Category: Real Estate

Adverse possession in real estate is a legal doctrine that permits an individual to claim ownership of land after occupying it under certain conditions, despite lacking formal title. Key requirements include actual possession that is open, notorious, exclusive, and continuous for a statutory period, typically ranging from 5 to 20 years, depending on jurisdiction. Possession…

A net listing in real estate is a unique commission arrangement in which the property owner specifies a minimum acceptable sale price. The real estate agent earns a commission from any amount above this threshold. This structure incentivizes agents to maximize the sale price, aligning their interests with those of the seller. Nevertheless, net listings…

In real estate, the term 'active' describes properties currently available for sale on the market. These listings are not under any contingent agreements and can be accessed through multiple listing services (MLS), providing detailed information. Active listings serve as a significant resource for both buyers and sellers. For buyers, they offer perspectives into market conditions…

To obtain a Nevada real estate license, you must first meet eligibility requirements, such as being at least 18 years old and having a high school diploma. Complete 90 hours of approved pre-licensing education, covering real estate principles, law, and finance. Afterward, register for the licensing exam and apply through the Nevada Real Estate Division…

Consideration in real estate refers to the value exchanged between parties within a contract. It is essential for ensuring the legality and enforceability of agreements. Consideration can be monetary, such as cash, earnest money, or financing terms, or non-monetary, including services, goods, or unique property features. This exchange cultivates trust and accountability, supporting clear negotiations…

Homestead in real estate is a legal designation that offers homeowners specific protections and benefits concerning their primary residence. It provides property tax exemptions, reducing financial burdens along with protections against creditors during financial distress. In many jurisdictions, eligibility requires homeowners to file an application proving their primary residency. Various types of homestead exemptions exist,…

An RPA, or Real Property Agreement, is a legally binding contract in real estate that outlines the terms for the sale or transfer of property. This agreement specifies important elements such as purchase price, contingencies, and the timeline for closing. It serves as a reference point for resolving disputes, ensuring clarity and mutual understanding between…

The cost of obtaining a real estate license in Florida generally ranges from $400 to over $1,300. This total includes several key expenses such as pre-licensing education, which can cost between $200 and more than $1,000 depending on the institution and course format. Additionally, expect to pay around $89 for the application fee, approximately $36.75…

A pocket listing in real estate is a property that is marketed discreetly, without being listed on the Multiple Listing Service (MLS). This approach allows sellers to maintain privacy and control over the sale process. Pocket listings are often used to attract serious buyers in competitive markets, minimizing bidding wars. Real estate agents play a…

To obtain a commercial real estate license, begin by understanding your state's specific requirements. Typically, this process involves completing required coursework, which may include property management and real estate finance. Next, you must pass a licensing examination that tests your knowledge in key areas. Following the exam, submit your application, including proof of education and…