deeds and Ownership
Real Estate
Real Estate Buying and Selling
Real Estate Investing

Can you transfer title deed to spouse to avoid debters placing liens on your real estate?

No you cannot. In most jurisdictions a transfer to avoid creditors is a fraudulent conveyance and can be voided by a court. You should consult with an attorney before you act.

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Real Estate
Real Estate Buying and Selling
Real Estate Investing

What does is a psa in commercial real estate?

PSA stands for Purchase and Sale Agreement in Real Estate..

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Insurance
Liability Insurance
Real Estate
Real Estate Buying and Selling
Real Estate Investing

Do you need liability insurance for real estate you inherit along with other heirs?

It really depends on the use to which you are putting the real estate. For example, if a store was operated on the land, a liability policy insuring all co-owners is recommended. However, if it is raw., unimproved land, likely not. Nonetheless, if you are aware that there are hazards on the property (such as an open well) and that people go onto the property, you may have a duty to warn. Liability insurance may be available in those circumstances.

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Real Estate
Real Estate Buying and Selling
Real Estate Investing

How do you get a real estate license in Wisconsin?

Here are the requirements you need to be a licensed real estate salesperson in Wisconsin Real Estate Salesperson - Licensing.

1) Complete required education.

A. All applicants for licensure as a salesperson must complete one of the following as proof of completion of the education requirement:

(a) a specific 72 hour salesperson course of approved educational programs from an approved school ; OR

(b) a transcript showing 10 academic semester-hour credits in real estate or real estate related law completed at an institution of higher education; OR

(c) a photocopy of current bar membership or a certificate of good standing in the Wisconsin State Bar.

B. Out of state applicants holding a salesperson's license in a state without a reciprocal agreement with Wisconsin -- Out of state applicants holding an active real estate salesperson's license in another licensing jurisdiction within the 2 year period prior to filing an application for an original real estate salesperson's license in this state must submit one of the following as proof of completion of the education requirements:

(a) 13 designated hours at a Wisconsin-approved school; OR

(b) a transcript showing 10 academic semester-hours credit in real

estate or a real estate related law course completed at an accredited

institution of higher education.

C. Out of state licensed salesperson reciprocal license option -- Out of state applicants holding an active license in a state that has a signed reciprocal agreement with Wisconsin may waive the education requirement and take the exam directly. The original license in the reciprocal state must have been issued on the basis of passing that state's required examinations. At the current time, Wisconsin has reciprocal agreements with Illinois and Indiana.

2) Pass the salesperson's examination.

The Department has contracted with PearsonVue to conduct its examination program. Examinations are administered by computer upon appointment.

3) Obtain employment from a licensed Wisconsin broker.

A salesperson must be employed by a Wisconsin licensed broker. The initial application contains a section that is to be completed by a broker if the applicant has a prospective broker-employer. If the license is issued without registering a broker-employer on the initial application, the applicant will not be able to operate as a salesperson until submitting a Notice of Real Estate Employment Form (form #812). The licensee can only be paid referral fees when not registered under a broker.

4) Application for licensure.

Receive Application for New Salesperson or Broker License (form #809) at the exam center after passing the exam. The application must be submitted within one year following the date the applicant wrote and passed the examinations. Failure to submit the application within one year of passing the examination will result in a

denial of licensure. The certificate of completion of education msut be submitted with the application. No exceptions will be made.

REINSTATEMENT OF CREDENTIAL.

Less than 5 years:

If an applicant files an application for renewal of the real estate salesperson credential less than 5 years after the expiration date, the applicant shall pay the renewal fee and late fee and provide evidence of having satisfied the continuing education requirement.

More than 5 years:

If an applicant files an application for renewal of the real estate salesperson credential more than 5 years after the expiration date, the applicant must:

1) Complete the 72 hour broker pre-licensing education course.

2) Pass the salesperson exam. Contact PearsonVue to schedule the examination.

3) Submit the Application for New Real Estate Salesperson or Broker (form #809) to the Department with proof of completion of education and reinstatement fee.

Check the FAQs to determine if a credential can be transferred from other States/Countries.Biennial renewal: Due by December 14 of even-numbered years

Common Denial Reason: Does not meet criteria above. Convictions of crimes or pending charges may be grounds for denial of license if the circumstances of the conviction or charge are substantially related to professional practice.

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Real Estate
Real Estate Buying and Selling
Real Estate Investing

What do the initials AUC stand for in Real Estate?

Initial AUC stands for Asset Under Construction in Real Estate...

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Real Estate
Real Estate Buying and Selling

What does the abbreviation Cnko stand for in real estate?

"Contingent with No Kick Out."

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Taxes and Tax Preparation
Real Estate
Income Taxes

Are foreclosure fees tax deductible?

The answer depends on who paid the foreclosure expenses (bank, owner, trustee, beneficiary) and what the fee is. Need more information.

It is always best to check with an accountant or certified public accountant (CPA) on tax deductibility of foreclosure fees.

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Salary and Pay Rates
Real Estate

How much money does a real estate agent earn?

The median annual earnings of salaried real estate agents in the U.S., according to the Department of Labor was $30,930 in 2002. This is including commissions. Median annual earnings of salaried real estate brokers, including commission, was $50,330 in 2002.

Commissions on sales are the main source of earnings of real estate agents and brokers. The rate of commission varies according to whatever the agent and broker agree on, the type of property, and its value. The percentage paid on the sale of farm and commercial properties or unimproved land usually is higher than the percentage paid for selling a home. Answer There's a huge variation in income among Real Estate agents, because earnings are based entirely on how much you sell. Some agents who advertise heavily earn well above $100,000 year after year, while some full-time agents earn as little as $12,500 per year.

Real Estate remains an excellent field for women, who earn an average of 96% of their male counterpart's salary, compared to 78% for all industries.

According to a 2005 survey by the National Association of Realtors, sales associates average $38,300 per year. This figure is down from 2002, largely due to the high number of new members.

Experience pays in the real estate field, with sales associates who've been in the business between 6 and 10 years averaging $57,100 and those with over 26 years experience averaging $83,400.

Brokers, who've normally been in the business longer and own their own firms, saw larger gains - a median of $86,000 while brokers who also sell earned $82,200.

Broker associates (who have a Broker's license but don't own the firm) earned an average of $67,900.

Bear in mind that NAR members probably represent a slightly more qualified group than real estate agents in general, and therefore may earn a bit more

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