Category: Real Estate

A TIC, or Tenancy in Common, is a real estate ownership structure allowing multiple individuals to co-own a property with undivided interests. Each co-owner has the right to occupy the entire property and can independently sell or transfer their share. This model encourages collaborative living but requires co-owners to reach consensus on property management decisions.…

In real estate, a principal refers to the primary party involved in a transaction, typically acting as the buyer or seller. This individual or entity holds ultimate authority and responsibility during negotiations and the execution of the deal. Principals engage actively in the property transfer process, influencing the terms and conditions while often appointing agents,…

A Purchase and Sale Agreement (PSA) is a legally binding document essential in real estate transactions. It outlines the specific terms and conditions under which a property is bought or sold, including the purchase price, property description, and closing date. The PSA serves to protect both the buyer's and seller's interests, ensuring that each party's…

Puffing in real estate involves making exaggerated claims about a property's features, often to influence potential buyers' perceptions positively. This practice can include overstating the size, embellishing amenities, or misrepresenting the desirability of a location. While puffing sits in a gray legal area, it is generally seen as harmless exaggeration if it does not mislead…

A Real Estate Trust is a legal structure that pools funds from multiple investors to manage income-generating real estate assets. This investment vehicle allows individuals to collectively invest in properties, offering an opportunity for diversification and risk management. There are various types of real estate trusts, including publicly traded Real Estate Investment Trusts (REITs) and…

'Subject to' in real estate is a financing method where a buyer acquires a property while the existing mortgage remains in the seller's name. This arrangement allows the buyer to bypass traditional financing obstacles, taking over the mortgage payments without formally qualifying for a loan. The seller continues to hold the mortgage liability, which can…

A real estate survey is a detailed assessment that defines a property's boundaries, features, and characteristics. It plays a vital role in property transactions by providing accurate information for buyers, sellers, and developers. Various types of surveys, such as boundary, topographic, and site surveys, serve specific purposes depending on the requirements of a transaction. Surveys…

The number of questions on the real estate exam typically ranges from 75 to 150, varying by state regulations and specific requirements. Some states may require as few as 60 or as many as 200 questions. The format usually includes multiple-choice and scenario-based questions, evaluating candidates' knowledge of real estate principles, laws, and regulations. The…

To successfully study for a real estate license, start by understanding the specific exam requirements in your state. Choose quality study materials, including official resources and reputable textbooks. Create a structured study schedule that sets clear goals and allows for regular breaks. Improve your learning with online courses and engage with virtual study groups for…

CPM in real estate stands for Certified Property Manager, a prestigious designation awarded by the Institute of Real Estate Management (IREM). This designation indicates a property manager's proficiency and operational excellence in the field. To obtain CPM certification, individuals must complete specialized coursework and accumulate practical experience in property management. The CPM credential improves credibility,…